The company will grow, cultivate, and produce medicinal cannabis at the Mildura site to service both the Australian and international medicinal cannabis market. Cann Group will fund the $130 million construction of the Mildura site with a mix of debt and equity. "Setting up at scale is an important focus of Cann Group and developing export pathways such as this are vital to enabling us to achieve that scale." The build at Mildura will mean plans for a similar project in Tullamarine near Melbourne Airport are now on hold. Cann Group is also pursuing additional supply contracts with third parties in Australia and overseas. That placement will be followed by a share purchase plan (SPP) opening on 22 July to raise $10 million. CEO Peter Crock says by moving the build to Mildura the company can remain on schedule to becoming a large-scale cultivator of medicinal grade cannabis.

Cann Group Limited 4 Research Avenue, Bundoora, Victoria 3083 Australia Tel: +61 3 9095 7088 [email protected] ABOUT INVESTOR R&D CLINICIAN PATIENT MILDURA CAREERS Under a new agreement, Cann Group (ASX: CAN) will construct a state-of-the-art large-scale greenhouse in north-west Victoria’s Mildura’s region to produce medicinal cannabis for domestic and international markets.

The Company is forecasting revenues of $15 million in FY21, underpinned by existing supply contracts, and is confident a proven track record of sustainable revenues will support both the business case for Mildura and help secure the support of financiers. The company is considering what to do with the land at Tullamarine as the build there has been hampered by delays for various approvals.
One of Australia's leading cannabis companies is issuing new shares at a 51.2 per cent discount to raise $24.3 million for working capital.

Cann (ASX CAN) will be constructing a new $130 million, state-of-the-art facility in the Mildura region. But a centrepiece of the company's future plans is the expansion of its Mildura facility, which contemplates annual production of 12,500kg of dried cannabis flower in Phase 1A. "This puts us on the same build start timing as was originally envisaged for Tullamarine and is consistent with our strategy to develop a 'hub and node' model of regional cultivation facilities and a central manufacturing hub," says Crock. The group notes discussions with the bank have taken longer than anticipated. The Melbourne-based group - which ranked second in this year's Once operational the expanded production capacity will generate annual revenues of approximately $160 million to $200 million. The job grant, awarded from the Regional Jobs Fund, will go towards a medical cannabis cultivation and production facility in Mildura – which is located 540km north-west of Melbourne. But a centrepiece of the company's future plans is the expansion of its Mildura facility, which contemplates annual production of 12,500kg of dried cannabis flower in Phase 1A.

Cann highlights the extra funding will support near-term plans, which include delivering on commercial supply agreements, medicinal cannabis products, and dried flower material for sale in Australia and export markets such as the UK and Europe.

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