Quarterly Activities and Cashflow Report
Sydney, Aug 3, 2020 AEST (ABN Newswire) - Cann Global Limited (
ASX:CGB) submits the following Activities report and Quarterly Cash Flow Statement (Appendix 4C) for the quarter ending 30 June 2020 ("Q4 FY2020").
Key highlights:
Cann Global continued to drive sales throughout the quarter resulting in cash receipts from customers of $333k up 54.6% on the prior corresponding period, but lower than the prior quarter due to shipping delays and therefore delayed payment on contracted sales.
Accrued revenue for the quarter including all contracted sales is $545K up 42% on the previous quarter and an increase of 165% on the previous corresponding period.
As at 30 June 2020, the Company had a healthy $7.4m in cash.
Receipt of funds from the recent rights issue upon completion will further increase the total cash available.
During the quarter, management have implemented new strategies to develop new and existing income streams in the short to medium term in the T12 business establishing new distribution channels and growing product lines.
Australian Parliament passed a bill which allows Australian hemp exporters to receive the Australian Government certification necessary for some export markets in which Cann Global operates, supporting greater export reach for the Company's hemp food products.
New plant-based product launch: Chia oil soft-gel capsules.
To view the full quarterly report, please visit:
https://abnnewswire.net/lnk/FZ1158YI
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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