IM Cannabis Corp. (NASDAQ: IMCC) (CSE:IMCC) will be reducing its workforce in Israel by 20%-25% across all functions to strengthen its focus on core activities and drive efficiencies to realize sustainable profitability. All actions associated with the workforce reduction are expected to be substantially complete by mid-2023, subject to applicable Israeli law.
"The restructuring initiatives announced today follow our departure from the Canadian cannabis market to focus our resources on growth opportunities in Israel, Germany and Europe. It further reflects our determination to continue with our strategic plan by maximizing efficiencies to create a leaner and more flexible organization to better suit the current market environment and our short- to mid-term objectives" stated Oren Shuster, CEO of IM Cannabis. "We expect approximately CA$3.5 million ($2.54 million) of annualized cost savings from mid-2023, while maintaining our anticipated revenue."
Shai Shemesh, CFO of the company, will be stepping down and handing over his responsibilities through a structured transition period to Itay Vago, who will be appointed as the company's CFO. In his last role, Itay served as finance director of IMC Holdings Ltd., the company's Israeli subsidiary.
Rinat Efrima, CEO of IMC Holdings, will be stepping down and handing over her responsibilities through a structured transition period to Eyal Fisher, who will be appointed as the general manager of IMC Holdings. In his last role, Eyal served as sales director …