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CANN GROUP LIMITED — Capital/Financing Update 2018
Oct 28, 2018
64603_rns_2018-10-28_c2bdb5c6-0f70-497a-93a5-185f0d8fe0f3.pdf
Capital/Financing Update
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ASX ANNOUNCEMENT
29 OCTOBER 2018
Cann secures Victorian Government tender to supply cannabis resin
29 October 2018 – Cann Group Limited (ASX: CAN) announced today that it has been successful in securing a contract with the Victorian Department of Health and Human Services (DHHS), through its Office of Medicinal Cannabis (OMC), for the supply of cannabis plant extract (resin).
The cannabis resin supplied by Cann Group will undergo further purification and processing into a Victorian Government medicinal cannabis product, which will be used to expand the Government’s compassionate access scheme for children with severe and intractable epilepsy.
DHHS and Cann have now executed an agreement for the supply of resin on commercial terms, which will remain confidential.
Cann Group CEO Peter Crock said there is emerging medical evidence supporting the use of medicinal cannabis in children with severe epilepsy.
“We are pleased to be working with DHHS in relation to the compassionate access scheme, which has been well received by patients and carers, with patient/carer reports of reduced seizures and improved quality of life.”
Mr Crock said Cann Group’s collaborative arrangements with other Victorian Government departments, including the Department of Economic Development, Jobs, Transport and Resources (DEDJTR), which pioneered the cultivation of the cannabis plant and the development of an extraction process in Australia, have been pivotal in developing Cann Group’s cultivation capabilities.
“Cann has successfully completed in excess of 20 harvests of cannabis this year at its Southern and Northern facilities in Melbourne and securing this contract with DHHS is testament to our reputation for high quality and reliable cultivation.”
The agreement covers the supply of resin from April 2019 through to 30 June 2020.
For further information please contact:
| Peter Crock | Matthew Wright |
|---|---|
| Cann Group Limited | NWR Communications |
| +61 (0) 3 9095 7088 | +61 (0) 451 896 420 |
| [email protected] | [email protected] |
About Cann Group
Cann Group is building a world-class business focused on breeding, cultivating and manufacturing medicinal cannabis for sale and use within Australia. The company has established research and cultivation facilities in Melbourne and is striving to provide access to medicinal cannabis for Australian patients. Cann Group has executed collaboration agreements that will enable it to establish a leading position in plant genetics, breeding, extraction, analysis and production techniques required to facilitate the supply of medicinal cannabis for a range of diseases and medical conditions. It was issued with Australia’s first medicinal cannabis research licence in February 2017, in addition to Australia’s first medicinal cannabis cultivation licence in March 2017. Aurora Cannabis Inc – one of Canada’s largest listed medicinal cannabis company – is a cornerstone investor in Cann, with a 22.9% shareholding.