Cann Group (ASX:CAN) - CEO, Peter Crock
CEO, Peter Crock
Source: Cannabis Club Australia
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  • Medicinal cannabis company Cann Group (CAN) has halved its FY21 revenue forecast FY21 due to delays “beyond the company’s control”
  • The medicinal cannabis company has experienced delays to international regulatory submissions as well as third-party manufacturing and material supplier issues
  • Cann’s FY revenue to date is currently $3.2 million, and it is now expecting full-year revenue to be between $4 million and $5 million, a drop from the previous estimate of between $8 million and $10 million
  • However, the remaining balance of the original FY21 forecast is now expected in FY22
  • On the market this morning, Cann is down 4.55 per cent and is trading at 42 cents per share

Medicinal cannabis company Cann Group (CAN) has halved its forecast revenue for FY21 due to delays “beyond the company’s control”.

The medicinal cannabis company has experienced delays to international regulatory submissions as well as third-party manufacturing and material supplier issues.

So far this financial year, Cann has brought in $3.2 million in revenue, and it is now expecting full-year revenue to be between $4 million and $5 million. This is a massive drop from the previous estimate of between $8 million and $10 million.

However, the remaining balance of the FY21 original forecast is now expected in FY22.

Cann recently dispatched more than 20,000 bottles of cannabis extract to its German customer and partner iuvo Therapeutics. These products are now for sale in the German market and sales are currently looking promising.

“We have continued to make really important headway this year, and while timelines have been frustratingly drawn out, in some part due to COVID, the
achievements we have made in securing regulatory pathways, and the foundations we have set for supply to Australian patients and export markets stands us in good stead,” CEO Peter Crock said.

“We have also strengthened our future revenue base with the recent acquisition of Satipharm and access to an important differentiated technology platform. Further, we have demonstrated an ability to deliver sizable orders to our customers, as shown by our delivery to iuvo last month,” he added.

On the market this morning, Cann is down 4.55 per cent and is trading at 42 cents per share at 12:13 pm AEST.

CAN by the numbers
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