Cann Group Ltd. ( (AU:CAN) ) has provided an update.
Cann Group Limited has successfully raised approximately $712,000 through a private placement, issuing shares at 1.7 cents each, a significant discount to recent trading prices. The funds will be used to expand the production of medicinal cannabis flower, supporting a new partnership with Chemist Warehouse in Queensland, and covering production costs, working capital, and offer expenses. This move is a strategic step towards strengthening Cann Group’s position as a leading supplier of medicinal cannabis in Australia.
More about Cann Group Ltd.
Cann Group Limited is an Australian company focused on enhancing patients’ lives through the development, production, and supply of innovative cannabis medicines. The company operates research facilities and corporate headquarters in Melbourne, with a large-scale cultivation and GMP manufacturing facility near Mildura, Victoria. Cann Group supplies a range of dried flower and oil products, as well as active pharmaceutical ingredients and extracts, to customers in Australia and globally. The company also owns Satipharm and its patent-protected capsule technology.
YTD Price Performance: 120.0%
Average Trading Volume: 200
Technical Sentiment Signal: Strong Buy
Current Market Cap: $9.1M
For a thorough assessment of CAN stock, go to TipRanks’ Stock Analysis page.