In the first of a two-part interview with Cannabiz, Cann Group chief operating officer Shane Duncan reveals how the company’s new acquisition could unlock unique opportunities.
Victims of cybercrime, a revenue downgrade, a fluctuating share price and a trading halt triggered by an administrative blunder.
It’s been a far from serene February for Cann Group.
The month started with the cyber theft, which saw $3.6m vanish into the underworld of online crime.
An investigation has yet to be concluded, but it seems unlikely Cann will recover the funds, which had been destined for a Dutch-based contractor.
The revenue downgrade, meanwhile, which cut Cann’s $15m target by at least one third, was blamed on health regulators’ preoccupation with Covid, their other tasks relegated to the back of an ever-lengthening queue.
Understandable as that may be, missing targets, regardless of the reason, can make investors edgy.
As for Monday’s enforced trading halt, an “inadvertent administrative oversight” was blamed for a failure to lodge correct paperwork relating to a shares issue. A minor infringement in the grand scheme of things, but the ASX takes a dim view of such procedural errors.