Bod Australia Limited receives $851,000 through an R&D tax refund.
Medicinal cannabis healthcare products company, Bod Australia Limited (ASX: BDA) is pleased to advise that it has received an $851,000 R&D tax refund under the Australian Government's Research and Development Tax Incentive Scheme.
The payment relates to R&D initiatives undertaken during FY2019. These included the phase I clinical trial of Bod's sublingual cannabis wafer, collaborations with leading universities and medical institutions, as well as an advanced development of a medicinal cannabis product range.
As at 31 March 2020, Bod retained a cash balance of ~$7.2m following receipt of the $851,000 R&D tax refund. Bod is well funded to continue current business operations and continue R&D initiatives in the current climate.
The R&D Tax Incentive program is jointly administered by the Australian Taxation Office and AusIndusty and allows companies to receive up to 43.5% refundable tax offset of eligible expenses associated with R&D initiatives.
This refund acknowledges the significant advancements made through our R&D program over the past 12 months. Our medicinal cannabis, CBD and hemp R&D initiatives continue to be a one of our focuses as we solidify our position as a leading provider of trusted healthcare products to consumers and patientsJo Patterson CEO
"The refund also further underpins our robust cash position, as we enter a pivotal growth phase and gives us the flexibility to continue our innovative R&D program space, particularly during challenging market conditions. I look forward to updating our shareholders on several importantdevelopments currently underway across the business."
To learn more about Bod Australia, visit the company HQ here.
Disclaimer: Past performance is not an indicator of future performance.
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