Cannasouth initial half loss widens, stock drops 37%

Medicinal Cannabis corporation Cannasouth’s operating loss widened in the six months to June 30 but the corporation mentioned its outcome was in line with its organization strategy.

Waikato-primarily based Cannasouth mentioned its loss came to $1.45m, up from $821,175 in the preceding corresponding period.

Money on hand was $ten.18m, down from $ten.77m a year earlier.

The New Zealand Medicinal Cannabis Scheme came into impact on April 1, delivering guidance as to how the medicinal cannabis business would be expected to operate.

Cannasouth mentioned it will demand many licences below the scheme to cover elements of its vertical integration organization technique – from cannabis cultivation, to the sale of completed medicinal cannabis solutions.

The corporation had been functioning via the new licencing programme and has begun submitting licence applications to cover its industrial activities.

In the meantime, Cannasouth remained focused on a vertically integrated industrial technique “and continues its commitment to creating medicinal cannabis solutions in New Zealand from locally made raw materials”.

In May well, Cannasouth mentioned had entered into a provide agreement with MediPharm Labs Australia Pty Ltd for the provide of “white label” medicinal cannabis solutions.

Cannasouth’ mentioned its s cultivation joint venture had been place on hold the building of its state-of-the-art hybrid greenhouse cultivation facility for the duration of the Covid-19 lockdown. [Read more @ NZ Herald]

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