SNDL Inc. (Nasdaq: SNDL) began trading on the Canadian Securities Exchange under the symbol SNDL, while maintaining its Nasdaq listing. Meanwhile, IM Cannabis Corp. (CSE: IMCC) (NASDAQ: IMCC) said it received word from Nasdaq that it no longer complies with the minimum stockholders’ equity requirement for continued listing, giving the company until May 26 to submit a compliance plan.
SNDL shares were trading up 1.82% at $1.3950 as of Friday morning following the CSE listing announcement, though the stock has struggled with a year-to-date decline of 22.07% and a one-year drop of 33.25%, according to Yahoo Finance data.
“Listing on the CSE enhances SNDL’s structural flexibility and creates optionality for shareholders while reinforcing our commitment to the Canadian market,” SNDL CEO Zach George said in a statement. “As regulated product markets continue to evolve, this listing positions us to pursue growth opportunities with greater agility and alignment to our long-term vision.”
The CSE’s regulatory framework specifically supports cannabis companies with U.S. exposure, according to SNDL, which could open doors for future moves as the company continues scaling. Despite a ever-more crowded national market, SNDL, which also operates as Canada’s largest private-sector liquor and cannabis retailer, says it continues to build its consumer-facing cannabis brands as it searches for strategic capital deployment opportunities throughout North America. Its retail banners including Ace Liquor, Wine and Beyond, Liquor Depot, Value Buds, Spiritleaf and Superette.
For IM Cannabis, which operates in Israel and Germany, the Nasdaq notification came after the company reported stockholders’ equity of $2.2 million in its annual filing, below the $2.5 million minimum requirement for the Nasdaq Capital Market. The company’s shares were down 0.75% to $1.3299 on Friday, with the stock having declined 42.65% year-to-date and 69.51% over the past year.
IM Cannabis has 45 days, until May 26, to submit a compliance plan, and if accepted by Nasdaq, could receive up to 180 calendar days to regain compliance.
“The company’s business operations are not affected by the receipt of the Notification Letter,” IM Cannabis stated, adding that it is “looking into various options available to regain compliance.”
The company also announced plans to acquire the remaining 26% interest in Focus Medical Herbs Ltd. from Ewave Group Ltd., a privately held entity jointly owned by IMC’s related parties. The purchase would be settled through the issuance of common shares rather than cash to preserve the company’s finances.
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Patients with chronic conditions experience statistically significant improvements in pain, fatigue, sleep, and overall health.
Sixteen percent of respondents acknowledged using cannabis to help them sleep. Another ten percent of respondents said they used CBD as a sleep aid.
The Court acknowledged that health-related products don’t have to be regulated by the FDA to be eligible for reimbursement.
