Brief: Cannasouth Announces Integration Restructure

Cannasouth

02/10/2023 20:35

Oct 3 (Reuters) - Cannasouth Ltd  CBD.NZ :
    * RANGE OF INITIATIVES UNDERWAY TO DELIVER EFFICIENCY GAINS
AND TO
REDUCE CASH SPEND BY AROUND NZ$400,000 PER MONTH
    * ANNOUNCES INTEGRATION RESTRUCTURE
    * EXPECTS DELAYS ON TIMELINE FOR PRODUCT VERIFICATION
    * WORKING WITH MCA TO EXPEDITE THOSE PRODUCTS AWAITING
VERIFICATION APPROVALS
    * BOARD IS CURRENTLY ACTIVELY CONSIDERING CAPITAL RAISING
OPTIONS
TO SUPPORT CONSTRAINED CASH POSITION OF COMPANY IN SHORT TERM
    * TO REDUCE CASH SPEND ONCE RESTRUCTURING IS FULLY
IMPLEMENTED
    * ANTICIPATE DUAL LISTING PROCESS TO BE FURTHER PROGRESSED
IN 2024
    * WITH DELAYS IN AVAILABILITY OF VERIFIED MEDICINAL CANNABIS
PRODUCTS, CO'S BUSINESS PLAN FOR REVENUE GENERATION HAS BEEN
DELAYED
    * BUSINESS PLAN FOR REVENUE GENERATION HAS BEEN DELAYED
    * REGIONAL JOBS WILL BE LOST IN MEDIUM TERM
    * SEEING EXPONENTIAL GROWTH IN DEMAND FOR MEDICINAL CANNABIS
PRODUCTS IN NEW ZEALAND AND AUSTRALIA WITH NO SIGNS OF SLOWING
DOWN


Further company coverage:  CBD.NZ 

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