Cann Group Completes First Harvest at Doubled Production Scale, On Track to Achieve 12.5 Tonne Target Cann Group Limited

L Lykeshares 2y Staff

Cann Group Completes First Harvest at Doubled Production Scale, On Track to Achieve 12.5 Tonne Target

Mildura, Australia - July 24, 2023 – Cann Group Limited (ASX: CAN) is pleased to announce the successful completion of its first crop harvest at a scale twice that of previous harvests. This achievement marks a significant milestone for the company as it works towards reaching its target annual production volume of 12. 5 tonnes at its Mildura GMP facility and aims to achieve EBITDA profitability by the 2025 financial year.

Scaling Up Operations at Mildura Facility

The latest harvest involved cultivating over 320 square meters of crop, doubling the area of the previous harvests. This increased production capacity was achieved ahead of schedule, with a dry flower yield that exceeded the target by 17%. The harvested crop equates to an annualised production level of 8 tonnes, bringing Cann Group closer to its volume target.

Focus on Quality and Reliability

Cann Group CEO, Peter Koetsier, expressed his satisfaction with the achievement, highlighting the improved flower quality and the value of their cultivation processes and advanced technology investments.

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The increase in flower quality above 95% reaffirms the company's ability to consistently produce and supply high-quality products to the market. This accomplishment not only boosts confidence among customers but also positions Cann Group as a reliable and trusted provider in the industry.

Driven by Efficiency and Automation

As production levels continue to rise, Cann Group is experiencing operating leverage, with plans for further investment in increased automation to drive efficiencies and margin benefits. The company aims to capitalise on its competitive advantage and pave the way for improved financial performance and profitability.

"We are excited to continue scaling up production in the coming months, which will strengthen our competitive position and propel us towards EBITDA profitability," stated Mr. Koetsier, emphasising Cann Group's commitment to achieving its goals.

Future Outlook and Growth Strategy

Cann Group remains focused on meeting market demand and scaling its high-quality products. The successful completion of the first harvest at a doubled production scale is a clear indication of the company's progress in expanding its operations and increasing its market share. By reaching its 12. 5 tonne volume target and achieving profitability, Cann Group is well-positioned to become a leading player in the cannabis industry.

About Cann Group Limited (ASX: CAN)

Cann Group Limited is an Australian-based company focused on cultivating and producing high-quality medicinal cannabis products. With its state-of-the-art Mildura facility, Cann Group is dedicated to meeting market demands and delivering reliable, top-tier products to consumers. As the company continues to expand and scale its operations, it is committed to achieving profitability and establishing its position as a trusted leader in the industry.

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