Cann Group has told the ASX it has been unable to recover funds following a cyber fraud in which payments worth $3.6 million meant for a Dutch contractor vanished into an unknown third-party account.

Cann and its overseas contractor are continuing to investigate the incident along with Victoria Police’s E-Crime Squad, which is pursuing domestic and international investigations.

Cann confirmed it does not have specific insurance coverage for the incident and that no funds have been recovered through the company’s bank.

It has appointed Deloitte to provide forensic IT expertise and ensure the company’s systems are secure.

Meanwhile, Cann’s financial results for H1 FY21 saw the company reporting sales revenue of A$1.08 million, up from $600,000 in H1 FY20.

Earnings before interest, tax, depreciation and amortisation (EBITDA) came in at a loss of $4.3 million, down from the $7.3 million loss in the previous corresponding period.

The company reported an operating loss of $9.4 million, up $1 million on H1 FY20.

Prior to launching Cannabiz, Martin was co-founder and CEO of Asia-Pac’s leading B2B media and marketing information brand Mumbrella, overseeing its sale to Diversified Communications in 2017. A journalist...

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  1. [Edited under our comment moderation policy] This is why big pharma-like companies shouldn’t run cannabis in Australia… it’s 2021, can we just get with the times? If big canna groups wanna screw the few over so be it. But for the rest of Australians, can we have our oil for under 30 bucks maybe?