Cannasouth initial 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 stated its outcome was in line with its enterprise strategy.

Waikato-primarily based Cannasouth stated its loss came to $1.45m, up from $821,175 in the preceding 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, supplying guidance as to how the medicinal cannabis market would be essential to operate.

Cannasouth stated it will call for numerous licences beneath the scheme to cover elements of its vertical integration enterprise tactic – from cannabis cultivation, to the sale of completed medicinal cannabis items.

The corporation had been operating by means 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 generating medicinal cannabis items in New Zealand from locally created raw materials”.

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

Cannasouth’ stated 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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