Cann Group has received a A$3.2 million R&D tax incentive refund on research and development costs incurred in FY2020.
The refund relates to eligible R&D activities conducted by Cann in the last financial year, including through its strategic partnerships with key research entities.
The Australian Government’s R&D tax incentive program provides companies with a tax offset for eligible activities. Cann said the money will be reinvested to fund continued development of the company’s expansion, commercial activities and product portfolio.
Cann Group CEO Peter Crock added: “The refund… is an indicator of the company’s commitment to research in the medicinal cannabis sector.
We’ve recently conducted a close review of these R&D programs to ensure we are prioritising our investment appropriately and will continue to see meaningful and beneficial outcomes from these activities.”