Total
0
Shares
Market Herald logo

Subscribe

Be the first with the news that moves the market
  • Cann Global’s (CGB) XR pill is now in a legal dosage form
  • The company is in discussions with Canntab to import its new range of Cannabis oil gel capsules for sale in the Australian and Asian market in summer 2020
  • Bio Health is preparing to produce and manufacture the full range of Cannabis and Hemp Nutraceutical products for Cann Global
  • Construction work continues at its cultivation and manufacturing centre in Laos, with both external and internal fit-outs well underway and almost complete
  • For its South Johnston Bauxite mining project, there is no further updates on the offtake customers in China
  • On the market today, Cann Global remains steady and is trading at 1.5¢ apiece

Cann Global (CGB) has provided the market with an update on its three divisions and mining interest.

Canntab Pharmaceuticals

Last year, CGB’s medical cannabis pharmaceutical divisions subsidiary, VitaCann signed an exclusive 50/50 joint venture agreement for Australian and International distributions rights to its pharmaceutical-grade medical cannabis extended-release (XR) pill with Canntab Therapeutics of Toronto, Canada.

Today, the company reported positive developments in the exports process. CGB says the tablets are now in a legal dosage form, following the company’s Health Canada approval in October.

The Markham facility, which will manufacture the initial production of the tablets, is expected to produce the tablets within 90 days (by March 2020) with a lead time of 120 days for blister pack orders with exporting permitting.

CGB also said it is in discussions with Canntab to import its new range of Cannabis oil gel capsules for sale in the Australian and Asian market in January/ February 2020.

CEO of Canntab Jeff Renwick is excited to enter this new phase in its development.

“With manufacturing beginning in the Cobourg facility and construction nearing completion in Markham, we are taking the final steps necessary to bring our products to market,” Jeff said.

“Oil-filled gel capsules will represent the first stream of revenue for Canntab before we are able to launch our flagship hard tablet products. Our line of solid oral dosage forms with timed-release properties expected to be the future of medical cannabis,” he added.

Pharmocann

CGB has a 50/50 partnership agreement with one of Israel’s leading cannabis companies, Pharmocann.

Under the agreement, CGB will produce and sell Pharmocann’s unique advanced cannabis-based treatment formulations, focusing initially on its dermatological and cosmetic beauty products.

In August, Board members and senior managers from Cann Global, including representatives from its food division, media division, research division, bio-health directors and the medcan directors met with Pharmocann’s Vice President of Research & Development, Dr. Benjamin Rosenstein.

Benjamin, who has a PhD at the Bio-Health facility in Sydney, inspected the facilities and discussed the Pharmocann formulations and manufacturing process.

“I am very impressed with the world-class team and facilities that Cann Global has put together, and very impressed with the quality of the production, including the high quality of the hemp oils and other hemp products that Cann Global is producing which are of an amazingly high standard,” Benjamin said.

“Whilst you will benefit from our expertise, we simultaneously admire and wish to benefit from yours,” he added.

Bio Health is preparing to produce and manufacture the full range of Cannabis and Hemp Nutraceutical products for Cann Global.

Over the past 6 months, GCB’s marketing team, Bio health and Benjamin, have been working together to bring hemp seed oil skincare products to the Australian market.

The company is excited to launch its first skincare line and is expecting to release the products in the first quarter of 2020.

Cann Global Asia

Cann Global has expanded its current Asian presence and business activities and has incorporated a further Asian focused subsidiary, Cann Global Asia (CGA).

Construction work continues at its cultivation and manufacturing centre in Laos, with both external and internal fit-outs well underway and almost complete.

The Laos facility is close to the Mekong River, where flood-protective cement outdoor grow pots have been installed.

CGA’s principal aim is to develop hemp and medicinal cannabis cultivation in Laos.

In October, the company signed an agreement with Sun Agriculture Promotion Industry and Commerical to use its hemp licenses to cultivate and process CBD hemp in Lao.

KPMG is currently undertaking and completing the due diligence of Sun’s licences. It is waiting for documents to be sent from the relevant government agencies before it can complete its report.

Cann Global and Sun have also requested that KPMG undertake due diligence of Sun’s agreement with the National University of Laos (NUOL). NUOL has been approved to undertake a research program into hemp fibre and hemp medical extracts.

The program allows for seeds to be imported, for plants to be cultivated, for the plants to be processed and for products to be manufactured and exported from the Laos facilities.

Sun has a five-year agreement with NUOL to jointly undertake the research program. CGB intends to cannabidiol (CBD) import hemp biomass and CBG hemp biomass from North America to produce CBD and CBG refined oil.

Cann Global Mining – South Johnston Bauxite

CGB was granted a minerals development lease (MDL) at Camp Creek in 2017.

In 2018, the company said that discussions with a potential group of offtake customers in China were underway. No further updates have been issued due to changes in the global trade market, fluctuations in bauxite raw ore pricing and the delay with the Mining Licence (ML) grant.

“The combination of these events meant that a formal offtake agreement could not be entered into at the time, pending the grant of the ML,” the company told the market.

CGB said that with the current market conditions and higher expectations for higher-grade ore driving bauxite ore sales globally.

The company has decided to complete the ML application in preparation for an offtake customer. It has engaged with a Townsville-based geological consultancy to fast track and complete the final mining lease application over the MDL area.

Cann Global Chairperson Pnina Feldman says it has been an extremely busy time for all of the CGB management team.

“We are very pleased with how the businesses have progressed while building a solid foundation for what we believe will be a very successful 2020 ahead,” Pnina said.

On the market today, Cann Global remains steady and is trading at 1.5¢ apiece at 12:31 pm AEDT.

CGB by the numbers
More From The Market Herald

" GWA Group (ASX:GWA) completes extension of syndicated banking facility

GWA Group (GWA) has successfully extended its syndicated banking facility.

" Downer (ASX:DOW) refinances $1.4b loan facility

Downer EDI Limited (DOW) has refinanced the group’s inaugural $1.4 billion sustainability linked loan facility, which was established in December 2020.
Quickstep (ASX:QHL) - CEO, Mark Burgess

" Quickstep (ASX:QHL) partners with Swoop Aero

Quickstep (QHL) has signed a strategic supply agreement with Swoop Aero.
Electro Optic Systems (ASX:EOS) - CEO, Dr Ben Greene

" Electro Optic Systems (ASX:EOS) moves ahead with OHB contract

Electro Optic Systems (EOS) will move ahead with a manufacturing contract with OHB Systems after concluding negotiations.