IM Cannabis rises on deal to buy pharmacy unit from Panaxia

IM Cannabis

30/04/2021 19:31

** U.S.-listed shares of IM Cannabis   IMCC.CD   IMCC.O  up
~3% at $6.35     
    ** IMCC says its Israeli unit, IMC Holdings, along with
Israel's Panaxia Labs Israel  PNAX.TA  have signed a definitive
agreement to buy Panaxia's trading house and in-house pharmacy
activities
    ** Deal will be satisfied by a combination of C$2.9 mln
($2.36 mln) in cash and C$4.3 mln in common shares of IMCC
    ** IMCC says deal will combine its online pharmacy business
operating under the name "Panaxia to the Home" and customer
service center
    ** Deal also includes an option to purchase a pharmacy with
licenses to sell medical cannabis to patients from Panaxia for
an aggregate purchase price of C$7.2 mln
    ** IMCC down 19.4% so far this year 


($1 = 1.2283 Canadian dollars)

 (Reporting by Arunima Kumar in Bengaluru)
 ((Arunima.Kumar@thomsonreuters.com))