Cann Group Limited announced that it has successfully completed a crop harvest at a scale that is twice that of previous harvests. This is a key step towards achieving the Company’s target of reaching annualized production volumes of 12.5 tonnes at its Mildura GMP facility and reaching EBITDA profitability by the 2025 financial year.
The latest harvest involved more than 320 square meters of crop, which is twice the area of crop that had been harvested previously. The harvest was achieved ahead of schedule, with high-quality dry flower yield, some 17% ahead of target. The crop area harvested equates to an annualized production level of 8 tonnes.
Cann Group CEO, Peter Koetsier, said, “This is a tremendous achievement by our production team at Mildura and gives us strong confidence that we are on track to reach our 12.5 tonnes annualized volume target. The improvement in flower quality underscores the value of our focus on cultivation processes and the investment we have made in leading-edge technology at Mildura. It is also a clear signal to our customers and the market in general that Cann Group is able to produce and supply high-quality products on a reliable basis.”
Higher production levels are delivering operating leverage for the Company, with planned new investment in increased automation driving further efficiencies and margin benefits.
“We will continue to scale up production over coming months, reinforcing our competitive advantage and keeping us on the path to EBITDA profitability,” said Mr Koetsier.
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Cann Group
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