IM Cannabis is a small medical cannabis company that imports, brands, and distributes medical cannabis products to patients in Israel and Germany. The company does not cultivate cannabis; it sources bulk cannabis from third-party licensed producers, primarily in Canada, repackages it under its own branded product lines, and sells it at a markup — making it essentially a branded distributor and specialty retailer of medical cannabis. In Israel, IM Cannabis operates two licensed retail pharmacies and a home-delivery platform, selling dried flower and full-spectrum extracts directly to patients by prescription. In Germany, IM Cannabis operates through its subsidiary Adjupharm, which holds EU-GMP authorizations for repackaging and batch release, and distributes IMC-branded products to licensed pharmacies nationwide. Germany has become the primary growth market, expanding from roughly 11% of revenue in 2023 to approximately 66% of revenue in Q1 2025, driven by Germany's April 2024 regulatory reform that broadened patient access. Israel, historically the dominant market, is now managed as a steady-state business. Gross margins are modest, reflecting the distributor model, and IM Cannabis has cut operating expenses by over 50% since 2022 as part of a push toward profitability. Key growth levers include volume growth in Germany, premium product mix, and supply chain expansion. The company is also evaluating a potential entry into the U.S. cannabis market, which could involve divesting its existing operations.