Israeli Cannabis Company Secures $76M In Supply Deals
IM Cannabis (CSE:IMCC), a medical cannabis company with operations in Israel and Europe, announced earlier this week that it has secured an CAD$80.4 million (US$57.2 million) deal with Super-Pharm, Israel’s largest drugstore chain, for the supply of IMC branded medical cannabis products.
The agreement includes the sale of over 13,000 kilograms of IMC’s medical cannabis including dry flower and extracts over a three-year duration. The products will be dispensed to patients in Israel through Super-Pharm’s omnichannel network of 250 pharmacies across Israel.
The deal includes home delivery and e-commerce platforms.
Super-Pharm was founded by the Koffler family in 1978. The Koffler family also founded Shoppers Drug Mart.
Oren Shuster, CEO of IM Cannabis, told Benzinga that the deal with Super-Pharm "is a significant milestone for IMC" in terms of contribution to its balance sheet and strengthening the company's market position.
"We see 2020 as a growth year for our business in Israel and Europe and intend to keep this great momentum going forward,” Shuster said.
The deal with Super-Pharm comes on the heels of two other sales agreements IMC cemented with Israeli-based pharmacies to provide its branded medical cannabis products. A couple of weeks ago, the company closed agreements totaling CAD$27 million with Tabachnik pharmacies and with Oranim Pharm and Medi Plus pharmacies.
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