Cann Group has big expectations for revenue growth
Cann Group Ltd (ASX:CAN) CEO Peter Koetsier tells Proactive theyre a B2B cannabis manufacturer – one of the first in Australia. He says the business is currently in a phase of scaling up and focusing on operations after a period of construction and building its facility. The company reported revenue from sales of $13.78 million (FY22: $6.41 million) which represents a 115% increase. Canns flagship Mildura facility has now been commercially harvesting for more than a year with the latest harvested crop area equating to an annualised production level of 8 tonnes double the size of previous harvests.
Koetsier said of the company's latest figures, Cann Group has made considerable progress over the course of the 2023 financial year. Most notably, the completion of construction on the Companys flagship Mildura facility has now allowed Cann to truly pursue its goal of becoming Australias premier B2B medicinal cannabis supplier. This state-of-the-art facility represents a substantial investment and an asset that must be fully utilised to capitalise on its capabilities and production efficiencies. As we continue our growth towards Milduras 12.5-tonne, optimal capacity, we expect Cann to prove to be a globally competitive and profitable business.
The Company is now focused on scaling production of its high-quality portfolio, as well as fully resourcing our sales and marketing in an effort to quickly build revenue.
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Cann Group Ltd