Cann Group has raised A$8.7 million from 1,385 shareholders through a share purchase plan announced last month.
The company will use the cash, and the $10m raised through share placements with institutional investors, to strengthen its in-house extraction, laboratory and manufacturing capabilities.
Cann Group said the investment will de-risk its supply chain and lower costs by reducing reliance on third-party manufacturers and service providers.
The funds will also be used to expand its Satipharm operation.
Chief executive Peter Crock said: “Our shareholders have provided strong support to the business over recent years and we are committed to rewarding that support by transitioning to sustainable and profitable growth as quickly as possible.”
Releaf Group is launching licensed wholesale and distribution division Releaf Dispensaries on November 1 following a successful B2B trial.
Releaf Dispensaries will boast a large portfolio of medicinal cannabis and retail brands from more than 100 independent suppliers as well as the group’s exclusive retail and medicinal cannabis product lines.
Founder and CEO Gary Mackenzie said: “It has taken Releaf three years to reach this major milestone which completes the execution of our B2C and B2B vertically integrated business plan. The new wholesale and distribution division will provide the company with streamlined operations, as well as considerable growth in revenues and earnings as the volume of franchise sites and product sales increase across the country and abroad.”
The company is planning an IPO in 2022.
Elixinol has recorded Q3 FY21 revenue of A$2.3m, down 9% on the previous quarter, although Australian division Hemp Foods Australia (HFA) grew revenue by 2% to $1,057k on the back of a 38% increase in e-commerce.
During the quarter, HFA secured a distribution deal with Woolworths to supply its Hemp Gold Seeds Oil to more than 100 stores nationwide.
While Covid-19 restrictions and reduced store traffic hit sales, HFA’s strong e-commerce performance continued, with orders up 38% on Q2 and 56% September year to date.
Global CEO Oliver Horn said: “While we were down on revenue this quarter due to Covid-19 impacts on Hemp Foods Australia and now resolved supply chain issues in the US, Elixinol Americas finished the quarter with a strong September and HFA continued its upwards trajectory.”
Meanwhile, HFA has secured nationwide distribution with Woolworths, with its Hemp Gold Seed Oil available in more than 100 stores across the country from October.
HFA has also expanded its partnership with Costco by adding its Hemp Gold Protein product to its stores following the success of the Australian Hemp Seeds product which Costco began stocking at the end of last year.
Sales of Cronos Australia’s Adaya medicinal cannabis products topped A$1.1m in Q1 FY22, up 90% on the previous quarter and almost exceeding total sales of $1.2m in FY21.
Launched in July 2021, the Adaya range will be supplemented by a 25:25 THC:CBD-balanced medicinal cannabis oil in November, bringing the number of products available under the brand to eight.
CEO Rodney Cocks said: “The continued growth of our Adaya range is reinforced by our team’s deep understanding of the needs and preferences of patients and the clinical outcomes healthcare professionals are seeking.
“Moreover, the strong 90% quarter-on-quarter growth in sales during Q1 FY22… is validation of our strategy to ensure patients can access affordable Australian medicinal cannabis products.”
AusCann has submitted a pre-submission conference meeting request with the US Food and Drug Administration’s Centre for Veterinary Medicine for its CPAT-01 drug candidate.
CPAT-01 is a THC/CBD-based treatment for the management of pain, inflammation and decreased quality of life in dogs with osteoarthritis.
The proposed meeting will review Auscann’s pre-clinical Phase 1 and Pilot Phase 2 data and determine the regulatory framework within which a pathway to approval will be defined.
The veterinary pain and inflammation market is estimated to be worth more than US$1b globally.
Zelira Therapeutics has raised US$5 million from US-based Quincy Street Capital, which becomes a 6.3% shareholder in the company.
The funds raised will be used to accelerate Zelira’s growth initiatives including clinical development and ongoing trials in Australia and the US and product expansion in the US and emerging global CBD markets.
The fundraising values Zelira and its share of associated entities at A$122.8 million.
Emyria has appointed pharmaceutical products testing firm Eurofins to lead an extensive compound screening program for its MDMA-analogue library.
Emyria recently secured exclusive rights to a library of more than 100 novel MDMA analogues from the University of Western Australia (UWA) creating a unique drug discovery pipeline.
The analysis will provide UWA and Emyria insights to inform lead compound identification and further development. The data received will also strengthen the intellectual property portfolio for the library.
Emyria managing director Dr Michael Winlo said the company has successfully completed purity and stability testing at UWA.
He added: “The analysis we have prepared will help Emyria select the most promising drug candidates within the MDMA analogue library for further preclinical evaluation and development.”
Incannex has engaged Colombian-based manufacturer Procaps to develop a soft-gel capsule form of its IHL-42X cannabinoid drug treatment for obstructive sleep apnoea.
The pharmaceutical-grade capsules will be used in Phase 2, Phase 3 and open-label clinical trials.