Changes are happening - please bear with us while we update our site.

Changes are happening - please bear with us while we update our site. Click here to give us your advice and feedback.

AusCann (ASX:AC8) and Cann Group (ASX:CAN) Quarterly News

Both Auscann Group Holdings Ltd (ASX:AC8) and Cann Group Ltd (ASX:CAN) reported their quarterly news this morning.

Both Auscann Group Holdings Ltd (ASX: AC8) and Cann Group Ltd (ASX: CAN) reported their quarterly news this morning.

Auscann and Cann Group are medicinal cannabis businesses. They are both spending money to expand production of cannabis. Canada recently became the second country to legalise recreational cannabis.

Auscann’s update:

The company said that it successfully completed its pilot production of final dose cannabinoid hard shell capsules.

Auscann was pleased with this because: “This success enables the move of the production process into a commercial facility in preparation for Australian market and export supply in 2019.”

In the first quarter of FY19, Auscann’s quarterly cashflow report showed that it spent $776,000 on R&D and a net operating cash total of nearly $2 million with the only form of revenue being $71,000 interest income.

At the end of the quarter it had $43.7 million in cash after a $35 million capital raising.

AusCann Managing Director Elaine Darby said:

AusCann has a presence across the whole medicinal cannabis supply chain, and together with our partnerships and well-funded balance sheet, we look forward to releasing our capsule-based products in the first half of 2019.”

Cann Group update:

The company said that it has completed 24 harvests and it is now progressing with its large greenhouse at Melbourne’s Tullamarine Airport, which it says could produce more than 40,000kg of cannabis a year by the end of 2020.

In the first quarter of FY19, Cann Group reported in its cashflow statement that it achieved $2,000 of receipts from customers, $483,000 interest earned and the net operating cash outlay was $1.9 million.

Cann Group had $75.8 million cash at the end of the quarter.

The company also welcomed a $27 million initiative, a majority of which is funded by the Federal Government, to establish Australia’s first research hub for medicinal agriculture at La Trobe University’s Bundoora campus in Melbourne. Cann is an industry partner.

The Cann Group and Auscann share prices are down 33% and 62% respectively over the past six months.

Free Report: 3 Proven ASX Shares

The Rask Group Pty Ltd has just issued an investing research report on 3 proven ASX dividend + growth sharesClick here to access the free report. No credit card or payment required. (sponsored)

$50,000 per year in passive income from shares? Yes, please!

With interest rates UP, now could be one of the best times to start earning passive income from a portfolio. Imagine earning 4%, 5% — or more — in dividend passive income from the best shares, LICs, or ETFs… it’s like magic.

So how do the best investors do it?

Chief Investment Officer Owen Rask has just released his brand new passive income report. Owen has outlined 10 of his favourite ETFs and shares to watch, his rules for passive income investing, why he would buy ETFs before LICs and more.

You can INSTANTLY access Owen’s report for FREE by CLICKING HERE NOW and creating a 100% FREE Rask Account.

(Psst. By creating a free Rask account, you’ll also get access to 15+ online courses, 1,000+ podcasts, invites to events, a weekly value investing newsletter and more!)

Unsubscribe anytime. Read our TermsFinancial Services GuidePrivacy Policy. We’ll never sell your email address. Our company is Australian owned.

Information warning: The information on this website is published by The Rask Group Pty Ltd (ABN: 36 622 810 995) is limited to factual information or (at most) general financial advice only. That means, the information and advice does not take into account your objectives, financial situation or needs. It is not specific to you, your needs, goals or objectives. Because of that, you should consider if the advice is appropriate to you and your needs, before acting on the information. If you don’t know what your needs are, you should consult a trusted and licensed financial adviser who can provide you with personal financial product advice. In addition, you should obtain and read the product disclosure statement (PDS) before making a decision to acquire a financial product. Please read our Terms and Conditions and Financial Services Guide before using this website. The Rask Group Pty Ltd is a Corporate Authorised Representative (#1280930) of AFSL #383169.

Skip to content