IM Cannabis Closes $1.31 Million Share Offering

IM Cannabis said it closed a registered direct offering on September 24, issuing 655,000 common shares at $2 each for gross proceeds of $1.31 million before expenses. The medical cannabis company, which operates in Israel and Germany, said it plans to use the net proceeds for working capital and general corporate purposes. One purchaser, Invest-Pro–Shukai Hon, subscribed for 164,585 shares worth $329,170; the company identified it as a related party. IM Cannabis said its board found the company was in serious financial difficulty and that the offering was intended to improve its financial position, allowing it to rely on related-party transaction exemptions.