Half Yearly Report and Accounts
Sydney, Mar 2, 2020 AEST (ABN Newswire) - The Directors present their report together with the financial statements, on the consolidated entity (referred to hereafter as 'the Group'), consisting of Cann Global Limited ('the Company') and the entities it controlled at the end of or during the half-year ended 31 December 2019.
"Dear Shareholders,
On behalf of the Board of Cann Global Limited (
ASX:CGB), I would like to take this opportunity, to first, thank our shareholders for their continuing support in what has been another year of exciting growth and development at CGB, with the relisting of the new company in August, securing large distribution partners such as Costco and Epco, our expansion into Asia and South Africa, and expanding and solidifying our global deals, partners and network further.
We have been particularly pleased with the ongoing milestones achieved by our medical cannabis research team working out of the Technion Institute in Haifa, Israel, which is widely considered to be the leading cannabis research lab in the world. Professor Dedi Meiri and his team continue to advance their research and human trials in cooperation with some of Israel's leading hospitals in finding a cure and treatment of Multiple Sclerosis.
We are also very excited about the development of our new hemp skincare range. Our team continues to work closely with Pharmocann's formulators in Israel and in consultation with select Australian cosmetic manufacturing companies.
We are confident our products will exceed our customers' expectations. CBI, the World Centre for the Promotion of Imports, and industry body Austrade, have reported that demand for natural ingredients in cosmetics is on the rise, particularly in Europe. Austrade has identified and recognises that consumer confidence is high as companies position to gain access to Australia's dynamic and exciting range of cosmeceutical products, due to the purity and quality found in Australian natural ingredients.
The Company is presently in discussions with potential distribution and production partnerships and are also exploring acquisition opportunities in North America and Europe, which would further cement Cann Global as a truly global company.
New Opportunities
In September, we were pleased to announce a distribution agreement with Costco Australia for our premium quality certified organic hemp seed oil capsules. Discussions have continued, and in January we received two new SKU orders for our Certified Organic Hemp protein flavoured blends and a further purchase order for our Hemp Seed oil capsules. We continue to remain focused on increasing company revenues and are pleased with the results from our Food Division. We are looking forward to a rewarding year ahead as the business continues to build from its solid infrastructure and sales platform and continues to perform as planned and expected.
The Chairperson's address and full report continues at:
https://abnnewswire.net/lnk/I33VTC1A
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.
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