Cann Group

Cann Group has recovered A$1.2 million lost following a cyber fraud in which payments worth $3.6 million meant for a Dutch contractor vanished into an unknown third-party account.

In March, the company started civil proceedings in Hong Kong against Er Ya Trade Ltd in a bid to recover the funds. It was subsequently granted an injunction from the Hong Kong High Court to freeze Er Ya Trade assets.

Cann has recieved $1.2 million in connection with the court proceedings, with criminal investigations continuing in a number of jurisdictions. The company said there was no guarantee it would recover further funds or secure prosecutions against any of the third parties involved.

Althea

Althea’s Canadian subsidiary Peak Processing Solutions has signed a manufacturing agreement with Delshen Therapeutics Corp, a wholly owned subsidiary of Canadian cannabis licensed operator and brand marketer 48North Cannabis Corp.

Peak will supply four products for 48Norths’s cannabis wellness brand Latitude with minimum order quantities valued at around C$1.25 million. Peak is expected to become EBITDA positive by the end of 2021.

Medlab Clinical

Medlab Clinical has received human ethics approval of Australian sites for a Phase III trial of its non-opioid medication, NanaBis, for cancer bone pain.

Human Research Ethics Committee (HREC) Belberry Ltd has granted approvals for Professor Stephen Clarke at GenesisCare, Sydney and Professor Phil Good at the Mater Hospital, Brisbane. Medlab is reviewing two other Australian sites which may be included in the HREC approval.

MGC Pharma

MGC Pharmaceuticals has recruited its first patient for a phase III trial of cannabis-derived drug CimetrA to treat patients hospitalised with Covid-19.

In total, 252 people will take part in the double-blind, placebo-controlled efficacy and safety study after initial dosing at the Rambam Medical Center in Israel.

Results, along with other data supporting its application as an investigational medical product, will be filed with the European Medicines Agency.

Zelira Therapeutics

Zelira Therapeutics has been granted Institutional Review Board approval for an observational pain study in the US set to run for 12 weeks.

The company will evaluate the efficacy, safety and tolerability of its proprietary product compared to a major drug from an unnamed big pharmaceutical company.

Initial results are expected in H1 2022.