IM Cannabis Corp. (IMCC), a medical cannabis company, Thursday announced that it has signed a non-binding term sheet to acquire a 60 percent equity stake in a quantum computing bio data company for upto $54 million.
The Target Company applies quantum computing to store, analyze, and process biological data more efficiently, marking a potential diversification for IM Cannabis.
The consideration will include cash, shares, and performance-based earn-outs.
IM Cannabis said the move aligns with its strategy to explore new business activities that enhance long-term growth and shareholder value.
IMCC is currently trading at $1.67, down $0.1889 or 10.16 percent on the Nasdaq.
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