February 7, 2019
Jamie Blundell, President & COO is pleased to provide the following update on IMC, one of CGOC’s private holdings:
Israeli Market Update: IMC is a leading supplier in the Israeli medical cannabis market, controlling approx. 10% of the market, serving over 5,000 patients and delivering over 4,000 prescriptions monthly, with an annual growth of 50%
Expansion to a New Facility: The company recently began construction of a new facility (over 1.2 million square feet), in the South of Israel, which is planned to include a new growing area, allowing IMC to leverage its production capacity to over 100 tons per year.
GAP Certification: In order to guarantee absolute safety and quality of products, cannabis growers are required to obtain GAP (Good Agricultural Practice) certification which is based on strict quality management standards and production practices and is granted after passing of strict audits. IMC recently received GAP certification as a part of the new Israeli MOH reform and is one of only four LPs that are GAP certified. The Israeli GAP standards are highly respected globally and we expect this certification to grant the company with a significant competitive advantage.
Amendment to Dangerous Drugs Ordinance and Export Update: On December 25, 2018, Israel’s parliament passed a law that empowers the Israeli police to supervise licensing granted in relation to cannabis. This law will become effective as of May 1st, 2019. This amendment to the law paved the way for the significant governmental decision to approve export of cannabis from Israel.
On January 27th, 2019, the Israeli government approved the exportation of medical cannabis. Export is approved only for final products and only for GAP-certified product. Exports are expected to begin at the end of Q4 2019.
International Expansion: IMC is in the final stages of completing the acquisition of a fully licensed German medical cannabis distributor targeted for the German market. This acquisition will provide IMC with access to the growing German market that is expected to reach $1b by 2022, as well as full access to the broader
Going Public: IMC is continuing its efforts of becoming a publicly traded company through an RTO process. Anticipate being able to announce a public listing by mid-year. A shareholders meeting regarding this matter will be scheduled in the near future.
For further information please contact Cannabis Growth Opportunity Corporation:
|Website: www.cgocorp.com||Investor Relations Email: firstname.lastname@example.org|
About IMC Holdings
Established in 2010, IMC is an agricultural company licensed and authorized by the Ministry of Health to produce and supply medical cannabis. The company provides medical cannabis to patients with a valid permit by the Ministry of Health to use medical cannabis. IMC began to supply medical cannabis as early as 2008, with the aim of alleviating the pain and suffering of its patients. IMC produces high-quality strains, the best in the market today, and adheres to international standards of quality.
For more information visit http://en.imcagro.co.il/