Cann Group funding update

Cann Group Limited (ASX: $CAN) announced the execution of a sale and purchase agreement for $1.7 million with Biortica Agrimed Ltd and an extension of its NAB working capital facility to 31 March 2025. The sale involves surplus equipment, and the payment terms include a combination of cash and equity. Additionally, the NAB facility extension amounts to $15.6 million and includes a deferral of the quarterly repayment of the principal loan amounts of the NAB Construction Facility for 12 months from May 2024 to May 2025.

Executive commentary

Cann Group is pleased to announce the successful execution of the sale and purchase agreement with Biortica Agrimed Ltd, which will provide the Company with additional funds. The extension of the NAB working capital facility further strengthens our financial position and provides flexibility in pursuing our corporate strategy. We remain committed to exploring additional funding options to support our growth initiatives and enhance shareholder value.

Summary of funding update

Cann Group (ASX: $CAN) has finalized a sale and purchase agreement with Biortica Agrimed Ltd for $1.7 million, offering the flexibility of payment in cash or a combination of equity and cash. The NAB working capital facility extension to 31 March 2025, amounting to $15.6 million, provides Cann Group with enhanced financial stability. The Company continues to seek additional funding options to support its expansion plans and strengthen its position in the market. This funding update reflects Cann Group's commitment to pursuing strategic opportunities and maintaining a strong financial foundation for future growth.