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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 companyâs 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.Â
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 agreementâs 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 Limitedâs 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 companyâs 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 Limitedâs 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%.
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