IM Cannabis Corp. (IMCC) fell 13.49% in the after-market at $3.72 from $4.30 at its last close on November 24. While in the previous trading session, the stock had gained a good 37.82% at a volume of 1.44 million. The current fall in stock seems apparent after IMCC’s big gain in the previous market session on November 24. During which, the stock varied between $3.10 and $4.30. The day’s volume was 812% of the average volume of 177.31 thousand on Wednesday. In the previous five days, the stock has gained 35.65% and 46.26% in the past month. While IMCC stock has lost a value of 44.87% year to date. Currently, the stock trades at a market capital of 262.24 million with 67.84 million outstanding shares in the market.
Founded in 1980, IM Cannabis Corp. (IMCC) engages in the production and sale of medical cannabis products along with dry flower and cannabis oil products.
IMCC stock’s recent Timeline
On November 24, IMCC stock reached its 95-day high of $4.30, previously it hit a value of $4.40 on August 17, 2021. This big jump in a long while brought good news for the profit bookers. As, the stock started to decline in the after-hours, soon after its gain of almost 38%. Various new developments seem to be responsible for the stock’s recent gain, including the Republican legalization bill and new ETF.
The Legalization Bill
On Monday, Republican lawmakers laid out cannabis’ federal legalization plan which was sponsored by Nancy Mace (R-S.C.). As per the bill, cannabis is to be federally decriminalized with a 3% federal excise tax and removed from the Controlled Substances Act. Moreover, the bill ensured the continuation of the state’s medical cannabis programs for research and development. Further, the protection of young adults and children from cannabis products was also a part of the bill.
As more and more states have legalized cannabis use, this bill is another step in the federal legalization of cannabis.
New Cannabis ETF
The largest cannabis fund manager and a leading sponsor of ETFs, AdvisorShares launched the AdvidorShares Dynamic Cannabis ETF. The fund while is sponsored by AdvisorShares is sub-advised and managed by the Poseidon Investment Management. The new fund is set to identify companies that have a strategic value of benefiting from the cannabis industry and its supporting infrastructure.
IMCC’s Financial Highlights
On November 15, IM Cannabis Corp. (IMCC) announced its third-quarter financial results for 2021. As per the third quarter, the company had revenue of $14.4 million, which shows an increase of 30% from the previous quarter.
Moreover, the net loss of IMCC was $5.7 million in Q3 2021, against $5.1 million in the previous quarter. Consequently, the net loss per diluted share was $0.18 in the third quarter of 2021.