IM Cannabis acquires Trichome Financial

On March 18, 2021, IM Cannabis Corp. ("IMC") announced the closing of its acquisition of Trichome Financial Corp. ("Trichome"), previously announced on December 30, 2020. The transaction will result in IMC entering the Canadian recreational cannabis market and creating a global leader in the adult-use recreational and medical cannabis sectors.

Under the terms of the transaction, completed pursuant to a plan of arrangement under the Business Corporations Act (Ontario), IMC acquired all of the issued and outstanding shares of Trichome in exchange for consideration of 0.24525 of a common share of IMC for each Trichome share.

In connection with the closing, a total of 10,104,901 IMC shares were issued to the former holders of Trichome shares, resulting in former Trichome shareholders holding approximately 20.06% of the total number of issued and outstanding IMC shares (based on 50,370,027 IMC shares issued and outstanding immediately after closing).

Following closing, the Trichome shares were delisted from the Canadian Securities Exchange. Trichome will cease to be a reporting issuer in the jurisdictions in which it is currently a reporting issuer.

Further information can be found on ACCESSWIRE’s website.

Trichome is a specialty finance company focused on providing flexible and creative capital solutions to the global legal cannabis market and through its subsidiary Trichome JWC Acquisition Corp. is a licensed producer of cannabis operating under the James E. Wagner (JWC) brand.

IMC is a multi-country operator in the medical cannabis sector headquartered in Israel and with operations across Europe.