Cann Group Limited (ASX:CAN) released its half-yearly results for the six months leading up to to December 31, 2019.
Cann Group, (ASX:CAN) released its half-yearly results yesterday, announcing a recorded revenue from sales of $570,000, with an operating loss of $8.4 million for the period.
During the period, Cann Group pushed ahead with several projects, such as its new production facility near Mildura, and a revised construction plan that targets the commissioning of 12,500 kgs of cannabis dry flower production (stage 1A) by the end of the calendar year 2020. Cann Group also expects a funding package for this phase of development to be announced at the end of March.
Additionally, the Company made strides in its endeavour to manufacture a range of locally-sourced medicinal cannabis formulations, with several of these expected to be launched within the current calendar year quarter. CAN also enacted a national distribution agreement with Symbion Pty Ltd., as well as announcing that it had successfully secured institutional funding support for working capital through issuing convertible notes, which raised $8 million.
Most recently, on 25 February 2020, the Company entered into a release deed to terminate the Company's investment obligations in Pure Cann NZ Limited, though Cann Group will be conducting "good faith" discussions with Pure Cann regarding long-term supply and technical services agreements. Finally, Cann Group announced that Ms Reena Dahiya, its Acting Chief Financial Officer since 6 December 2019, will remain in the role permanently.
Disclaimer: Past performance is not an indicator of future performance.
This could be one of the best investing opportunities of 2020
Legislative changes are blowing through the US, and with it, an ever-increasing number of states legalising cannabis for recreational use.
With the success seen in Illinois, which legalised for adult-use on January 1 and saw products moving off the shelf at an unprecedented rate, this company is primed to take advantage of the booming US recreational market.
They have secured partnerships with the biggest cannabis companies in the US, and their portfolio is second to none.
And with the sector-wide pullback of 2019, this company is now at a bargain-basement price.
& Keep Up to Date
Get the latest pot stock recommendations, cannabis news
and industry updates straight to your inbox!