Cann Group Reports Remarkable Revenue Growth in Fiscal Year 2023 Cann Group Limited

Cann Group Reports Remarkable Revenue Growth in Fiscal Year 2023

Cann Group Limited (ASX: CAN), a leading player in the Australian medicinal cannabis industry, has released its unaudited revenue results for the fiscal year 2023, demonstrating exceptional growth. The company anticipates unaudited operating revenue of approximately $13. 5 million, representing a substantial 111% increase compared to the previous fiscal year.

The significant surge in revenue can be attributed to robust market demand, particularly for dried flower products, which witnessed a remarkable 500% growth compared to the previous year.

Cann Group's success in attracting new clients and securing supply agreements with existing clients has been instrumental in driving its revenue growth. The company's flagship facility in Mildura, which consistently delivers high-quality, Good Manufacturing Practice (GMP) products, has played a pivotal role in customer acquisition. In the fiscal year 2023, the production output at the Mildura facility reached an impressive 2.

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2 tonnes.

In line with its growth trajectory, Cann Group has unveiled plans to expedite the scale-up of production over the next 18 months. The company aims to achieve operational efficiency, improved margins, and strong operating leverage, ultimately leading to EBITDA profitability. As part of its strategic plan, Cann Group intends to increase production capacity at the Mildura facility, with a target of reaching 12. 5 tonnes on an annualised basis.

The outstanding revenue growth reported by Cann Group highlights the upward trajectory of the medicinal cannabis industry in Australia. With its robust market position and a strategic focus on expanding production, Cann Group is poised to capitalise on the growing demand for high-quality medicinal cannabis products.

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