The Cann Group has announced they have received a $2.186 million R&D Tax Incentive Rebate for the 2021 financial year. "The rebate relates to eligible research and development activities, including our in-house research and activities conducted through our strategic partnerships with key research partners," CEO Peter Crock shares.
The Australian Government’s R&D Tax Incentive program provides companies with a tax offset for eligible R&D activities. The funds received will be reinvested into the continued development of Cann’s end-to-end capabilities of cultivating and manufacturing GMP-grade medicinal cannabis products.
“Cann knows that a key part of our growth is to continue to invest in our research and development programs, and the R&D tax incentive program is critical to enable such investment. With the Mildura facility nearing completion, the company’s investment in and continued development of the Satipharm technology, and with the upcoming clinical trial to support Cann’s S3 registration application, we continue to focus on these R&D programs as a cornerstone of delivering results to patients and our shareholders,” said Crock.