IM Cannabis Corp. (NASDAQ: IMCC) (CSE:IMCC) released its financial results today for the first quarter ended March 31, 2023, revealing revenues of CA$13.2 million ($9.8 million) compared to CA$13 million in the first quarter of 2022, an increase of 1%.
Q1 2023 Financial Results
Gross profit was CA$3.5 million, compared to CA$2.4 million in the Q1 2022, an increase of 46%. The increase is mainly attributable to increased high margin sales of imported premium cannabis products, and reduction of costs of sales.
Gross margin, was 26.9%, compared to 18.5% in the first quarter of 2022.
Adjusted EBITDA loss was CA$1.3 million, compared to an adjusted …