AU: From mining bauxite to growing MMJ

Cann Global Limited has had a volatile first week on the Australian Securities Exchange after listing on Friday 23 August.

The company formerly traded under the name Queensland Bauxite, and has since transformed into a medicinal cannabis and hemp foods company.

While the transformation has been “complex” for both the company and its investors, Cann Global’s executive chair Pnina Feldman told Business Insider Australia she is determined to get a slice of the burgeoning cannabis market.

The Australian Securities Exchange has rarely seen a transformation as complete as Cann Global’s — the mining turned medical cannabis and hemp company that re-listed in August.

Having first debuted on the exchange in 2008, Queensland Bauxite, as it was then known, was on the surface just another textbook case study of Australian mining boom conservatism, in the business of exploring and exporting precious minerals to feed China’s insatiable appetite for steel.

And though its flagship project was located just outside Innisfail in far north Queensland, the company’s headquarters lay 2,000 kilometres away in ritzy Bellevue Hill overlooking Sydney’s eastern suburbs.

At the helm sits Pnina Feldman, the first Australian woman to list a mining company, recipient of a community service award from Malcolm Turnbull, daughter of Chaim Gutnick, one of Australia’s most prominent rabbis, and cousin of Diamond Joe Gutnick, the former multi-millionaire mining magnate.

And yet, despite its establishment credentials, the mining company’s board had its eyes on a much more progressive and future-focused market: cannabis.

Having long been connected with top medicinal cannabis researchers in Israel, Queensland Bauxite saw the legalisation of the product in Australia in 2016 as its moment to pounce on a major transformation.

Read more at businessinsider.com.au


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