IM Cannabis Eliminates Panaxia Pharmacy Alternatives – IM Cannabis (NASDAQ: IMCC)

IM Cannabis Corp. IMCC IMCC provided an update on his dealings with Panaxia Pharmaceutical Industries Israel Limited and Panaxia Logistics Limited.Part of Panaxia Labs Israel, Ltd. Group of Companies, (collectively, “panaxia“). Under the terms of the transaction, the company purchased home-delivery services and an online retail footprint operating in Israel under the name “Panaxia-to-the-Home”, which includes a customer service center, an Israeli medical cannabis distribution An online related business with IMC-GDP license, and associated intellectual property.

think thought Payable by the company under the Panaxia transaction was CA$7.2 million ($5.3 million), consisting of CA$2.9 million in cash, payable in two tranches, and $4.3 million in common shares, payable in five tranches. Till date, the company has paid four instalments.

The Panaxia transaction included another option to acquire a pharmacy, without any additional consideration, including the necessary licenses to dispense and sell medical cannabis to patients.

The Company and Panaxa have entered into an agreement to phase out the Panaxa Pharmacy option. In consideration of the termination of the Panaxia Pharmacy Option, the Company will not be required to make a fifth tranche of $261,814 of common shares to Panaxia under the Panaxia Transaction and will receive an agreed compensation amount of $94,632 from Panaxia. Services and cannabis inflorescence paid for by Panaxia in accordance with the terms agreed upon by the parties.

price action

As of writing Monday morning, shares of IM Cannabis were trading up 4.8% at $1.069 per share.

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Photo: Benzinga edit with photos by Matthias Zommer on Pexels and SquareFrog on Pixabay

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