1. |
Provide a general overview and discussion of the development of the Issuer’s business and operations over the previous month. Where the Issuer was inactive disclose
this fact.
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On November 14, 2024, the Issuer filed its interim financial statements and MD&A for the nine months ended September 30, 2024, and announced its
unaudited financial results for Q3 2024.
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On November 12, 2024 the Issuer announced that that, further to its press release dated October 4, 2024 (the "October 4 Release"), the Issuer has
closed its previously announced non-brokered private placement offering (the "Offering") effective November 12, 2024 (the "Closing Date") through the issuance of 742,517 Units for gross proceed of C$2,138,448.96. Capitalized terms not
otherwise defined herein have the meanings attributed to them in the October 4 Release. Each Unit was sold at a price of C$2.88 per Unit, calculated on the basis of the deemed price per Share equal to the 10-day volume weighted average price
of the Shares on the Exchange ending on the trading day preceding October 3, 2024, and consisted of one Share and one Warrant. Each Warrant entitles the holder thereof to acquire one Warrant Share at a price of C$4.32 per Warrant Share,
calculated as a 50% premium to the Offering Price, at any time prior to 5:00 pm (Toronto Time) on the date that is twenty-four months following the Closing Date. All securities issued under the Offering are subject to: (i) a four month and
one day hold period from the date of issuance and (ii) applicable legends as required pursuant to the United States Securities Act of 1933, as amended.
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2. |
Provide a general overview and discussion of the activities of management.
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3. |
Describe and provide details of any new products or services developed or offered. For resource companies, provide details of new drilling, exploration or production
programs and acquisitions of any new properties and attach any mineral or oil and gas or other reports required under Ontario securities law.
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4. |
Describe and provide details of any products or services that were discontinued. For resource companies, provide details of any drilling, exploration or production
programs that have been amended or abandoned.
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5. |
Describe any new business relationships entered into between the Issuer, the Issuer’s affiliates or third parties including contracts to supply products or services,
joint venture agreements and licensing agreements etc. State whether the relationship is with a Related Person of the Issuer and provide details of the relationship.
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6. |
Describe the expiry or termination of any contracts or agreements between the Issuer, the Issuer’s affiliates or third parties or cancellation of any financing
arrangements that have been previously announced.
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7. |
Describe any acquisitions by the Issuer or dispositions of the Issuer’s assets that occurred during the preceding month. Provide details of the nature of the assets
acquired or disposed of and provide details of the consideration paid or payable together with a schedule of payments if applicable, and of any valuation. State how the consideration was determined and whether the acquisition was from or the
disposition was to a Related Person of the Issuer and provide details of the relationship.
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8. |
Describe the acquisition of new customers or loss of customers.
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9. |
Describe any new developments or effects on intangible products such as brand names, circulation lists, copyrights, franchises, licenses, patents, software,
subscription lists and trade-marks.
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10. |
Report on any employee hirings, terminations or lay-offs with details of anticipated length of lay-offs.
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11. |
Report on any labour disputes and resolutions of those disputes if applicable.
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12. |
Describe and provide details of legal proceedings to which the Issuer became a party, including the name of the court or agency, the date instituted, the principal
parties to the proceedings, the nature of the claim, the amount claimed, if any, if the proceedings are being contested, and the present status of the proceedings.
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13. |
Provide details of any indebtedness incurred or repaid by the Issuer together with the terms of such indebtedness.
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14. |
Provide details of any securities issued and options or warrants granted.
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15. |
Provide details of any loans to or by Related Persons.
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16. |
Provide details of any changes in directors, officers or committee members.
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17. |
Discuss any trends which are likely to impact the Issuer including trends in the Issuer’s market(s) or political/regulatory trends.
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1. |
Change in the prescription process: patients with a wide range of diseases and medical conditions from Oncology to Parkinsons will no longer be
required to obtain a license to receive medical cannabis. Patients will receive a prescription similar to those for other prescription medications. Pain and PTSD are not included in the Reform yet.
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2. |
Medical cannabis will now be prescribed through the HMO’s, Israel’s public healthcare system: until the Reform, cannabis could not be prescribed
through the HMO’s which cover the entire Israeli population.
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3. |
The number of prescribing physicians will increase: as of today, HMO physicians, who are dully trained and certified within their field of expertise,
can prescribe medical cannabis as a first line treatment, as opposed to a last resort, based on medical discretion for the approved indications.
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4. |
The cost for prescription will be reduced: the Ministry of Health limited the cost for a medical cannabis prescription.
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1. |
The undersigned is a director and/or senior officer of the Issuer and has been duly authorized by a resolution of the board of directors of the Issuer to sign this
Certificate of Compliance.
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2. |
As of the date hereof there were no material information concerning the Issuer which has not been publicly disclosed.
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3. |
The undersigned hereby certifies to the Exchange that the Issuer is in compliance with the requirements of applicable securities legislation (as such term is defined in
National Instrument 14-101) and all Exchange Requirements (as defined in CNSX Policy 1).
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4. |
All of the information in this Form 7 Monthly Progress Report is true.
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Oren Shuster
Name of Director or Senior
Officer
“Oren Shuster”
Signature
Chief Executive Officer
Official Capacity |
Issuer Details
Name of Issuer
IM Cannabis Corp.
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For Month End
November 2024
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Date of Report
YY/MM/D
2024/12/4
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Issuer Address
3606 – 833 Seymour Street
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City/Province/Postal Code
Vancouver, BC V6B 0G4
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Issuer Fax No.
( )
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Issuer Telephone No.
+972 542815033
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Contact Name
Michal Lebovitz Nissimov
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Contact Position
General Counsel
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Contact Telephone No.
+972 542815033
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Contact Email Address
Michal.l@imcannabis.com
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Web Site Address
http://www.imcannabis.com/
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