The working loss for the six months to 30 June 2021 was $1,992,634 (2020: $1,451,650). The end result was consistent with the Group’s marketing strategy and represents the ramping up of our funding in growing Cannasouth to be New Zealand’s main medicinal hashish firm.
Money available as at 30 June 2021 was $4.63 million (2020: $11.18 million, which included a profitable capital increase in Might 2020 of $6 million).
Cannasouth’s technique of a vertically built-in group is effectively articulated. We’re dedicated to producing medicinal hashish merchandise in New Zealand from domestically sourced uncooked supplies. Cannasouth additionally has a provide settlement with an Australian provider to import three medicinal hashish merchandise.
Registration purposes for these merchandise have been submitted to the Company in November 2020. This settlement is a vital step for Cannasouth to fulfill an preliminary enterprise goal to make accessible pharmaceutical grade medicinal hashish merchandise to New Zealand sufferers as quickly as potential, previous to producing its personal manufactured merchandise.
New Zealand rules require corporations to function to the best pharmaceutical high quality requirements. To take part within the medicinal hashish trade requires not solely purpose-built services, but additionally professionals with experience in key areas. High quality is a kind of key areas.
Cannasouth is on the inflection level of transitioning from a capital-intensive start-up part to producing its first income stream. Topic to finishing off-take agreements with abroad consumers, income from the export of high-quality medicinal hashish flower biomass is anticipated to be circa $8 million on an annual foundation. The Firm is in negotiations with a number of potential prospects for off-takes of the primary harvest and exports are anticipated to start in early 2022.
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