IM Cannabis Corp. announced a non‑binding letter of intent to acquire a 51 % stake in Blackaxe Technologies Sp. z o.o., a Polish defense‑tech firm that develops satellite‑intelligence, imagery analytics, and counter‑drone solutions built on Israeli technology.
The deal marks a strategic pivot from the company’s core medical‑cannabis operations into the defense and homeland‑security technology sector. Blackaxe’s products serve governments and defense organizations across Europe and beyond, positioning IM Cannabis to tap a growing market driven by geopolitical tensions and the rise of low‑cost drones and missile threats.
Financial terms of the transaction have not been disclosed. IM Cannabis is currently in a distressed financial position, with a negative Altman Z‑Score of –7.76, a debt‑to‑equity ratio of 4.44, and ongoing net losses. In Q3 2025 the company reported a net loss of $3.9 million versus $1.1 million in Q3 2024, with revenue flat at $13.9 million year‑over‑year.
The company’s CEO, Oren Shuster, said: “In the third quarter of 2025 we recorded a non‑cash impairment to align asset values with current conditions. In parallel, as part of our strategic review, we are assessing selective new business activities to broaden our growth avenues and support long‑term value creation.” The statement underscores the company’s intent to diversify amid financial challenges.
IM Cannabis will conduct due diligence and negotiate definitive agreements before seeking regulatory approvals. The transaction will require approval from relevant authorities in Poland and the United States, though specific regulatory bodies have not been identified.
Investors have reacted negatively to the announcement, citing concerns about the company’s financial health and the risks associated with a diversification move into a high‑growth but capital‑intensive defense sector.
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