- Cann Group (CAN) has been awarded a $1.975 million grant under the Victorian Government's Regional Jobs Fund
- The grant money will be used for electricity upgrades at the planned cannabis cultivation facility near Mildura in regional Victoria
- The development of Cann's cannabis cultivation and processing facility is expected to generate around 150 new permanent jobs
- Company shares are up 5.52 per cent, trading at 95.5 cents each
Cann Group (CAN) has been awarded a grant for up to $1.975 million under the Victorian Government's Regional Jobs Fund.
The grant has been confirmed by Minister for Agriculture and Regional Development, Jaclyn Symes.
Cann Group will use the grant money to fund electricity upgrades at its planned state-of-the-art cannabis cultivation facility near Mildura in regional Victoria.
The Mildura Facility development has the potential to generate 150 new permanent jobs.
Cann chose Mildura as a suitable site for the cannabis cultivation and processing facility due to the region's agricultural and horticulture heritage. Additionally, the local climate — specifically the days of sunshine and light intensity — attracted the company.
"This grant is a tangible demonstration of support from the Victorian Government in terms of our objectives," CEO Peter Crock said.
"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," Peter added.
Company shares are up 5.52 per cent and trading at 95.5 cents each at 1:15 pm AEST.