CANN Group (ASX:CAN) Receives $3.2 Million R&D Tax Refund

Cann Group Limited (ASX:CAN) announced on 8 January 2021 that it has obtained a $3.2 million R&D tax incentive refund in regards to the costs of research and development encountered by the Company during the 2020 financial year.

    • The refund is associated with the R&D activities conducted by the Company, including via the strategic partnerships with key research entities.
    • The money acquired will be reinvested into the Company’s development in terms of expansion, product building and other market activities.
    • The R&D tax incentive programme of the Australian government gives a tax offset for eligible R&D activities to the companies.

    Cann Group CEO Peter Crock said that the refund is suggestive of the fact that Company is getting recognised in research field of medicinal cannabis.

    Meanwhile, the CAN stock was noted trading at $0.640 with market capitalisation of $179.54 million at 3:17 PM AEDT.


Disclaimer
The content, including but not limited to any articles, news, quotes, information, data, text, reports, ratings, opinions, images, photos, graphics, graphs, charts, animations and video (Content) is a service of Kalkine Media Pty Ltd (Kalkine Media, we or us), ACN 629 651 672 and is available for personal and non-commercial use only. The principal purpose of the Content is to educate and inform. The Content does not contain or imply any recommendation or opinion intended to influence your financial decisions and must not be relied upon by you as such. Some of the Content on this website may be sponsored/non-sponsored, as applicable, but is NOT a solicitation or recommendation to buy, sell or hold the stocks of the company(s) or engage in any investment activity under discussion. Kalkine Media is neither licensed nor qualified to provide investment advice through this platform. Users should make their own enquiries about any investments and Kalkine Media strongly suggests the users to seek advice from a financial adviser, stockbroker or other professional (including taxation and legal advice), as necessary. Kalkine Media hereby disclaims any and all the liabilities to any user for any direct, indirect, implied, punitive, special, incidental or other consequential damages arising from any use of the Content on this website, which is provided without warranties. The views expressed in the Content by the guests, if any, are their own and do not necessarily represent the views or opinions of Kalkine Media. Some of the images/music that may be used on this website are copyright to their respective owner(s). Kalkine Media does not claim ownership of any of the pictures displayed/music used on this website unless stated otherwise. The images/music that may be used on this website are taken from various sources on the internet, including paid subscriptions or are believed to be in public domain. We have used reasonable efforts to accredit the source wherever it was indicated as or found to be necessary.

Ad

GET A FREE STOCK REPORT


Top Penny Picks under 20 Cents to Fit Your Pocket! Get Exclusive Report on Penny Stocks For FREE Now.


   
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it. OK