Australia’s biggest cannabis stock Cann Group is now making money
Health & Biotech
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The ASX’s most valuable pot stock Cann Group is starting to make money from marijuana sales, posting its first full year revenue of $1.5 million, up from $8000 last year.
That included $560,000 in sales revenue from domestic cannabis sales.
Cann (ASX:CAN) had its first marijuana harvest in August last year — all of which is being sold to the Victorian government.
The group raised $78 million last year to ramp up local cannabis production. It’s building Australia’s biggest medical cannabis growing facility near Melbourne Airport — which is expected to employ 170 staff.
The first patients have been approved under the Therapeutic Good Administration’s Special Access Scheme to use a medicinal cannabis product imported by Cann Group, the group said.
Cann said in its full year report that its growing and research licences were renewed in February, as were the associated permits — though no mention was made of the manufacturing licence they are still waiting on.
The company is in the midst of a building program to establish itself as one of Australia’s biggest growers, with the so-called Northern facility in Victoria under construction along with the 37,000 sq m Melbourne Airport development.
Cann’s full-year loss doubled to $4.7 million, on the back of ballooning corporate and administration costs.
The weed grower has $50 million cash on hand and no debt.
Cann shares ticked down 1 per cent to $2.76.