Cann Group Ltd (ASX:CAN) chairman Julian Chick talks Proactive through the medicinal cannabis producers F23 highlights. The company enjoyed revenue from sales of $13.78 million – representing a 115% increase on FY22 – while total revenue for the year came in at $21.68 million. He says the improvement was driven by the domestic market, with strong sales momentum supported by new clients entering into supply agreements and several existing clients with repeat orders. Canns flagship Mildura facility has now been commercially harvesting for over a year, with the facilitys latest harvested crop area equating to an annualised production level of 8 tonnes double the size of previous harvests.
Canns CEO, Peter Koetsier said of the results, Cann Group has made considerable progress over the course of the 2023 financial year. Most notably, the completion of construction on the companys flagship Mildura facility has now allowed Cann to truly pursue its goal of becoming Australias premier B2B medicinal cannabis supplier.
This state-of-the-art facility represents a substantial investment and an asset that must be fully utilised to capitalise on its capabilities and production efficiencies. As we continue our growth towards Milduras 12.5-tonne, optimal capacity, we expect Cann to prove to be a globally competitive and profitable business.
The company is now focused on scaling production of its high-quality portfolio, as well as fully resourcing our sales and marketing in an effort to quickly build revenue.
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Cann Group Ltd