Queensland Bauxite is back on the ASX, as pot stock Cann Global
Health & Biotech
After a multi-year journey, Queensland Bauxite has now re-listed on the ASX as Cann Global (ASX:CGB), completing its transition into a cannabis play.
The ASX confirmed the re-listing on Friday, after the company did the ream of paperwork which needed to be done in order to re-emerge from its slumber.
It came after several false starts, which included two prospectuses, numerous supplementary prospectuses, and two formal EGMs.
Writing to shareholders, executive chairperson of Cann Global Pnina Feldman said it was a long time coming.
“Over the past 12 month, during this re-compliance and transformation period, the company has had to maintain our ongoing business, continue developing deals and relationships, all the while being restricted in what the company could do and invest in while preparation for the return to trading of securities on the ASX,” she wrote.
“The company has effectively managed the costs involved to administer a corporation of its size and magnitude involving three divisions, 12 subsidiary companies and a mining and exploration business.”
So, what does the new company look like?
It’s been a fairly wild ride for the company since the purely bauxite company bought into the ‘potstock’ space a couple of years ago on the back of frenzied interest in the sector.
There was that time the chairperson wanted to call the company Joint Ventures Ltd.
That time its acquisition target was dragged into social media scuttlebutt about a director.
Or that time ‘Amazon John’ joined the board of a subsidiary.
But, that’s all water under the bridge as the company is now back and trading — although it’s taken a 20 per cent dive on the day (at the time of writing).
The accounts also revealed the company managed to rack up $1m in revenue while it was away, so it’s off to a fairly OK start.