Cannasouth initially half loss widens, stock drops 37%

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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 prior 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 needed to operate.

Cannasouth mentioned it will need numerous licences below the scheme to cover elements of its vertical integration organization tactic – from cannabis cultivation, to the sale of completed medicinal cannabis items.

The corporation had been operating by way of 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 tactic “and continues its commitment to making medicinal cannabis items in New Zealand from locally made raw materials”.

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

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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