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CANN GROUP LIMITED — Capital/Financing Update 2020
Jul 2, 2020
64603_rns_2020-07-02_20a19d47-dd50-40ef-a5c1-4f0478f259a6.pdf
Capital/Financing Update
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ASX ANNOUNCEMENT
3 July 2020
Cann Group secures $1.975 million grant under Victorian Government Regional Jobs Fund
3 July 2020 – Cann Group Limited (ASX:CAN) has been awarded a grant for up to $1.975 million under the Regional Jobs Fund established by the Victorian Government. The grant has been confirmed by Minister for Agriculture and Regional Development Jaclyn Symes.
The grant will assist with the funding of electricity upgrades at the site of Cann Group’s planned state-of-the-art cultivation facility near Mildura in regional Victoria. Development of the Mildura facility has the potential to generate 150 new permanent jobs.
Mildura was chosen as a suitable site for the establishment of the cannabis cultivation and processing facility due to the region’s agricultural and horticulture heritage and because of the local climate, specifically, the days of sunshine and high light intensity which are conducive to cultivating cannabis crops.
Cann Group CEO Peter Crock welcomed the grant, saying the support of the Victorian Government is critical in developing the State’s leadership position in the emerging Australian medicinal cannabis industry.
“Our plans to develop commercial scale production capacity at Mildura are central to the Company’s strategy of being a fully integrated medicinal cannabis company that can service both Australian domestic patients and access valuable overseas markets.
“This grant is a tangible demonstration of support from the Victorian Government in terms of our objectives.”
Authorised for release by Geraldine Farrell, Company Secretary, Cann Group Limited.
For further information please contact:
Peter Crock Clive Fanning Matthew Wright CEO Head of Investor Relations NWR Communications Cann Group Limited Cann Group Limited +61 451 896 420 +61 3 9095 7088 +61 498 000 762 [email protected] [email protected] [email protected]
About Cann Group
Cann Group Limited (ABN 25 603 949 739) is building a world-class business focused on breeding, cultivating, manufacturing and supplying medicinal cannabis for sale and use within Australia and for approved overseas export markets. The company has established research and cultivation facilities in Melbourne and is developing a state-of-the-art cultivation facility near Mildura, Victoria. Cann Group has executed collaboration agreements that have enabled 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. The Company is commercialising a range of imported and locally sourced and manufactured medicinal cannabis products. Learn more about Cann Group at www.canngrouplimited.com
Cann Group Limited ACN 603 949 739 4 Research Avenue, Bundoora, VIC 3083 Australia Ph: +61 3 9095 7088