Cann Group has received a A$1 million advance from Endpoints Capital providing early access to its expected FY24 research and development (R&D) tax incentive of $1.97m.
The advance was provided under the terms of a loan agreement executed between Cann and Endpoint at an interest rate of 16% per annum and will be repaid when the proceeds of the R&D refund are received, or by November 30, 2024 (whichever occurs earlier).
Cann CEO and managing director Jenni Pilcher said the advance provides Cann with immediate funding to support business operations, including R&D activities which support the firm’s goal to supply medicinal cannabis products “based on unique strains and delivery methods”.
Helius Therapeutics/Novachem
Helius Therapeutics Ltd (HTL) has partnered with Novachem to bring its New Zealand-grown and manufactured medicinal cannabis products to Australia.
Under the arrangement, Novachem will be the sponsor and primary distributor of a range of HTL’s GMP-certified products.
Helius Therapeutics CEO Carmen Doran said: “Expanding into Australia with Novachem as our partner is a natural progression for the company. We are proud to bring our high-quality, GMP-certified products to Australian patients.
“Our collaboration with Novachem will enable us to deliver on our goals across a broader patient base and help improve the lives of those in need of advanced medicinal cannabis treatments.”
Novachem medical products manager Andrew Heath added: “We are excited to partner with Helius Therapeutics, a company that shares our commitment to quality and innovation.
“This collaboration will allow us to bring a new range of GMP-certified medicinal cannabis products to the Australian market, ensuring that patients have access to safe and effective treatment options.”
Elixinol/Hemp Foods Australia
Elixinol Wellness brand Hemp Foods Australia (HFA) has expanded its product range in Coles supermarkets nationally.
Elixinol said the move, which sees ‘Keto’ and ‘Energy’ introduced to HFA’s now six-strong seed mix range, will help drive revenue growth in H2 FY24.
It said HFA is already experiencing “impressive revenue gains”, with sales up 44% in H1 FY24 compared to H2 FY23.
“The addition of these two new SKUs is also expected to enhance HFA’s market presence and brand recognition,” the firm added.
