Quarterly Activities and Cashflow Report
Sydney, Feb 3, 2020 AEST (ABN Newswire) - Cann Global Limited (
ASX:CGB) was pleased to announce a distribution agreement with Costco Australia for our premium quality certified organic hemp seed oil capsules in September. The manufacturing, packaging and supply of the first order of capsules being completed by end of November. A second order for two new SKU's and a further order for capsules was received in January. Costco has chosen T12 to be the first and sole supplier of hemp seed protein for its Australia wide Retail network.
Payment for the Costco shipment was received in January 2020. The Costco payment therefore will not show in the current Quarterly.
During the 2nd Quarter period, T12 continued to develop and market its range of Australian quality brands.
Each brand is developing its own entity and targeted customer base i.e standalone websites and unique marketing strategies.
- EM WholeFoods
- Australian Grown Naturals
- VitaHemp
- Blanck & Co Food Supply
- Black Bag
In September, Cann Global announced that its subsidiary, T12, had signed a new continuous distribution agreement for the supply of packaged and raw product with EPCO Foods, Vietnam. The PO agreement included ongoing monthly exports of T12's product, and supply quantities were increased from '000kg to metric tonnage deliveries of raw and packaged food products to be exported to Vietnam. In January EPCO Foods, due to high demand for T12 's products, once again increased its monthly metric tonnage supply order by a further 50%.
Discussions are presently underway with EPCO to export our new Hemp Seed Food blend mixes to Vietnam.
Payment for these shipments has been received in January which will therefore not show in the current Quarterly.
The combined income from these two companies received in January from these initial orders is in excess of $240,000, which together with the regular sales revenue received during the quarter of over $300,000 translates to approximately $550,000 in revenue attributable to the previous quarter sales, which is almost a doubling of sales revenue relative to the prior quarter.
The Company is very pleased with the sales revenue trajectory of the health food and nutraceutical division, and are looking forward to an exciting and rewarding year ahead as the business continues to build from its solid infrastructure and sales platform and continues to perform as planned and expected.
To view the quarterly report, please visit:
https://abnnewswire.net/lnk/2L25PP54
About Cann Global Limited
Cann Global Limited's (ASX:CGB) primary focus is to legally grow and cultivate hemp to research and develop medicinal cannabis products to service an increasing demand in the Australian and global markets.
Cann Global Ltd has a 100% shareholding in Medical Cannabis Ltd (MCL) and a management agreement with Medcan Australia Pty Ltd (Medcan) which operate a business cultivating, researching, developing and soon to be distributing medicinal cannabis products in Australia. Our Medical Cannabis division has been a key value driver for the Group.
The Group also retains an interest in its existing Bauxite Projects.
| ||
|
