Cann Group is giving shareholders an additional 12 days to help the company raise more capital after extending tomorrow’s deadline to participate in its share purchase plan (SPP).
It blamed postal delays and technical issues for the extension.
“The company has been made aware that many of its shareholders have experienced difficulties in either receiving materials due to postal delays or accessing the SPP online platform,” Cann said in a statement.
“The extension has been granted to ensure that all eligible shareholders have an opportunity to participate in the SPP.”
Shareholders now have until 5pm on November 30 to apply for more shares.
Cann Group is looking to raise between A$8m and $10m to fund additional manufacturing capacity at its Mildura facility.
Under the SPP, shareholders can apply for additional shares up to a maximum value of $30,000.
Hemp-based skincare company Hey Bud has secured distribution in more than 400 Priceline stores Australia-wide.
Launched in 2020, the firm’s range includes serums, cleansers and clay masks infused with hemp seed oil. It has a strong youth following, with more than 200,000 Instagram followers, and claims to have achieved A$10 million in sales already.
Founders Alex Roslaniec, Fedele D’Amico and Ollie Watts came up with the idea after D’Amico’s mother, a beauty therapist, ordered hemp seed oil products from the US .
Roslaniec told Smart Company partnering with Priceline would enable it to reach more young customers.
He said: “What we found from speaking to a few different retailers was that Priceline’s customer demographic really made a lot of sense for us.”
Roslaniec added the firm is “keeping a very close eye” on the over-the-counter CBD market in Australia so it is “ready to pivot into that space”.
It is also exploring international distribution opportunities.
Queensland headquartered healthcare company Gamma Biomedical has landed its first shipment of medicinal cannabis in Australia via a partnership with Colombian licensed cultivator Pharmacol.
Grown with two flower strains – Northern Lights and Blueberry – Sol Cannabis is currently available in Melbourne’s Astrid Dispensary, with pharmacies throughout Australia due to receive stock over the coming months.
Gamma Biomedical was founded in 2014 by Daniel Tyshynski. He said: “Everything we have done… over the past 10 years has really been building towards this moment, which is having the finished Sol Cannabis product… on Australian shores.”