IM Cannabis Gets Initial Buy Rating From Alliance Global Partners

IM Cannabis Gets Initial Buy Rating From Alliance Global Partners

IM Cannabis Gets Initial Buy Rating From Alliance Global Partners Photo

IM Cannabis  (IMCC) – Get Report climbed after Alliance Global Partners initiated coverage of the Israel-based company with a buy rating and a $10 price target.

“We see IMCC as an international play on legal cannabis, with the company particularly well-positioned to benefit from the growing Israeli medical market, and potential adult-use market in the country,” analyst Aaron Grey said in a research note. 

Changes to the Israeli medical laws in April 2019, including easing prescription procedures and the sale of cannabis in pharmacies, caused a significant ramp in patient count, more than doubling to 92,000, Grey said.

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