#Canada #Toronto #medical cannabis #IM Cannabis Corp #Grant Thornton

IM Cannabis Corp. Announces Change of Auditors

On January 17, 2025, IM Cannabis Corp. (NASDAQ: IMCC) made a pivotal announcement regarding its audit practices, confirming the change of its auditing firm. The company, a prominent player in the medical cannabis market operating primarily in Israel and Germany, has appointed Fahn Kanne & Co. Grant Thornton Israel as its new auditor. This strategic move comes after the resignation of Kost Forer Gabbay Kasierer, a member of Ernst & Young Global, at the request of IM Cannabis Corp.

The resignation of the predecessor auditor took effect on January 16, 2025, allowing the board of directors to act swiftly in appointing the successor, Fahn Kanne & Co. This decision was made following a recommendation from the audit committee, emphasizing IMC’s commitment to maintaining high standards of financial governance and compliance. This transition is crucial as it aligns with the company's goal of bridging operations between its markets, both of which are regulated environments critical for the medical cannabis industry.

IM Cannabis Corp. operates in two of the largest medical cannabis markets worldwide – Israel and Germany. In these regions, the company provides premium cannabis products tailored for medical patients, with a focus on sustainable and profitable growth. The company is determined to enhance its operational framework and uphold regulatory compliance, essential for its long-term success.

The new auditing arrangement is also reflective of the company’s proactive approach to transitions in corporate governance. The lack of reservations or modified opinions in the previous auditor's reports reflects positively on IM Cannabis Corp.'s operational integrity. This change comes with a promise to uphold transparency and accountability, which are paramount in the highly scrutinized cannabis sector.

In addition to auditing services, the company relies on a unique, data-driven approach to manage its expansive cannabis supply chain effectively. This strategy enables IM Cannabis to operate efficiently within strict regulatory frameworks, ensuring quality control from the production phase to patient delivery. At the same time, they continue to leverage proprietary data gained from years of experience in the sector primarily to enhance customer service and product offerings.

IM Cannabis also emphasizes its commitment to responsible growth, with initiatives led by a robust management team that understands the intricacies involved in compliance with cannabis regulations. This gives the company a competitive edge, particularly in dynamically evolving markets such as Germany, where medical cannabis legislation has become increasingly permissible. As they position themselves as a global player in the cannabis industry, maintaining a compliant and well-governed corporate structure will be pivotal for the company’s sustained growth.

As of now, the comprehensive details regarding the auditor transition are available under the National Instrument 51-102 – Continuous Disclosure Obligations on SEDAR+ under the company’s profile. The insights garnered from this regulatory compliance stand in favor of investors and stakeholders alike, indicating IM Cannabis Corp.'s clarity of operations and future orientation.

Furthermore, the company continues to adapt to external factors that affect the cannabis industry, including socio-economic changes and legal developments across its operational regions. The company is keenly aware that the competitive landscape in the cannabis market elevates the need for strategic partnerships and regular evaluations of operational compliance.

IM Cannabis is set to thrive, not only through adaptive strategies like changing auditors but also by honing in on its core strengths in customer service excellence and regulatory adherence. As they move into this new chapter with their successor auditor, stakeholders can anticipate sustained commitment to operational transparency and growth in the ever-evolving cannabis landscape.