Panaxia to the Home currently stocks the largest medical cannabis products selection in Israel, which it offers to patients across the country through an online platform with temperature-controlled home delivery.
“Entering 2021, we told shareholders that it would be important for IMC to enter the retail market in Israel to fully integrate the global revenue and margin opportunity of its multi-country operating platform,” said Oren Shuster, CEO of IMC.
Upon the first closing, all online-related activities and intellectual property are transferred to the Company, including, but not limited to, the online sales platform for medical cannabis products, a CRM platform and use of a large storage facility to support the operations of Panaxia to the Home.
The Transaction’s $2.9 million cash component will be paid in two installments: the first half upon the first closing, which is expected to occur within 10 business days of the definitive agreement signing, and the second half on May 20, 2021.
IMC is an MCO in the medical and adult-use recreational cannabis sector, headquartered in Israel and with operations In Israel, Germany and Canada.
In Europe, IMC operates through Adjupharm, a German-based subsidiary and EU GMP-certified medical cannabis processor and distributor.
This Transaction, if completed, will reinforce IMC’s goal of being a leading global premium cannabis producer and purveyor.
The company also has the EU-GMP standard certification required for commercial production and the export of medical cannabis and its products to Europe, as well as regulatory permits required for export and marketing in Germany, France and Cyprus.
Such assumptions include, but are not limited to, the ability of the Company to execute its business plan prior to and following the completion of the MYM Transaction; the continued growth of the medical and recreational cannabis markets in Israel, Canada, Germany and elsewhere in Europe; IMC maintaining “de facto” control over Focus Medical Herbs Ltd.
The risk factors and uncertainties that could cause actual results to differ materially from the anticipated results or expectations expressed in this press release, include, without limitation: the ability of the Company and Panaxia to complete subsequent closings of the Transaction in a timely manner or at all; the receipt of requisite regulatory approvals to complete subsequent closings of the Transaction; the ability of the Company to integrate the Panaxia business into its existing operations and to realize the expected benefits and synergies of the Transaction;; the ability of IMC and MYM to satisfy, in a timely manner, the other conditions to the closing of the MYM Transaction; the ability to complete the MYM Transaction on the terms contemplated by the relevant arrangement agreement and other agreements related to the MYM Transaction, including the support agreements, or at all; the ability of the Company, following the completion of the MYM Transaction, to realize the anticipated benefits of the MYM Transaction and the timing thereof; the consequences of not completing the MYM Transaction in a timely manner or at all, including the volatility of the share prices of IMC and MYM, negative reactions from the investment community and the required payment of certain costs related to the MYM Transaction; actions taken by government entities or others seeking to prevent or alter the terms of the MYM Transaction; potential undisclosed liabilities unidentified during the due diligence process with respect to the MYM Transaction; the interpretation of the MYM Transaction by tax authorities; the focus of management’s time and attention on the MYM Transaction and other disruptions arising from the MYM Transaction; the Company’s inability to capture the benefits associated with its acquisition of Trichome Financial Inc.
The Company undertakes no obligation to update or revise any forward-looking information, whether as a result of new information, estimates or opinions, future events or results or otherwise or to explain any material difference between subsequent actual events and such forward-looking information, except as required by applicable law.
With results in from more than half of the S&P 500 companies, earnings are now expected to have risen 46% in the first quarter from the previous year, compared with forecasts of 24% growth at the start of the month, according to IBES data from Refinitiv.
Warren Buffett’s Berkshire Hathaway Inc said on Saturday its earnings are rebounding from the worst effects of the COVID-19 pandemic and that it has extended its aggressive stock repurchases with $6.6 billion of new buybacks.
AstraZeneca said its COVID-19 vaccine sales were $275 million in the first-quarter and it is on track to deliver 200 million doses a month from April, as better-than-expected results and a second half growth forecast boosted its shares.
The pitch is the first time Pat Gelsinger has publicly put a figure on how much state aid he would want, as Intel pursues a multibillion-dollar drive to take on Asian rivals in contract manufacturing.
Indeed, Berkshire said many businesses are enjoying “considerably higher” earnings and revenue, while others such as the Precision Castparts aircraft parts unit still struggle.
market with its VinFast line of cars and hoping that electric SUVs and a battery leasing model will be enough to woo consumers away from homegrown market leaders like Tesla and General Motors Co.
Sign up hereEconomic activity in India picked up speed last month, signaling it was well on the road to recovery before a new wave of coronavirus infections derailed progress.The needle on a dial measuring so-called animal spirits moved a notch higher for the first time in six months in March, based on the three-month weighted average numbers of eight high-frequency indicators tracked by Bloomberg News.While last month’s score — helped by faster exports and improved liquidity — cements a solid showing in the January to March quarter, fresh activity curbs amid the world’s worst Covid-19 outbreak in India merit a real-time reading of the economy using other indicators.A basket of of high-frequency, alternative and market indicators pointed to a sharp slump in services activity in the week to April 25, Abhishek Gupta, India economist at Bloomberg Economics, said in a note Wednesday.Here are the details of the animal-spirits dashboard:Business ActivityActivity in India’s dominant services sector moderated in March after expanding the previous month at its quickest pace in a year.
uses each year, with similar boosts to aluminum and copper demand.MeatIt’s been a tough year to be in the meat business, from devastating Covid outbreaks to the deadly pig disease that hit Germany and is roaring back in China.And as crop prices surge, farmers rearing poultry, pigs and cattle are among the first to get squeezed by the eye-watering run-up in grains.
Global stocks have been on a tear, buoyed by fiscal stimulus – mainly from the United States – the expected vaccine-driven economic recovery and robust earnings, putting the MSCI world equity index on track for its best monthly performance since November.
It’s also been one of the more controversial ones: Many countries paused their rollout of the jab when it emerged that it can, in some rare cases, cause blood clots.
Meanwhile, Credit Suisse Group AG’s Jonathan Golub raised his forecast for the stock benchmark, citing a “red-hot economy fueling earnings.”Still, for Ralph Bassett, head of North American equities at Aberdeen Standard Investments, companies have done so well that the market is getting to a point where a lot of that optimism may be priced in.“The setup is very good, but with multiples where they are, the upside risks are just really becoming less likely at this stage,” he said.The S&P 500 has had better months, but never before has a rally been so widespread, according to one measure tracked by Bloomberg.