IM Cannabis Corp. (NASDAQ:IMCC) Q2 2023 Earnings Conference Call August 14, 2023 9:00 AM ET

Company Participants

Anna Taranko - Director, Investor and Public Relations

Oren Shuster - Chief Executive Officer

Itay Vago - Chief Financial Officer

Conference Call Participants

Scott Fortune - ROTH Capital Partners

Aaron Grey - Alliance Global Partners

Operator

Good day, and welcome to IM Cannabis' Second Quarter 2023 Earnings Conference Call. Today's conference call is being recorded.

At this time, I would like to turn the conference over to Anna Taranko, Director of Investor and Public Relations.

Anna Taranko

Thank you, operator. Joining me today are IM Cannabis, Chief Executive Officer, Oren Shuster; and Chief Financial Officer, Itay Vago. The earnings press release that accompanies this call is available on the Investor Relations section of our website at investors.imcannabis.com.

Today's call will include estimates and other forward-looking information and statements, including statements concerning future revenues, results from operations, financial positions, markets, economic conditions, product releases, partnerships and any other statements that may be construed as a prediction of future performance.

This information may involve known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from those expressed or implied by such statements. Factors that could cause or contribute to such differences are described in detail in the company's most recent filings available on SEDAR+ at www.sedarplus.ca and EDGAR at www.sec.gov.

Furthermore, certain non-IFRS measures will be referred to during this call and the term non-IFRS adjusted EBITDA loss will hereafter be referred to as adjusted EBITDA loss. The company believes that the presentation of this non-IFRS information provides useful supplementary data concerning the company's ongoing operations and is provided for informational purposes only.

Any estimates or forward-looking information or statements provided are accurate only as of the date of this call, and the company undertakes no obligation to publicly update any forward-looking information or statements or supply new information regarding the circumstances after the date of this call. Please also note that all references in this call reflect currency in Canadian dollars.

With that, it is my pleasure to turn the call over to Oren Shuster, CEO of IM Cannabis. Oren, please go ahead.

Oren Shuster

Thank you, Anna. Good morning, everyone, and thank you for joining us today. Before going into the market details, I would like to start off today by taking you through the initial results of the transformation IMC has been going through since Q4 2022. We are singularly focusing on reaching sustainable profitability, which is supported by the 2 cornerstones we focused on in our last call in May. First, the strategic shift to focus on meeting the patients and pharmacies needs. Second, rightsizing, restructuring to put the necessary resources behind the strategic shift.