Connect with us

Business

AusCann Group Holdings Ltd (OTCMTS: ACNNF) Announces Loss of $8.64 Million in FY2021

Published

on

AusCann Group Holdings Ltd (OTCMTS: ACNNF) has announced its audited financial results for fiscal 2021 ending June 30, 2021. 

Auscann reported a 7% increase in total income for FY2021

For FY2021, the company has a loss of $8.641 million, including a non-cash payment of $212,511, a cash impairment of raw inventories of $2.593 million, and one-off costs of $1.173 million in connection to CannPal Animal Therapeutics Limited acquisition. 

Total income was up 7% as a result of the refund the company received from the Australian taxation office of $1.562 million as per the Australian Government’s Research and Development Tax Incentive Program. At the end of the year, the company remained well funded with $44.427 million, with a net cash position of around $13.68 million. AusCann is going into fiscal 2022 with an enhanced costs base, restructured operations, and a major focus on the creation of highly differentiated, high-value CBD –based drugs for registration in animal and human pathways. 

Corporate updates in drug development 

In fiscal 2021 the company finalized CannPal Animal Therapeutics’ acquisition and integration through a Scheme of Arrangement, and already new management is in place for the combined company. In addition, AusCann commenced product registration initiatives in Australia and South Africa for DermaCann, its CBD-derived veterinary drug for immune and anti-inflammatory support in dogs. 

Also, the company finalized 25 subjects’ first-phase pharmacokinetic and safety study of its hard shell capsules through the novel Neuvis platform, attaining all endpoints. In addition, AusCann received promising clinical results for 46 dog phase 2a study for FDA veterinary treatment candidate CPAT-01. The company signed a lease agreement for its Wangara facility as part of its revised growth strategy to minimize operating expenses and capitalize on the value of its assets. Most importantly, the company is in advanced planning to develop and commercialize its lead product candidates in FY2022.

*Past performance is not a predictor of future results. All investing involves risk of loss and individual investments may vary. The examples provided may not be representative of typical results. Your capital is at risk when you invest – you can lose some or all of your money. Never risk more than you can afford to lose.By submitting your information you agree to the terms of our Privacy Policy • Cancel Newsletter Any Time.This is a FREE service from Finacials Trend. Signing up for our FREE daily e-letter also entitles you to receive this report. We will NOT share your email address with anyone.

FEATURED STORIES

Business14 seconds ago

AusCann Group Holdings Ltd (OTCMTS: ACNNF) Announces Loss of $8.64 Million in FY2021

Post Views: 2 AusCann Group Holdings Ltd (OTCMTS: ACNNF) has announced its audited financial results for fiscal 2021 ending June...

Business16 hours ago

Emerald Health Therapeutics Inc. (OTCMKTS: EMHTF) Reports 23% YoY Revenue Increase in Q2 2021

Post Views: 5 Emerald Health Therapeutics Inc. (OTCMKTS: EMHTF)  has announced its Q2 2021 and 1H 2021 financial results and...

Business21 hours ago

Rubicon Organics Inc (OTCMKTS: ROMJF) Records Net Revenue of $4.6 Million in the Second Quarter of 2021

Post Views: 7 Rubicon Organics Inc (OTCMKTS: ROMJF) is a licensed organic cannabis producer that concentrates on the selling and cultivating...

Business21 hours ago

Planet 13 Holdings Inc (OTCMKTS: PLNHF) Reported Revenues of $32.8 Million in the Second Quarter of 2021

Post Views: 28 Planet 13 Holdings Inc (OTCMKTS: PLNHF) is a top vertically integrated cannabis corporation that recently announced its second-quarter...

Business22 hours ago

Indiva Ltd (OTCMKTS: NDAF) Records a Gross Revenue of $9.87 Million in the Second Quarter of 2021

Post Views: 3 Indiva Ltd (OTCMKTS: NDAF), one of Canada’s leading cannabis edibles producers, recently announced its operating and financial results...

Business2 days ago

Blueberries Medical Corp (OTCMKTS: BBRRF) Releases Q2 2021 And Operational Updates Focused In Cutting Expenses By 100%

Post Views: 5 Blueberries Medical Corp (OTCMKTS: BBRRF) has announced its Q2 2021 financial results for the period ending June...