Althea has pushed back the closing date for its share purchase plan (SPP) to December 12, 2022, citing reports that a number of shareholders did not receive the offer documents.
The company announced plans to raise a total of A$4m earlier this month, with $2.5m to come through the SPP and shareholders permitted to apply for up to $30,000 worth of shares.
The plan had originally been set to close today.
At Althea's annual general meeting yesterday, CEO Josh Fegan told shareholders that FY22 had been a year of "consolidation and growth" as the company works toward cash flow break-even and operating profitability in Q3 FY23.
He said: "The international opportunity… is very much alive and well, with AGH positioned to fully capitalise on current emerging market opportunities across Europe, including the imminent legalisation of recreational cannabis in Germany and medical cannabis in Spain.
"Althea has the scale and footprint to become the leading brand of cannabis-based medicines globally."
Fegan also pointed to tight cost controls, "industry-leading buying power and a consistent and sustainable supply chain", saying the firm was seeing sales rise while the cost of goods sold falls.
He said he expects sales to grow across all markets in which the company operates, attributing part of that outlook to the "lag effect" of the Covid-19 pandemic.
Separately, Cann Group's SPP announced in October has now closed, with results expected to be released on Monday (December 5). Cann is seeking to raise an additional A$8 to $10 million to expand GMP manufacturing capabilities at its Mildura facility.
