Sharechat Logo

Cannasouth Limited (NZX: CBD) Preliminary Results for the Year Ended 31 December 2020

Thursday 25th February 2021

Text too small?

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:

Preliminary Results for the Year Ended 31 December 2020

FY2020 Prelim Result Announcement Unaudited Financial Statements FY2020

Source: Cannasouth Limited



  General Finance Advertising    

Comments from our readers

No comments yet

Add your comment:
Your name:
Your email:
Not displayed to the public
Comment:
Comments to Sharechat go through an approval process. Comments which are defamatory, abusive or in some way deemed inappropriate will not be approved. It is allowable to use some form of non-de-plume for your name, however we recommend real email addresses are used. Comments from free email addresses such as Gmail, Yahoo, Hotmail, etc may not be approved.

Related News:

NZME Limited (NZX: NZM) NZ Markets Disciplinary Tribunal Censures
Rua Bioscience Limited (NZX: RUA) Announces CCO with Global Pharma Experience
Cannasouth Limited (NZX: CBD) Supply Activity Added to Cannasouth Commercial Licence
Skellerup Holdings Limited (NZX: SKL) Upgrades FY21 Earnings Guidance
Napier Port Holdings Limited (NZX: NPH) 2021 Earnings Guidance Update
Comvita Limited (NZX: CVT) Full Year Guidance Update
Scott Technology Limited (NZX: SCT) Meat Industry Contract Win
PaySauce Limited (NZX: PYS) Quarterly Market Update
NZ Windfarms Limited (NZX: NWF) Agrees a New VVFPA for Q1 2022 to Q3 2022
Harmoney Corp Limited (NZX: HMY) 3Q21 Trading Update