Cann receives $3.484 million R&D tax rebate

Cann Group is pleased to announce it has received a $3.484 million R&D Tax Incentive Rebate for the 2023 financial year.

The rebate relates to eligible R&D activities conducted by Cann, including its in-house research and those activities conducted through its strategic partnerships with key research partners.

The net proceeds to Cann after full repayment of all early advances received from Radium Capital are $1.915 million.

The Australian Government’s R&D Tax Incentive program provides companies with a tax offset for eligible R&D activities. The funds received will be reinvested into the continued development of Cann’s end-to-end capabilities of cultivating and manufacturing GMP grade medicinal cannabis products.