IM Cannabis Corp. announced a non-brokered private placement of up to 2,000,000 units at a price of $1.25 per share for gross proceeds of up to $2,500,000 led by insiders of the company Oren Shuster, Chief Executive Officer, and Director of the company on January 13, 2023. Each unit consists of one common share of the company and one common share purchase warrant.

Each warrant entitles its holder to purchase one additional common share at an exercise price of $1.50 for a period of 36 months from the date of issue. All securities to be issued in the transaction will be subject to a hold period of four months and one day from the closing date. The transaction is expected to close on or about January 16, 2023.