IM Cannabis Corp. (IMCC) Balance Sheet

NASDAQ: IMCCAssets, liabilities, debt and equity over 10 years.

IMCC balance sheet, 2025

December 31, 2025 · Canadian dollars

C$31.7M assets = C$35.4M liabilities + −C$3.6M equity

Liabilities exceed assets: shareholders’ equity is negative (−C$3.6M).

Both columns are drawn to the same scale: what IMCC owns equals what it owes plus shareholders’ equity. Hover a block for its value.

IMCC financial health

Current ratio0.67

Tight · current assets cover current liabilities 0.67×

Equity / assets−2.7%

Thin equity · of assets funded by shareholders

Cash / debt16.8%

Low cash cover · cash & short-term investments vs total debt

Goodwill & intangibles9.8%

Mostly tangible · of total assets

Descriptive bands, not a rating. Fiscal 2025.

IMCC balance sheet trends, 2016–2025

IM Cannabis Corp. balance sheet trends
Metric	Then	Latest	Change
Total assets	C$2762016	C$31.7M2025	+265.0%/yr
Total liabilities	C$432,1482016	C$35.4M2025	+63.1%/yr
Shareholders’ equity	C$11.4M2016	−C$858,0002025	—
Cash & short-term investments	C$1702016	C$2.7M2025	+193.3%/yr
Total debt	C$6,4412016	C$16.3M2025	+138.8%/yr
Net cash (debt)	−C$6,2712016	−C$13.5M2025	−C$13.5M
Working capital	−C$431,8732016	−C$11.3M2025	−C$10.8M
Current ratio	0.002016	0.672025	+0.67
Debt / equity	0.002016	3.442024	+3.43
Shares outstanding	94K2018	141K2025	+6.0%/yr

Change is the average annual growth (CAGR) or the difference between the first and latest year.

IMCC assets

Cash & ST investmentsReceivablesInventoryOther currentPP&EGoodwill & intangiblesLT investmentsOther non-current

IMCC liabilities and equity

Current liabilitiesLong-term debtOther long-term liabilitiesEquity

IMCC debt vs cash

Total debtCash & ST investmentsNet cash (debt)

Debt includes short- and long-term borrowings and, where reported, lease obligations.

IMCC balance sheet in Canadian dollars

IM Cannabis Corp. annual balance sheet
	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
Assets
Cash & short-term investments	C$2.7M	C$863,000	C$1.8M	C$2.4M	C$13.9M	C$8.9M	C$13.9M	C$37,000	C$4,026	C$170
Cash & equivalents	C$2.7M	C$863,000	C$1.8M	C$2.4M	C$13.9M	C$8.9M	C$13.9M	C$37,000	C$4,026	C$170
Short-term investments	—	—	—	—	C$3.1M	C$0	—	—	—	—
Receivables	C$13.0M	C$16.7M	C$11.3M	C$10.5M	C$31.2M	C$5.7M	C$2.1M	C$12,422	C$5,116	C$105
Inventory	C$4.3M	C$3.2M	C$10.0M	C$16.6M	C$31.1M	C$8.4M	C$5.5M	C$5.5M	C$1.4M	C$0
Other current assets	C$2.8M	C$2.6M	C$1.1M	C$3.1M	C$8.1M	C$4.1M	C$2.8M	C$0	C$0	C$0
Total current assets	C$22.7M	C$23.4M	C$24.3M	C$32.7M	C$84.3M	C$27.1M	C$24.3M	C$37,000	C$9,142	C$275
Property, plant & equipment (net)	C$4.1M	C$4.2M	C$6.4M	C$7.2M	C$48.4M	C$6.5M	C$4.4M	C$1	C$1	C$1
Goodwill & intangible assets	C$3.1M	C$10.0M	C$15.9M	C$17.7M	C$152.2M	C$1.4M	C$1.2M	C$4,000	C$0	C$0
Long-term investments	C$1.8M	C$1.6M	C$2.3M	C$2.4M	C$2.4M	C$2.3M	C$912,000	C$0	C$0	C$0
Other non-current assets	C$0	C$0	C$0	C$763,000	C$30,000	C$769,000	C$89,000	C$0	C$0	C$0
Total assets	C$31.7M	C$39.2M	C$48.8M	C$60.7M	C$287.4M	C$38.1M	C$30.9M	C$37,003	C$9,143	C$276
Liabilities
Accounts payable	C$12.1M	C$11.2M	C$9.2M	C$15.3M	C$14.0M	C$2.6M	C$992,000	C$238,907	C$245,184	C$145,420
Short-term debt	C$15.3M	C$17.4M	C$12.6M	C$10.1M	C$11.1M	C$167,000	C$159,000	—	—	C$6,441
Deferred revenue	C$209,000	C$492,000	C$787,000	C$31,000	C$137,000	C$741,000	—	—	—	—
Total current liabilities	C$34.0M	C$34.9M	C$32.8M	C$33.8M	C$51.2M	C$6.3M	C$2.6M	C$251,650	C$465,985	C$432,148
Long-term debt	C$936,000	C$466,000	C$394,000	C$399,000	C$392,000	C$0	C$0	C$0	C$0	C$0
Lease obligations	C$376,000	C$433,000	C$1.3M	C$1.9M	C$19.4M	C$990,000	C$1.1M	—	—	—
Other long-term liabilities	C$409,000	C$658,000	C$1.9M	C$2.7M	C$30.8M	C$19.2M	C$2.2M	C$0	C$451,000	C$151,861
Total liabilities	C$35.4M	C$36.0M	C$35.1M	C$36.9M	C$82.4M	C$25.5M	C$4.8M	C$251,650	C$465,985	C$432,148
Shareholders' equity
Common stock & paid-in capital	C$270.5M	C$265.0M	C$253.9M	C$245.8M	C$237.7M	C$37.0M	C$25.9M	C$45,000	C$26.3M	C$26.2M
Retained earnings (deficit)	−C$270.2M	−C$258.9M	−C$249.1M	−C$238.9M	−C$50.7M	−C$33.0M	−C$4.3M	−C$17.2M	−C$17.1M	−C$17.0M
Accumulated other comprehensive income	−C$3.8M	−C$1.3M	C$95,000	C$1.3M	C$2.6M	C$1.2M	C$309,000	C$43,000	C$2.1M	C$2.1M
Minority interest	−C$2.8M	−C$2.1M	−C$769,000	C$1.1M	—	—	—	—	—	—
Total shareholders' equity	−C$858,000	C$5.2M	C$14.5M	C$22.7M	C$201.2M	C$11.1M	C$24.7M	C$10.2M	C$11.4M	C$11.4M
Key figures
Total debt	C$16.3M	C$18.0M	C$13.8M	C$11.5M	C$29.3M	C$990,000	C$1.1M	—	—	C$6,441
Net cash (debt)	−C$13.5M	−C$17.1M	−C$12.0M	−C$9.1M	−C$15.4M	C$7.9M	C$12.9M	—	—	−C$6,271
Working capital	−C$11.3M	−C$11.6M	−C$8.6M	−C$1.1M	C$33.1M	C$20.9M	C$21.7M	−C$214,650	−C$456,843	−C$431,873
Tangible book value	−C$4.0M	−C$4.8M	−C$1.4M	C$5.0M	C$49.0M	C$9.7M	C$23.5M	C$10.2M	C$11.4M	C$11.4M
Shares outstanding	141K	78K	71K	40K	32K	21K	18K	94K	—	—
Current ratio	0.67	0.67	0.74	0.97	1.65	4.33	9.31	0.15	0.02	0.00
Quick ratio	0.46	0.50	0.40	0.38	0.88	2.33	6.13	0.20	0.02	0.00
Debt / equity	—	3.44	0.95	0.51	0.15	0.09	0.04	—	—	0.00
Equity / assets	−2.7%	13.4%	29.6%	37.3%	70.0%	29.1%	79.8%	27,516.7%	124,158.1%	4,122,009.8%

IM Cannabis Corp. quarterly balance sheet
	Jun '26	Mar '26	Dec '25	Sep '25	Jun '25	Mar '25	Dec '24	Sep '24	Jun '24	Mar '24	Dec '23	Sep '23
Assets
Cash & short-term investments	C$1.7M	C$1.2M	C$2.7M	C$1.2M	C$794,000	C$1.4M	C$863,000	C$2.0M	C$700,000	C$1.0M	C$1.8M	C$1.3M
Cash & equivalents	C$1.7M	C$1.2M	C$2.7M	C$1.2M	C$794,000	C$1.4M	C$863,000	C$2.0M	C$700,000	C$1.0M	C$1.8M	C$1.3M
Receivables	C$6.9M	C$7.2M	C$13.0M	C$11.3M	C$20.9M	C$16.7M	C$16.7M	C$18.5M	C$15.7M	C$10.2M	C$11.3M	C$14.8M
Inventory	C$2.9M	C$2.0M	C$4.3M	C$10.0M	C$3.7M	C$5.4M	C$3.2M	C$4.3M	C$5.7M	C$7.9M	C$10.0M	C$11.0M
Other current assets	C$4.9M	C$4.8M	C$2.8M	C$9.2M	C$40,000	C$6.0M	C$2.6M	C$2.8M	C$788,000	C$780,000	C$1.1M	C$1.2M
Total current assets	C$16.3M	C$15.1M	C$22.7M	C$31.7M	C$25.4M	C$29.5M	C$23.4M	C$27.6M	C$22.9M	C$20.0M	C$24.3M	C$28.3M
Property, plant & equipment (net)	C$3.9M	C$3.9M	C$4.1M	C$4.3M	C$4.3M	C$4.3M	C$4.2M	C$4.6M	C$4.7M	C$6.2M	C$6.4M	C$6.2M
Goodwill & intangible assets	C$2.5M	C$2.8M	C$3.1M	C$6.6M	C$9.7M	C$9.6M	C$10.0M	C$10.1M	C$10.3M	C$12.9M	C$15.9M	C$14.9M
Long-term investments	C$0	C$1.8M	C$1.8M	C$1.7M	C$1.7M	C$1.6M	C$1.6M	C$2.3M	C$2.3M	C$2.1M	C$2.3M	C$2.2M
Other non-current assets	C$2.0M	C$0	C$0	C$0	C$0	C$0	C$0	C$0	C$0	C$0	C$0	C$648,000
Total assets	C$24.7M	C$23.7M	C$31.7M	C$44.3M	C$41.1M	C$44.9M	C$39.2M	C$44.6M	C$40.2M	C$41.1M	C$48.8M	C$52.4M
Liabilities
Accounts payable	C$8.5M	C$8.2M	C$12.1M	C$7.1M	C$12.2M	C$16.0M	C$11.2M	C$16.6M	C$13.9M	C$9.5M	C$9.2M	C$9.6M
Short-term debt	C$13.2M	C$14.1M	C$15.3M	C$16.4M	C$14.2M	C$15.3M	C$17.4M	C$15.0M	C$15.0M	C$12.4M	C$12.6M	C$10.6M
Deferred revenue	—	—	C$209,000	—	—	—	C$492,000	—	—	—	C$787,000	—
Total current liabilities	C$29.4M	C$27.7M	C$34.0M	C$38.5M	C$35.1M	C$40.8M	C$34.9M	C$39.2M	C$33.4M	C$30.5M	C$32.8M	C$28.0M
Long-term debt	C$0	C$785,000	C$936,000	C$1.1M	C$1.3M	C$314,000	C$466,000	C$405,000	C$401,000	C$401,000	C$394,000	C$376,000
Lease obligations	—	C$257,000	C$376,000	C$471,000	C$458,000	C$506,000	C$433,000	C$492,000	C$593,000	C$1.2M	C$1.3M	C$1.2M
Other long-term liabilities	C$956,560	C$319,223	C$409,000	C$492,000	C$564,000	C$653,000	C$658,000	C$772,000	C$931,000	C$1.9M	C$1.9M	C$4.2M
Total liabilities	C$30.4M	C$28.8M	C$35.4M	C$40.0M	C$37.0M	C$41.8M	C$36.0M	C$40.4M	C$34.7M	C$32.8M	C$35.1M	C$32.6M
Shareholders' equity
Common stock & paid-in capital	C$275.3M	C$270.7M	C$270.5M	C$269.6M	C$267.8M	C$265.0M	C$265.0M	C$256.7M	C$254.0M	C$253.9M	C$253.9M	C$251.2M
Retained earnings (deficit)	−C$277.2M	−C$272.2M	−C$270.2M	−C$262.6M	−C$258.9M	−C$258.6M	−C$258.9M	−C$259.4M	−C$258.5M	−C$255.4M	−C$249.1M	−C$245.7M
Accumulated other comprehensive income	−C$3.7M	−C$3.6M	−C$3.8M	−C$6.6M	−C$2.8M	−C$1.5M	−C$1.3M	C$1.1M	C$1.6M	C$1.4M	C$95,000	C$1.3M
Minority interest	—	−C$73,000	−C$2.8M	C$340,000	C$539,000	−C$2.2M	—	—	—	—	—	—
Total shareholders' equity	−C$5.5M	−C$5.0M	−C$858,000	C$4.0M	C$3.5M	C$5.3M	C$5.2M	C$6.0M	C$7.1M	C$9.5M	C$14.5M	C$19.2M
Key figures
Total debt	C$13.9M	C$14.9M	C$16.3M	C$17.6M	C$15.7M	C$15.8M	C$18.0M	C$15.7M	C$15.7M	C$13.5M	C$13.8M	C$11.7M
Net cash (debt)	−C$12.1M	−C$13.8M	−C$13.5M	−C$16.4M	−C$14.9M	−C$14.4M	−C$17.1M	−C$13.7M	−C$15.0M	−C$12.5M	−C$12.0M	−C$10.4M
Working capital	−C$13.1M	−C$12.6M	−C$11.3M	−C$6.8M	−C$9.7M	−C$11.3M	−C$11.6M	−C$11.6M	−C$10.5M	−C$10.5M	−C$8.6M	C$344,000
Tangible book value	−C$8.1M	−C$7.9M	−C$4.0M	−C$2.6M	−C$6.2M	−C$4.2M	−C$4.8M	−C$4.1M	−C$3.2M	−C$3.4M	−C$1.4M	C$4.2M
Shares outstanding	9.3M	198K	196K	162K	109K	103K	103K	74K	74K	74K	74K	74K
Current ratio	0.56	0.55	0.67	0.82	0.72	0.72	0.67	0.70	0.69	0.65	0.74	1.01
Quick ratio	0.29	0.30	0.46	0.32	0.62	0.44	0.50	0.52	0.49	0.37	0.40	0.58
Debt / equity	—	—	—	4.43	4.44	2.96	3.44	2.63	2.23	1.42	0.95	0.61
Equity / assets	−22.4%	−21.3%	−2.7%	8.9%	8.6%	11.8%	13.4%	13.3%	17.6%	23.2%	29.6%	36.6%

Quarterly columns are labeled by the month the quarter ended. Figures in Canadian dollars as reported (latest annual report filed March 30, 2026); data from EODHD.

IMCC financial position

At the end of fiscal 2025 (December 31, 2025), IM Cannabis had total assets of C$31.7 million (down 19.0% from a year earlier), total liabilities of C$35.4 million and shareholders' equity of -C$0.9 million. It held C$2.7 million in cash and short-term investments against C$16.3 million of debt, net debt of C$13.5 million. Its current ratio was 0.67. In the latest quarter (ended June 30, 2026) total assets were C$24.7 million and equity -C$5.5 million.

Related: IMCC income statement, IMCC cash flow statement, IMCC key metrics. See the IMCC stock overview for the latest quote and news.

IMCC balance sheet FAQ

What are IM Cannabis's total assets?

IM Cannabis reported total assets of C$31.7 million at the end of fiscal 2025 (December 31, 2025), compared with C$39.2 million a year earlier.

How much debt does IM Cannabis have?

IM Cannabis had C$16.3 million of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was —.

How much cash does IM Cannabis have?

IM Cannabis held C$2.7 million in cash and short-term investments at the end of fiscal 2025; with C$16.3 million of debt that is net debt of C$13.5 million.

What is IM Cannabis's book value?

IM Cannabis's shareholders' equity (book value) was -C$0.9 million at the end of fiscal 2025.

What is IM Cannabis's current ratio?

IM Cannabis had current assets of C$22.7 million and current liabilities of C$34.0 million, a current ratio of 0.67 (current liabilities exceed current assets).

How much goodwill does IM Cannabis have?

IM Cannabis carried C$3.1 million of goodwill and intangible assets, 9.8% of total assets, at the end of fiscal 2025.