Total
0
Shares
Cann Group (ASX:CAN) - CEO Peter Crock
CEO Peter Crock
Source: Cann Group
Market Herald logo

Subscribe

Be the first with the news that moves the market
  • Cann Group (CAN) receives $1.2 million in court proceedings as the company seeks to recover funds lost in a cyber security breach earlier this year
  • The medicinal cannabis supplier announced the potential loss of $3.6 million in February after payments to a contractor were intercepted by a third party
  • In March, CAN launched a civil proceeding in Hong Kong aimed at recouping the missing payments
  • The company says criminal investigations are ongoing with no guarantee of any formal prosecutions or further recovery of funds
  • Shares in Cann Group were up by 1.25 per cent at 40.5 cents each at 11:55 am AEST

Cann Group (CAN) has received $1.2 million in court proceedings as the company seeks to recover funds lost in a cyber security breach early this year.

The medicinal cannabis supplier announced the potential loss of $3.6 million in February, after payments intended for an overseas contractor for work on its Milura factory were intercepted by a third party.

At the time, Cann quickly began working with its bank to determine whether any of the funds could be recovered. Insurance brokers were also onboarded to determine whether a claim could be made to cover the loss.

A review of the company’s IT systems aimed to identify any contributing issues.

In March, Cann subsequently commenced a civil proceeding in Hong Kong seeking to recover the missing payments.

The company has updated the market on its progress this morning, saying criminal investigations are continuing in various jurisdictions.

Even so, there is reportedly no guarantee that any formal prosecutions will arise from the action, nor that any further funds will be recovered.

Following the announcement, shares in Cann Group were trading 1.25 per cent higher at 40.5 cents each at 11:55 am AEST.

CAN by the numbers
More From The Market Herald

" Rhinomed (ASX:RNO) receives ethics approval for Rhinoswab trial

Wearable nasal and respiratory company Rhinomed (RNO) has received ethics approval to undertake a clinical trial of Rhinoswab at St Vincents Hospital in
Anteris Technologies (ASX:AVR) - CEO, Wayne Paterson

" Anteris Technologies (ASX:AVR) eyes $5m for DurAVR

Anteris Technologies (AVR) has placed 625,000 new ordinary shares to Melbourne-based global investor L1 Capital to raise $5 million.
Atomo Diagnostics (ASX:AT1) - Managing Director, John Kelly

" Atomo (ASX:AT1) approved to supply and advertise HIV Self-Test

Atomo Diagnostics (AT1) can now supply its HIV self-test to a greater variety of organisations and begin advertising thanks to recent changes made
Starpharma (ASX:SPL) - CEO, Dr Jackie Fairley

" Starpharma (ASX:SPL) signs VIRALEZE supply deal for Vietnam

Starpharma (SPL) has penned an initial deal to distribute and supply its VIRALEZE antiviral nasal spray in Vietnam.