IM Cannabis grows fast in Germany after partial legalization

IM Cannabis is experiencing accelerated growth in Germany after the April 1st partial legalization, further to the Company’s press release dated March 25. Adjupharm, IMC’s German subsidiary, is supporting its growth by further bolstering its supply chain with an additional EU-GMP supplier, GlassHouse Botanics, headquartered in Whitewater, Ontario. The April 1st partial legalization of cannabis in Germany, has potentially paved the way for tremendous category growth. With a population of over 83M, Germany has more than double the population of California, which had a cannabis industry of about $5 billion in 2023. Until the social clubs are up and running, the only legal way to buy cannabis in Germany is with a prescription, driving significant growth in the Medical Market. All cannabis flowers that are sold through pharmacies must come from an EU-GMP facility. Of all the licensed Canadian cannabis producers, fewer than 20 are EU-GMP certified, making this one of the primary supply chain bottle necks, limiting the ability of German medical cannabis distributors to import product from Canada.