Cann Group receives final payment for Southern Facility assets

Cann Group Limited (ASX: $CAN) has received the final payment of $1.9 million from SatiVite Pty Ltd for the sale of business assets at its formerly owned Southern cultivation and manufacturing facility. SatiVite's recent license grant from the Office of Drug Control has fulfilled the final condition of the asset sale agreement, leading to this payment. Cann Group has consolidated its cultivation and manufacturing operations at the Company's state-of-the-art Mildura facility and will continue its research and development work at its Bundoora facility, introducing new cultivars to enhance its product portfolio.

Executive Commentary

Cann Group is pleased to have completed the sale of the Southern Facility assets to SatiVite Pty Ltd, receiving the final payment of $1.9 million. This transaction allows us to focus our cultivation and manufacturing operations at our advanced Mildura facility, while also continuing our research and development efforts at the Bundoora facility. We are committed to enhancing our product portfolio and delivering high-quality, diverse cannabis medicines to meet the needs of patients. This strategic consolidation aligns with our long-term goals and strengthens our position in the market.

Summary

Cann Group Limited (ASX: $CAN) has successfully received the final payment of $1.9 million for the sale of business assets at its former Southern cultivation and manufacturing facility. The completion of SatiVite Pty Ltd's license grant from the Office of Drug Control triggered this payment, marking a significant milestone for the Company. Cann Group has streamlined its operations, consolidating cultivation and manufacturing activities at its state-of-the-art Mildura facility, while maintaining its focus on research and development at the Bundoora facility. The Company remains dedicated to expanding its product range and providing innovative cannabis medicines to improve patients' lives. This strategic realignment underscores Cann Group's commitment to its corporate strategy and positions it for future growth and success.