IM Cannabis Corp. heads into its May 15 earnings release with one of the most dramatic short-interest collapses of recent weeks, even as the stock itself continues to bleed lower.
The standout story is the unwinding of bearish positioning. Short interest plunged 87% over the past month to just 0.29% of the free float — a near-total retreat from shorts. The collapse began in earnest around late April, when shares on loan peaked above 380,000 and the cost to borrow was running above 20% annualised. Both have since cratered: borrow cost is now 3.5%, down 80% over the month, and availability has ballooned to over 9,000% of current short interest. That extreme reading — far above what would constitute a tight lending pool — reflects how few shares are left on loan. The borrow squeeze has fully resolved itself, and shorts have effectively walked away.
The price action tells a different story. IMCC has fallen 30% in the past month to $0.25, meaning the short unwind has not translated into meaningful upward pressure. The stock dipped a further 0.1% on Wednesday and is down 2% on the week. With a total market cap of roughly $1.6 million, this is a micro-cap name with very thin liquidity, and the moves in either direction should be read in that context.
Past earnings prints have been highly volatile in both directions. The April 2026 event produced a one-day gain of 8%, followed by a 16% five-day move. The event recorded just days earlier in late March generated the opposite — a 28% single-day drop and a further slide to -36% over five trading days. The November 2025 release also saw a sharp one-day decline of nearly 14%, though the stock recovered to gain 36% over the following week. The range of outcomes across recent quarters is unusually wide, with no clear directional pattern.
With analyst coverage absent and options data effectively unavailable for this name, the earnings print is left to test whether any operational progress at the cannabis company can offer investors a reason to re-engage with a stock that has lost nearly a third of its value in a single month.
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