Thursday 25th February 2021
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The Group recorded a loss before tax of $3.5 million (2019 $2.2 million) and operating revenue of $131,000 (2019 $53,000). The loss was attributable to the planned investment in establishing the Group as a key participant in the emerging medicinal cannabis market in New Zealand.
Cash on hand at 31 December 2020 for the Group was $9.2 million (2019 $8.5 million).
In addition to subsidiary Cannasouth Bioscience Ltd (CBL) the Group has investments in two joint ventures: Cannasouth Cultivation Ltd (for flower production) and Midwest Pharmaceutics NZ Ltd (for medicines grade production and cannabinoid oil extraction services).
The New Zealand Medicinal Cannabis Scheme (Scheme), which launched on 1 April 2020, was a significant milestone that provided regulatory clarity for Cannasouth in this exciting emerging industry. Our license applications and product assessment applications were lodged with the Medicinal Cannabis Agency during the latter half of the year.
The launch of the Scheme provided Cannasouth with the required timelines, and substantial progress has been made with implementation of its strategy to be an integrated “seed to sale” medicinal cannabis business. The focus was on building facilities and developing the Senior Executive leadership team.
Cannasouth’s mission is well-defined to be a sustainable and profitable vertically integrated medicinal cannabis business.
The Group is also building on market intelligence and validating a sales strategy for medicinal cannabis products and services across the whole of product spectrum from cannabis cultivation to finished product for sale on the local and global markets.
Please see the links below for details:
Source: Cannasouth Limited
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