IMC announces the termination of a preliminary term sheet with Kadimastem Ltd., a public company traded on the Tel Aviv Stock Exchange to fully focus on the recently legalized German market

Company Overview - IM Cannabis Corp. (IMC) is a leading medical cannabis company with operations in Israel and Germany, focusing on premium cannabis products for medical patients [3] - The company has exited operations in Canada to concentrate resources on sustainable growth in its highest value markets, Israel and Germany [3] Recent Developments - Following the legalization of cannabis in Germany on April 1, 2024, IMC has experienced accelerated growth, which is expected to continue [2] - The company has terminated a preliminary term sheet with Kadimastem Ltd, resulting in a repayment of a loan totaling $300,000 with 9% annual interest, to be completed by July 31, 2024 [2] Market Position - IMC operates a transnational ecosystem that includes partnerships with Focus Medical Herbs Ltd. in Israel and Adjupharm GmbH in Germany, facilitating the distribution of cannabis to medical patients [4] - The company aims to amplify its commercial and brand power to become a global player in the high-quality cannabis market [3]