IM Cannabis Corp. (NASDAQ:IMCC) Q3 2023 Results Conference Call November 13, 2023 9:00 AM ET

Company Participants

Anna Taranko - Director of Investor and Public Relations

Oren Shuster - Chief Executive Officer

Itay Vago - Chief Financial Officer

Conference Call Participants

Scott Fortune - ROTH MKM

Aaron Grey - Alliance Global

Operator

Good morning. And welcome to IM Cannabis' Third Quarter 2023 Earnings Conference Call. Today's conference call is being recorded.

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

Anna Taranko

Good morning, and thank you, operator. Joining me today’s call 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 Web site at investors.imcannabis.com.

Today's call will include estimates and other forward-looking information and statements, including statements concerning future results of operations, economic conditions and anticipated courses of actions, and are based on assumptions, expectations, estimates and projections as of the date hereof. 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. 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 this date of this call. Please also note that all references on this call reflect currency and 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. As a medical cannabis company headquartered in Israel, I would like to start off today by briefly touching on the Hamas massacre of Israelis. As I had mentioned in the press release on October 12th, there are no words to describe the scale of the horror and the impact it is having on each and every Israel. We are a small country and every single one of us is directly impacted, either personally or through our family and loved ones. IMC supports and stayed with all the Israelis that are affected by this war and we also fully support the Israeli Defense Forces. Medical cannabis is defined as a critical infrastructure sector in Israel, just like all other pharmaceutical businesses. I am very proud of the team, how they are coming together to work through this horrific situation. While the assumption is that medical cannabis consumption will increase in the long term as a result of the war, it is too early to try to predict with any certainty exactly what the impact of the war will be on the medical cannabis industry in Israel in the short term and how it'll impact the planned regulatory changes in the short term that were expected at the end of 2023.