Israel’s IM Cannabis applies for Nasdaq listing

IM Cannabis Corp, a multinational medical marijuana company headquartered in Israel, has applied to list its shares on the Nasdaq stock exchange.

IM Cannabis (IMC) is looking to join a growing number of medical marijuana companies whose shares trade on either the Nasdaq or New York Stock Exchange, though some have had a hard time satisfying listing requirements in recent months.

The move is subject to regulatory approval, at which point the company will disclose its initial trading date under the symbol IMCC, the company said in a press release.

In a regulatory filing this summer, IMC said its core Israeli business includes offering branding and intellectual property-related services to the local medical cannabis market.

It also stated its major international assets are material holdings in a fully licensed medical cannabis distribution company in Germany, a 25% interest in a cultivation joint venture in Greece and a subsidiary in Portugal.

IMC recently established IMC Netherlands, which is 60%-owned by the Israeli firm.

IMC Netherlands applied to participate in the Dutch government’s cannabis supply chain experiment. The Dutch government said it received 149 applications by the end of the July. Ten growers will be selected.

CEO Oren Shuster said there is a difference between IMC and some companies struggling to maintain a listing on the main U.S. stock exchanges.

“IMC is entering Nasdaq with a positive EBITDA from operations in both Germany and Israel – the two largest markets outside of North America,” he said.

“Furthermore, we are aiming to be listed on the Nasdaq Capital Market after we already concluded our major capital expenditure and now focusing on ongoing operations, delivery of our branded products to distributors in these markets and, of course, continuous growth.”

The number of authorized medical cannabis patients in Israel recently topped 70,000.

Common shares of IM Cannabis will continue to be traded on the Canadian Securities Exchange as IMCC.