IM Cannabis Q3 Revenue Grows 30% Sequentially To $11.5M

IM Cannabis (NASDAQ: IMCC) (CSE: IMCC) announced its unaudited financial results on Monday for the three and nine-month periods ended September 30, 2021, with revenues of CA$14.4 million ($11.5 million), a sequential increase of approximately 30%.

The international company with operations in Canada, Israel and Germany noted that revenues would have been $1.4 million higher had the acquisitions of MYM closed and if the Pharm Yarok and Vironna transactions signed at the start of the quarter had gone through.

Q3 2021 Financial Summary

  • Gross Margin before fair value adjustments was 20.0%, up from 5.4% in Q2 2021;
  • Adjusted EBITDA loss was CA$7.0 million, inclusive of CA$1.6 million of non-recurring acquisition-related costs in the quarter, compared to CA$0.3 million in Q3 2020;
  • General and administrative expenses were CA$10.2 million, compared to CA$2.2 million in Q3 2020;
  • Net loss was CA$5.7 million, versus a net loss of CA$5.1 million in the same period year ago;
  • Basic loss …

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