Cann Group's Financial Update

Cann Group (ASX:CAN) has released a Supplementary Prospectus dated 23 October 2024. This document provides updates on the company's financial position and plans to manage debts and liabilities. It was lodged with the Australian Securities and Investments Commission (ASIC) to inform investors about risks associated with the company's financial health.

Cann Group's Strategic Outlook

Cann Group has issued a Supplementary Prospectus to address omissions in its original Prospectus concerning its financial position and strategies for managing debts. The company plans to sell and lease back its Mildura facility and restructure its debt, with support from National Australia Bank, which extended the maturity dates of various facilities. The updated timeline for the Offer includes closing on 25 November 2024 and issuing new shares on 2 December 2024. Applicants can withdraw their applications for securities until 25 November 2024. The financial disclosures have been amended to reflect the company's assets and liabilities as of 30 September 2024, and include an R&D Tax Credit refund and repayment of an R&D advance loan. The company acknowledges material uncertainty regarding its ability to continue as a going concern and may need additional funding to meet its obligations. The Supplementary Prospectus was authorized by the board and maintains all previous consents.

Executive Commentary on Financial Strategy

The Supplementary Prospectus addresses omissions in the original Prospectus, updating investors on the risks related to our financial health and ability to operate as a going concern.