Cann Group saw revenues slide 72% to $647,222 in the 2020 financial year while losses deepened to almost $17m, 55% greater than 2019.

The company has invested heavily in its Mildura production facility, with costs running at around $50m so far. It predicts revenue will grow to around $15m in FY21.

The revenue slide was attributed to the cancellation of a Victoria Government/DHHS contract.

Cann recently raised A$40m from investors to further fund the constriction of its Mildura facility, construction of which has been hampered by the Covid-19 pandemic.