Cann Group Ltd. ( (AU:CAN) ) has issued an announcement.
Cann Group Ltd reported a sales revenue of $6.5 million for the half-year ended December 2024, reflecting a 24% decrease due to a strategic shift towards higher-margin cannabis flower products. Despite the revenue drop, the company improved its financial position by reducing operating expenses by 40% and achieving a 36% improvement in EBITDA loss. The company also successfully raised $2 million through a rights issue and secured refinancing arrangements with NAB, extending loan maturities and capitalizing interest payments. Production efficiencies at its Mildura facility and the introduction of new techniques are expected to further enhance operational efficiency and cost savings.
More about Cann Group Ltd.
Cann Group Ltd is an Australian company operating in the medicinal cannabis industry, focusing on the production of cannabis flower and related products. The company has transitioned from producing cannabis oil to focusing on higher-margin cannabis flower products, particularly its Botanitech range, produced at its GMP facility.
YTD Price Performance: 70.0%
Average Trading Volume: 2,000
Technical Sentiment Consensus Rating: Buy
Current Market Cap: $9.85M
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