AusCann Joint Venture Starts First Cultivation Activity: What Market Players Need to Know

cannabis

AusCann Group Holdings Limited (ASX: AC8) had come forward and made an announcement related to the commencement of first cultivation activity by the issuance of the press release. Dr. Mal Washer happens to be the Chairman of AusCann Group Holdings Ltd. As per the press release dated January 22, 2019, the company’s DayaCann joint venture would be commencing the first third-party cannabis cultivation activity. The issued release also stated that it would be commencing with the Khiron Life Sciences Corp. We would now be having a look at the Khiron Life Sciences. Khiron happens to be a medicinal cannabis company which is listed in Canada and it has the core operations in Colombia. 

DayaCann happens to the be 50:50 joint venture which was formed by the Fundación Daya and AusCann in the year 2016. In Chile, DayaCann is the only company which is possessing the medicinal cannabis production license. The issued release reflected that, as per the agreement’s terms, DayaCann would be providing the cultivation as well as potentially manufacturing services to Khiron Life Sciences Corp.

Not so long ago, AusCann Group had posted the information related to the September 2018 quarter. This report also threw light on the capital raising initiatives of the company. As per the report, in the September 2018 quarter, AusCann Group Holdings Limited had managed to wrap up the placement amounting to A$33.4 million which was made to the institutional as well as sophisticated investors. These investors were from North America as well as Australia. This placement happens to be in addition to the garnering of A$1.9 million which was done with the help of the Share Purchase Plan. The company also stated that, as a result of the successful capital raising, AusCann Group Holdings happens to be in a strong position to work for the growth strategy.

Not so long ago, the company had published the presentation related to Annual General Meeting or AGM, in which it stated that AusCann Group Holdings Limited is in the robust position to reap the benefits related to the favourable changes with respect to the regulatory environment.

We would now be looking at how AusCann Group Holdings Limited has performed today and it has been performing from the past few months. On January 22, 2019, AusCann Group Holdings Limited’s stock closed the session on the negative note as the stock price has got closed at A$0.670 per share which implies the fall of A$0.035 per share or 4.965%. The market capitalization of AusCann Group Holdings Limited stood at ~$217.91 million. The company’s stock price is trading towards the lower level. According to Australian Securities Exchange or ASX, the company is possessing earnings per share (or EPS) amounting to -0.028 AUD.

Talking about the past performance, AusCann Group Holdings Limited’s stock had delivered the return of -30.20% in the span of previous 6 months while, in the time period of previous 3 months, the stock posted the return of -17.06%.


Sponsored ad by Kalkine

Disclaimer

This website is a service of Kalkine Media Pty. Ltd. A.C.N. 629 651 672. The website has been prepared for informational purposes only and is not intended to be used as a complete source of information on any particular company. Kalkine Media does not in any way endorse or recommend individuals, products or services that may be discussed on this site. Our publications are NOT a solicitation or recommendation to buy, sell or hold. We are neither licensed nor qualified to provide investment advice.

Facebook Comments

Join Our Discussion

Start discussion with value Investors for ASX Stock Market Investment and Opinion.


6 Cannabis Stocks under Investor’s Limelight…

Cannabis companies that sell both medicinal weed and recreational pot. Marijuana stocks to look at. Marijuana mergers and acquisitions. Dispensary data analytics. Upcoming marijuana IPO’s Those phrases have become increasingly common as marijuana legalization spreads.

Global spending on legal cannabis is expected to grow 230% to $32 billion in 2020 as compared to $9.5 in 2017, according to Arcview Market Research and BDS Analytics. As of June 29, 2018 the United States Marijuana Index, despite a lot of uncertainty around regulations, has over the past 1 year gained 71.49%, as compared to about 12% gain seen by the S&P 500.

Click here for your FREE Report

LEAVE A REPLY

Please enter your comment!
Please enter your name here