IM Cannabis Corp. operates primarily in Israel and Germany, focusing on importation, distribution, and retail of medical cannabis through licensed subsidiaries. Revenue grew modestly by 1.3% from 2024 to 2025, while net losses remained stable near CAD 11.75 million annually. The company’s capital structure reflects ongoing financial challenges with negative shareholders' equity at the end of 2025. Strategic moves include full ownership of Focus Medical Herbs Ltd. and expansion in Germany following regulatory reforms. Key risks include an Israeli anti-dumping investigation with potential tax levies and operational dependencies on maintaining critical licenses. Recent convertible note issuances provide liquidity but underscore continued reliance on external financing.