- Bod Australia (BDA) has received an $851,000 research & development (R&D) tax refund
- This refund falls under the Australian Government’s Research and Development Tax Incentive Scheme
- Bod now has a cash balance of approximately $7.2 million
- The company is now well funded to continue with its current business operations
- Bod has ended the day up a slight 5.13 per cent with shares trading for 20.5 cents each
Medicinal cannabis company Bod Australia (BDA) has received an $851,000 research & development (R&D) tax refund.
This refund comes under the Australian Government’s Research and Development Tax Incentive Scheme.
The sum of $851,000 relates to Bod’s R&D activities that were undertaken during the 2019 financial year such as the Phase I clinical trial of its cannabis wafer, and collaborations with medical institutions and universities.
The final, major activity includes Bod advancing its medicinal cannabis product range.
With the addition of this $850,000, Bod now has a cash balance of approximately $7.2 million, as of March 31.
The company is now well funded to continue with its current business operations and continue with R&D initiatives.
“This refund acknowledges the significant advancement made through our R&D program over the past 12 months,” CEO Jo Patterson commented.
“Our medicinal cannabis, CBD and hemp R&D initiatives continue to a one of our focuses as we solidify our position as a leading provider of trusted healthcare products to consumers and patients,” Jo said.
“The refund also further underpins our robust cash position as we enter a pivotal growth phase and gives us the flexibility to continue our innovative R&D program space, particularly during challenging market conditions,” she added.
Bod has ended the day up a slight 5.13 per cent with shares trading for 20.5 cents each in a $17.81 million market cap.