Cann Group to scale up production after being granted two new licences

Cann Group to scale up production after being granted two new licences

Medicinal cannabis producers Cann Group (ASX: CAN) will scale up production through 2018 now that it has been granted two new licences by the Office of Drug Control (ODC).

The ODC granted the listed cannabis grower two new licenses for the cultivation and production of cannabis for research and medicinal purposes.

The company says it was granted the renewed licences after proving its capability as a reliable medicinal cannabis producer during 2017.

The company says it will scale up its production during 2018, with the licenses allowing the group to continue its research and work with partners including La Trobe University, Aurora Cannabis, Agriculture Victoria, CSIRO and Anandia Labs.

Cann Group CEO Peter Crock says the granting of the new licences means the company can continue its research into the medicinal properties of cannabis.

"We are continuing to scale up operations including our Northern Facility while also moving closer to securing a site and commencing construction of our planned 16000sqm Phase 3 facility, for which funding was secured last year,' says Crock.

"The granting of these new licenses provides us with the security to continue to pursue our business plan aggressively, including cannabis cultivation for both domestic demand as well as export opportunities."

Shares in Cann Group are up 1.54 per cent to $3.30 per share at 10.30am AEDT.

Never miss a news update, subscribe here. Follow us on Facebook, LinkedIn, Instagram and Twitter.

Business News Australia

Get our daily business news

Sign up to our free email news updates.

 
Finexia’s Childcare Income Fund secures ‘very strong’ rating from Foresight Analytics & Ratings
Partner Content
Private credit specialist Finexia Financial Group (ASX: FNX) has secured a “very...
Finexia
Advertisement

Related Stories

‘Toxic culture’: Whistleblower’s complaint hangs over The Star’s former CEO

‘Toxic culture’: Whistleblower’s complaint hangs over The Star’s former CEO

Robbie Cooke, the former CEO of The Star Entertainment Group (ASX: ...

Japanese investment in Australia hit record high of $133.8 billion in 2023

Japanese investment in Australia hit record high of $133.8 billion in 2023

Japanese finance has been described as one of the "great untol...

Melbourne-based diversity data analytics platform raises $6 million

Melbourne-based diversity data analytics platform raises $6 million

In response to "unprecedented demand" for its propri...

Tasmanian sustainability accounting startup Sumday raises $5.3m

Tasmanian sustainability accounting startup Sumday raises $5.3m

"The future of accounting includes carbon" is the message...