IM Cannabis Corp. [IMCC] Q1 2024 Earnings Conference Call May 8, 2024 9:00 AM ET
Company Participants
Oren Shuster - CEP
Uri Birenberg - CFO
Anna Taranko - IR
Conference Call Participants
Scott fortune - ROTH MKM
Aaron Gray - Alliance Global Partners
Operator
Good morning, and welcome to IM Cannabis’ first quarter 2024 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 & Public Relation. Anna?
Anna Taranko
Good morning, and thank you, Operator. Joining me for today’s call are IM Cannabis’ Chief Executive Officer, Oren Shuster, and Chief Financial Officer, Uri Birenberg. 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 results of operations, economic conditions and anticipated courses of actions, and are based on assumptions, expectations, estimates and projections as 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 the date of this call. Please also note that all references on 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. I’d like to start off with a quick overview of the overall cannabis market. On April 1st, the German government legalized Cannabis. On April 30th, the Associated Press reported that there is an indication that the US Drug Enforcement Administration will reclassify cannabis as a less dangerous drug, placing it at the same level as other medications. And obviously, Canada legalized cannabis several years ago. Together, these regulatory changes in three G7 countries are affecting and will continue to affect the future of the entire cannabis industry, moving it out of the proverbial shadows, towards the mainstream. With each new regulatory rescheduling, cannabis is becoming more legitimate.