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Cann Group (ASX:CAN) - CEO, Peter Crock - The Market Herald
CEO, Peter Crock
Source: La Trobe University
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  • Cultivation company Cann Group (CAN) has been granted its facility licences for the new Mildura medicinal cannabis production site
  • The licences were added to the previous licences granted by the Australian Department of Health’s Office of Drug Control (ODC)
  • The varied licences form a clear regulatory pathway for its Mildura facility
  • The licences expire in February 2021 but Cann will be applying for extensions
  • On market close for the day, Cann is up 8.91 per cent and is trading at 55 cents per share

Cann Group (CAN) has been granted its facility licences for the new Mildura medicinal cannabis production site.

The Australian Department of Health’s Office of Drug Control (ODC) has varied the licences to include the Mildura site, allowing activities to begin at the facility.

Under the new varied licences, Cann must provide the OCD with evidence that an independent security assessment has been undertaken on the Mildura site once it has been constructed.

The licences were first re-issued in February 2018, meaning the end period will be in February 2021. Cann will be applying for extensions to the licences.

Cann is currently expanding its facility to increase production of dried cannabis flowers.

On Monday, the company secured a $50 million loan from the National Australia Bank (NAB). The loan will allow the recommencement of the Mildura construction.

The OCD confirmation will allow Cann to operate the site within the regulatory framework once it is constructed and permits are issued.

"The variation to our licences will enable us to proceed with certainty in respect of the building of the facility and moving into cultivation, production and manufacture from the facility seamlessly," CEO Peter Crock said.

"We are on track to be processing and releasing material from our Mildura
facility by the end of the first quarter of calendar year 2022," he added.

On market close for the day, Cann is up 8.91 per cent and is trading at 55 cents per share.

CAN by the numbers
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