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IMC announces the termination of a preliminary term sheet with Kadimastem Ltd
May 28, 2024 By Grow Opportunity Staff
(CNW) Toronto and Gail Yam, Israel – IM Cannabis Corp., a leading medical cannabis company with operations in Israel and Germany, announces the termination of the preliminary term sheet signed on February 13, 2024 with Kadimastem Ltd a public company traded on the Tel Aviv Stock Exchange under the symbol (TASE:KDST).
“After the April 1st legalization in Germany, we are seeing that the accelerated growth in April is continuing through May. We believe this is just the beginning, as we anticipate that Germany could become one of the most significant legal markets in the world,” said Oren Shuster, CEO of IMC. “We are continuing to explore all options, focusing on providing the best value for our shareholders.”
According to the separation agreement signed with Kadimastem, as a result of this termination, the loan provided to IMC Holdings Ltd by Kadimastem in a total amount of 300,000$ will be repaid together with 9 per cent annual interest accrued thereon, in three installments by July 31st, 2024.
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