Cann Global (CGB) has abandoned a deal it had been pursuing for nearly ten months, leaving shareholders facing yet another prolonged period of uncertainty about the company's direction.
The company entered an ASX trading halt in September 2022 and subsequently sought multiple extensions to its voluntary suspension while working toward what it had called a "material transaction".
However, Cann Global announced to frustrated shareholders today that the transaction would not proceed.
"That transaction, among others which CGB has since actively reviewed and sought to progress, did not satisfy regulatory hurdles, notwithstanding its assessed commercial merit," it said in a statement.
The company offered no further explanation of the regulatory obstacles involved.
With the undisclosed deal now dead, Cann Global says it has turned its attention to due diligence on what it described as another "major opportunity for the company".
Shareholders, however, will need to wait at least five more weeks for clarity.
"While CGB had expected this would be able to be concluded and announced prior to the expiry of the current voluntary suspension on June 30, further time will be required to complete the corporate, legal and regulatory elements of this process," the company said.
"The directors are cognisant that this situation is causing frustration and thank our shareholders for their patience as we seek to secure the right project and transaction structure for the company's future."
Cann Global indicated it expects to be in a position to share further details on August 11.
