A day after pushing back its re-listing date by two weeks, Queensland Bauxite’s (ASX: QBL) new cannabis business has signed on with an Israeli partner to make drugs in Australia. Since July while it seeks to recomply with ASX rules the company has been suspended from trading, as it switches from bauxite to cannabis.
QBL is in the process of buying, MedCan, the licensed cannabis grower, to make products in Australia has signed an agreement with Israeli company. Pharmocann says it’s already started trials in Israel, the pair will also work together to start clinical trials in Australia.
A Queensland permit to hold Schedule 9 substances, MedCan has licences for manufacturing, cultivation, importing and exporting. In order to actually start growing medical cannabis, it will still need a federal permit, which is the last step before growing can commence. Since early 2017, Medcan Australia CEO Craig Cochran said they’d been talking to the Israeli company.
Cann Global has been pushed back by two weeks into November, news comes a day after Queensland Bauxite (ASX: QBL) said their return to the market.
Since July 30, 2018 while it seeks to recomply with ASX rules the company has been suspended from trading, as it changes from bauxite explorer to cannabis company. For shares issued over a period of six years, Queensland Bauxite also revealed that it needs Federal Court approval.
Such as through a prospectus, the Corporations Act allows small scale shares to be issued without disclosure, but if the person who receives the shares wants to sell within 12 months a disclosure must be made.
According to law firm Steinepreis Paganin, it’s to avoid situations such that stock is quickly offloaded into the market to retail investors who didn’t know new stock had been issued and where a placement is made to a professional investor without disclosure. Emptying the shares of any restrictions, not making those declarations can mean suspension from the ASX potentially for long periods of time.
From early January to the middle of April this year, iCandy Interactive (ASX: ICI) was suspended as it waited for a court order cleansing shares in October the previous year sold from a single placement. It’s finding out just how many shares have been sold that shouldn’t have been, says Queensland Bauxite. As they’re hoping for a court turnaround of three weeks, they believe they can resolve the issue a little quicker than iCandy.
Queensland bauxite is currently under suspended status as at October 13, 2018, however, it was last trading at $0.037. The stock has seen a performance change of 236.36% over the past twelve months under the metals and mining sector.
The Income available from dividends remains attractive for many investors.
We take a look at the best yields on the market and assess what they say about a company’s prospect.
One Thing is certain, though, Australia interest rates are still low, making income difficult to come by and keeping the focus for many investors on high yielding stocks. Kalkine’s team of analysts bought you handpicked report for “Top 25 Dividend Stocks For 2018.”
ASX-relevant Special Reports are published year-round to provide a detailed analysis into an investing opportunity or a potential risk to your portfolio.
Click here to get your free report.
The advice given by Kalkine Pty Ltd and provided on this website is general information only and it does not take into account your investment objectives, financial situation or needs. You should therefore consider whether the advice is appropriate to your investment objectives, financial situation and needs before acting upon it. You should seek advice from a financial adviser, stockbroker or other professional (including taxation and legal advice) as necessary before acting on any advice. Not all investments are appropriate for all people. Kalkinemedia.com and associated websites are published by Kalkine Pty Ltd ABN 34 154 808 312 (Australian Financial Services License Number 425376). website), employees and/or associates of Kalkine Pty Ltd do not hold positions in any of the stocks covered on the website. These stocks can change any time and readers of the reports should not consider these stocks as advice or recommendations.