IM Cannabis to acquire MYM Nutraceuticals and its subsidiary, Highland Grow

July 09, 2021

Torys represented IM Cannabis with a team that includes Janan Paskaran and Frazer House (corporate/M&A), Andrew Gray (litigation) and Jerald Wortsman (tax).

On July 9, 2021, IM Cannabis Corp. ("IMC") and MYM Nutraceuticals Inc. ("MYM”) announced the closing of IMC's acquisition of MYM. 

The transaction was completed pursuant to a plan of arrangement under the Business Corporations Act (British Columbia). The transaction resulted in the acquisition by IMC of all of the issued and outstanding shares of MYM in exchange for consideration of 0.022 of a common share for each share of IMC for each MYM share.

In connection with the transaction, a total of 10,073,436 IMC shares have been issued to the former holders of MYM shares, resulting in former MYM shareholders holding approximately 15% of the total number of issued and outstanding IMC shares (based on 67,156,470 IMC shares issued and outstanding immediately after closing).

It is expected that the MYM shares will be delisted from the Canadian Securities Exchange and MYM will apply to cease to be a reporting issuer in the jurisdictions in which it is currently a reporting issuer.

MYM's directors and officers and Biome Grow Inc., which collectively held approximately 43% of the MYM shares, have each entered into lock-up agreements restricting the resale of the IMC shares acquired by such individuals upon closing of the transaction to a staggered 1/6 release per month of such shares for a period of 6 months.

Following the completion of the transaction, IMC, indirectly through its wholly-owned subsidiary Trichome Financial Corp., has beneficial ownership and control over 100% of the issued and outstanding MYM shares. Prior to the transaction, IMC did not directly or indirectly hold MYM shares. 

Further information can be found on ACCESSWIRE’s website.

IMC is a multi-country operator in the medical and adult-use recreational cannabis sector headquartered in Israel and with operations in Israel, Germany and Canada.

MYM is a Canadian cultivator, processor, and distributor of premium cannabis via its two wholly owned subsidiaries - SublimeCulture Inc., in Laval, QC and Highland Grow Inc., in Antigonish, NS.

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