cbdMD, Inc. (NYSE American: YCBD, YCBDpA), one of the leading, and most highly trusted and recognized CBD companies, announced today the signing of a binding letter of intent with IM Cannabis Corp. (CSE: IMCC, NASDAQ: IMCC) (“IMC”), a multi-country operator (“MCO”) in the medical and adult-use recreational cannabis sector with operations in Israel, Germany and Canada. Terms of the agreement will grant IMC an exclusive right to import, sell, distribute and market cbdMD’s products in Israel, subject to the execution of a definitive agreement, legalization of CBD for non-medical purposes in Israel, cbdMD’s products meeting all regulatory requirements for the import, sale, distribution and marketing of CBD products in Israel and meeting the minimum quantity sales targets.
“We are excited to enter this partnership with an industry leader, cbdMD, and to extend their brand into the Israeli market. Upon the legalization of CBD products in Israel, the Israeli CBD market is expected to reach up to US$475 million by 2025a. With this agreement, , we will have the opportunity to shape the Israeli CBD market and leverage IMC’s new and expanding retail presence, distribution capabilities and data-driven insights to reach our patients and future consumers with a leading brand such as cbdMD,” said Oren Shuster, IMC’s CEO.
“We are excited to partner with IM Cannabis Corp and to enter the Israeli market. The cbdMD brand continues to grow internationally as we are now represented in over 30 countries,” said Martin Sumichrast, Chairman & co-CEO of cbdMD, Inc.
| a | Based on Company management assessment, and Manufacturers’ Association of Israel Study, conducted by Deloitte, September: Findings of Market Research Regarding Incorporation of CBD Into Consumer Goods, September 2020 |
