CNGGF - Cann Group has clear focus on commercial activity and revenue growth
(NewsDirect)
Cann Group Ltd(ASX:CAN) chairman Julian Chick talks Proactive through the medicinalcannabis producer’s F23 highlights. The company enjoyed revenue fromsales of $13.78 million - representing a 115% increase on FY22 - whiletotal revenue for the year came in at $21.68 million. He says theimprovement was driven by the domestic market, with strong salesmomentum supported by new clients entering into supply agreements andseveral existing clients with repeat orders. Cann’s flagship Mildurafacility has now been commercially harvesting for over a year, withthe facility’s latest harvested crop area equating to an annualisedproduction level of 8 tonnes – double the size of previousharvests.
Cann’sCEO, Peter Koetsier said of the results, “Cann Group has madeconsiderable progress over the course of the 2023 financial year. Mostnotably, the completion of construction on the company’s flagshipMildura facility has now allowed Cann to truly pursue its goal ofbecoming Australia’s premier B2B medicinal cannabis supplier.
“This state-of-the-artfacility represents a substantial investment and an asset that must befully utilised to capitalise on its capabilities and productionefficiencies. As we continue our growth towards Mildura’s12.5-tonne, optimal capacity, we expect Cann to prove to be a globallycompetitive and profitable business.”
“The company is now focused on scaling production of itshigh-quality portfolio, as well as fully resourcing our sales andmarketing in an effort to quickly build revenue.”
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Proactive Investors
JonathanJackson
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