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- Medical cannabis company Cann Group (CAN) has announced that investor Aurora Cannabis has dropped its stake in the company
- Aurora sold its 11.84 per cent shareholding in Cann via off-market trades to a small number of buyers
- Aurora said its plan to sell is consistent with its current strategic priorities
- Nevertheless, Cann has reassured shareholders that Aurora’s decision will not impact its business plans
- On the market today, Cann is down 7.14 per cent, trading for 39 cents per share
Medical cannabis company Cann Group (CAN) has announced that investor Aurora Cannabis has dropped its stake in the company.
On Friday, Aurora sold its 11.84 per cent shareholding in Cann via off-market trades to a small number of buyers.
Aurora said its plan to sell is consistent with its current strategic priorities.
Nevertheless, Cann has reassured shareholders that Aurora’s decision will not impact its business plans.
Currently, the company is “developing a growing and diversified supply base with business to business (B2B) customers in Australia and overseas and proceeding with plans to expand its manufacturing capacity.”
In August, the company’s 2020 financial year results came out. Cann’s full-year revenue slipped 56 per cent to $1.86 million compared to the previous financial year.
With the Mildura facility expansion, Cann is expecting around $15 million in revenue for the 2021 financial year.
On the market today, Cann is down 7.14 per cent, trading for 39 cents per share at 12:31pm AEDT.
