Losses at Cann Group more than doubled in the first half of the 2023 financial year as admin, corporate and R&D expenses all climbed sharply.
The company reported an operating loss after tax of A$18.84 million, up from $8.3m in the previous corresponding period.
More positively, revenue jumped 83% to $5.8m, driven in the main by domestic sales.
Despite the deepening losses, Cann chief executive Peter Koetsier said the company was making “positive progress” in its aim to optimise production efficiencies at Mildura and “building confidence with our customers around the supply of quality medicinal cannabis products in the volume they require”.
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Cann Group revenue climbs 83% but losses deepen to A$18.8 million