skip to Main Content
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]

This Post Has 0 Comments

Leave a Reply

Your email address will not be published. Required fields are marked *

Recent Stories

Cannabis Legalization and its Impact on the Transportation Industry

Trends in Cannabis Legalization While employers in the transportation industry are acutely aware of the effects COVID-19 has imposed over the last 18 months, another phenomenon has been making itself known: the ever-increasing tally of states and localities across the country legalizing cannabis for medicinal and recreational purposes. A majority of states now have enacted…

German Police’s Move To Stop Adult-Use Cannabis Legalisation A Throwback To Dark Days Of Prohibition

CALLS by the leaders of two German police unions for politicians to U-Turn on the their progressive march towards cannabis legalisation have been roundly condemned. This comes as political talks continue towards the the formation of a cannabis-friendly ‘Traffic-Light Coalition’. It appears that it is just these talks – and the potential for adult-use legalisation…

N.J. announces 14 new medical marijuana licenses, expanding market after long delay

New Jersey has licensed 14 new marijuana businesses, bringing a long-awaited expansion of the state’s medical marijuana program that exceeds original plans. The Cannabis Regulatory Commission on Friday announced the winners of a competitive and burdensome licensing process that began two years ago. Nearly 200 entrepreneurs applied for licenses to grow and sell medical marijuana,…

Cannabis tech startup Dutchie raises $350M to double valuation to $3.75B in less than a year

Dutchie is rolling in the green. The Bend, Ore.-based creators of technology to help facilitate legal cannabis orders has raised $350 million in a Series D funding round, announced Thursday. The influx of new cash comes just seven months after the startup raised $200 million. Dutchie’s valuation has doubled to $3.75 billion. “Cannabis presents opportunities…

More Categories

Back To Top
×Close search
Search