IM Cannabis
IMCCNASDAQUSD
- Source valuation snapshot. Not a live recalculation.
- Latest filed annual earnings; price snapshot date unavailable. Not forward P/E.
- Diluted earnings per share from the latest filed annual.
- $0.61 Prior regular-session close from the quote source.
- $0.56–$0.64 Regular-session low and high so far today.
- 30.6K Regular-session shares traded · Nov 11, 4:00 PM ET.
- Not yet confirmed The company has not confirmed its next report date. Reported quarters are available in the chart’s Earnings view.
- $0.56–$62.40 52-week trading low and high returned by the quote source.
Understand the Business
Why the Stock Moved
Period-matched expectations history is not yet available. Current metrics are not a substitute for a historical explanation.
The core investment thesis
Own IMCC if IM Cannabis is not a moat-compounder today; the investable case is a fragile medical-cannabis turnaround that depends on proving its regulated revenue base can generate repeatable cash before the balance sheet forces dilution.
IMCC price history
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Investment thesis
What must happen next
Regulated medical-cannabis demand remains stable enough for IM Cannabis to keep its distribution and product platform relevant despite weak industry pricing.HoldingMateriality: High
IFRS annual revenue was CAD 54.7 million in FY2025 versus CAD 54.0 million in FY2024, showing stability rather than collapse. If demand stability holds, the company has a base from which to fix margins and costs; if it breaks, the turnaround loses its revenue floor.
Watch: A regulatory change in a core medical-cannabis market restricts imports, pharmacy access, reimbursement, or patient eligibility.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
IFRS annual revenue was CAD 54.7 million in FY2025 versus CAD 54.0 million in FY2024, showing stability rather than collapse.
Open source ↗IM Cannabis’s sourcing, product mix, and pricing discipline must offset cannabis commoditization enough to rebuild gross margin.HoldingMateriality: High
IFRS annual gross profit rose to CAD 9.7 million in FY2025 from CAD 8.5 million in FY2024. Gross margin is the first proof that the company has more than commodity resale economics; if it erodes, cost cuts cannot easily create durable value.
Watch: Oversupply from Canadian, Israeli, German, or other licensed producers pushes wholesale cannabis prices down faster than IM Cannabis can reprice or mix-shift.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
IFRS annual gross profit rose to CAD 9.7 million in FY2025 from CAD 8.5 million in FY2024.
Open source ↗Management must right-size corporate, compliance, and distribution costs so the existing revenue base can produce operating profit rather than recurring losses.WeakeningMateriality: Medium
IFRS annual operating loss narrowed substantially to CAD 11.6 million in FY2025 from CAD 30.8 million in FY2022. If operating leverage appears, equity value can accrue to shareholders; if fixed costs remain too high, revenue stability will not matter.
Watch: Regulatory compliance, listing, audit, and corporate costs remain structurally high relative to the company’s scale.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
IFRS annual operating loss narrowed substantially to CAD 11.6 million in FY2025 from CAD 30.8 million in FY2022.
Open source ↗The turnaround depends on positive operating cash flow being driven by durable working-capital discipline and customer collections, not by a one-time release of inventory or payables.StrengtheningMateriality: Medium
IFRS annual operating cash flow was positive CAD 4.7 million in FY2025 after negative CAD 1.1 million in FY2024. Repeatable operating cash flow extends runway and reduces dilution risk; one-time cash conversion would leave the company dependent on external capital.
Watch: Inventory must be rebuilt ahead of import cycles or product launches, reversing the working-capital benefit.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
IFRS annual operating cash flow was positive CAD 4.7 million in FY2025 after negative CAD 1.1 million in FY2024.
Open source ↗The balance sheet remains a value-transfer risk: IM Cannabis needs refinancing, asset sales, or sustained self-funding before creditors or new capital providers capture the upside.WeakeningMateriality: Medium
IFRS equity was negative CAD 3.6 million at FY2025 year-end, down from positive CAD 3.1 million at FY2024 year-end. Even if operations improve, common shareholders can lose if the company must issue distressed equity or accept punitive financing terms.
Watch: Lenders, landlords, or suppliers demand tighter terms, security, or repayment before operating cash flow is proven durable.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
IFRS equity was negative CAD 3.6 million at FY2025 year-end, down from positive CAD 3.1 million at FY2024 year-end.
Open source ↗
Full investment case & evidence
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Original research
Regulated medical-cannabis demand remains stable enough for IM Cannabis to keep its distribution and product platform relevant despite weak industry pricing. If demand stability holds, the company has a base from which to fix margins and costs; if it breaks, the turnaround loses its revenue floor.
IM Cannabis’s sourcing, product mix, and pricing discipline must offset cannabis commoditization enough to rebuild gross margin. Gross margin is the first proof that the company has more than commodity resale economics; if it erodes, cost cuts cannot easily create durable value.
Management must right-size corporate, compliance, and distribution costs so the existing revenue base can produce operating profit rather than recurring losses. If operating leverage appears, equity value can accrue to shareholders; if fixed costs remain too high, revenue stability will not matter.
The turnaround depends on positive operating cash flow being driven by durable working-capital discipline and customer collections, not by a one-time release of inventory or payables. Repeatable operating cash flow extends runway and reduces dilution risk; one-time cash conversion would leave the company dependent on external capital.
The balance sheet remains a value-transfer risk: IM Cannabis needs refinancing, asset sales, or sustained self-funding before creditors or new capital providers capture the upside. Even if operations improve, common shareholders can lose if the company must issue distressed equity or accept punitive financing terms.
All standing thesis claims
Original report summary
IM Cannabis is not a moat-compounder today; the investable case is a fragile medical-cannabis turnaround that depends on proving its regulated revenue base can generate repeatable cash before the balance sheet forces dilution.
Bull case and bear case
Bull case and bear case for IM Cannabis
Where the evidence on IM Cannabis disagrees: Mixed on the latest evidence (Nov 11, 2026). Of its 5 thesis points, 1 strengthening, 2 holding and 2 weakening.
Bull case: what the evidence supports
Regulated medical-cannabis demand remains stable enough for IM Cannabis to keep its distribution and product platform relevant despite weak industry pricing.
IM Cannabis’s sourcing, product mix, and pricing discipline must offset cannabis commoditization enough to rebuild gross margin.
The turnaround depends on positive operating cash flow being driven by durable working-capital discipline and customer collections, not by a one-time release of inventory or payables.
Bear case: what the evidence questions
Management must right-size corporate, compliance, and distribution costs so the existing revenue base can produce operating profit rather than recurring losses.
The balance sheet remains a value-transfer risk: IM Cannabis needs refinancing, asset sales, or sustained self-funding before creditors or new capital providers capture the upside.
Thesis-Break Engine
Thesis-break watch · IM Cannabis
OptimistFi is watching IM Cannabis. No break-condition checks are on record yet — they accumulate as new filings are checked.
MARKET + FINANCIAL SNAPSHOT
The numbers behind the thesis
What Changed
- MixedForeign issuer material report (6-K).
IM Cannabis filed an SEC report on 2026-11-04: Foreign issuer material report (6-K). It is a dated development that tests the current thesis.
- MixedForeign issuer material report (6-K).
IM Cannabis filed an SEC report on 2026-10-02: Foreign issuer material report (6-K). It is a dated development that tests the current thesis.
- MixedForeign issuer material report (6-K).
IM Cannabis filed an SEC report on 2026-09-28: Foreign issuer material report (6-K). It is a dated development that tests the current thesis.
Risks / falsifiers
What could break the thesis
- A regulatory change in a core medical-cannabis market restricts imports, pharmacy access, reimbursement, or patient eligibility.
- Oversupply from Canadian, Israeli, German, or other licensed producers pushes wholesale cannabis prices down faster than IM Cannabis can reprice or mix-shift.
- Regulatory compliance, listing, audit, and corporate costs remain structurally high relative to the company’s scale.
- Inventory must be rebuilt ahead of import cycles or product launches, reversing the working-capital benefit.
- Lenders, landlords, or suppliers demand tighter terms, security, or repayment before operating cash flow is proven durable.
IMCC news
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Financial statements
IMCC income statement
Annual filed results · USD · Oldest to newest. Margins are calculated from the reported figures.
IMCC: quick answers
- What is IMCC's short interest?
- As of October 30, 2026, 14,580 IMCC shares were sold short, down 59.6% from the count before. At the stock's average daily volume that is 1.0 day to cover. FINRA publishes the count twice a month. IMCC short interest history