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Cannasouth first half loss widens, stock drops 37%

Medicinal Cannabis company Cannasouth’s operating loss widened in the six months to June 30 but the company said its result was in line with its business plan.

Waikato-based Cannasouth said its loss came to $1.45m, up from $821,175 in the previous corresponding period.

Cash on hand was $10.18m, down from $10.77m a year earlier.

The New Zealand Medicinal Cannabis Scheme came into effect on April 1, providing guidance as to how the medicinal cannabis industry would be required to operate.

Cannasouth said it will require various licences under the scheme to cover aspects of its vertical integration business strategy – from cannabis cultivation, to the sale of finished medicinal cannabis products.

The company had been working through the new licencing programme and has begun submitting licence applications to cover its commercial activities.

In the meantime, Cannasouth remained focused on a vertically integrated commercial strategy “and continues its commitment to producing medicinal cannabis products in New Zealand from locally produced raw materials”.

In May, Cannasouth said had entered into a supply agreement with MediPharm Labs Australia Pty Ltd for the supply of “white label” medicinal cannabis products.

Cannasouth’ said its s cultivation joint venture had been put on hold the construction of its state-of-the-art hybrid greenhouse cultivation facility during the Covid-19 lockdown. [Read more @ NZ Herald]

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