Medicinal cannabis grower and manufacturer Cann Group has seen sales more than double in the past year as the use of cannabinoid products take off in Australia.
The company, which owns a GMP approved production facility at Mildura, Victoria (pictured), said sales revenue for the 12 months to June 2023 was an unaudited $13.5 million, a 111 percent rise on the year before.
Strong market demand saw revenue from the sale of dried flower products rise by 500 percent, setting up what the company called a base for future growth as it scales up production.
The Mildura facility is licensed to manufacture Active Pharmaceutical Ingredients (API), hard capsules and Satipharm capsules for human therapeutic use.
Cann said the improvement was driven by domestic demand, underpinned by its state of the art cultivation and manufacturing processes.
“FY23 production output at Mildura was 2.2 tonnes.
“In May 2023, Cann planted the largest crop in its history, representing eight tonnes annualised yield. This crop will be harvested in July, 2023.”
Cann Group CEO Peter Koetsier said: “The growth in revenue shows that we are building sales momentum that helps underpin the confidence we have in our ambitious growth targets.
“Scaling production to meet customer demand is core to our strategy.
“We have the unique ability in Australia to scale to big volumes right now, and capitalise on the rapidly growing demand for quality, locally grown and manufactured product.”
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