Cann raises $2 million via convertible securities facility
Cann Group is pleased to confirm that it has raised A$2 million via entry into a convertible securities facility. Cann will have access to further drawdowns of up to A$13 million in total (with no one drawdown being more than A$3 million) being subject to agreement between the parties.
Cann’s state-of-the-art facility in Mildura continues to make significant progress towards its cultivation and production goals, including achieving four consecutive weeks where the crop yield records were broken. Over the past few years, Cann has built a world-class facility at Mildura, witnessed remarkable production progress and achieved several significant milestones, including successfully planting and harvesting the biggest crop area in Cann history.
The funds raised will provide working capital to assist the Company in achieving its target of an annual rate of production of 12.5-tonne, which is forecast to be delivered during FY25.