Cann Global has now been in a trading halt for seven months as the company continues to chart a path forward.
In an ASX filing, the company said it is focusing on "fund preservation" rather than spending, while also evaluating the long-term future of its brands, including health and wellness arm Grass Roots.
Cost-reduction measures are ongoing, with chief executive Sholom Feldman accepting a 50% reduction in pay while the company's shares remain under voluntary suspension.
In a move that has become routine for shareholders, Cann Global applied for yet another extension to the suspension period, this time to April 28, pending an announcement about a prospective acquisition.
Shares were first suspended on September 23, 2022, when they were trading at A$0.021c.
According to the company's annual report, Feldman received $312,000 in salary and fees during the 2022 financial year. He will now take home half that amount for as long as the shares remain suspended.
"The cost-cutting measure reinforces his commitment to building the business and reflects his desire to preserve shareholder wealth during the proposed acquisition process," Cann Global said in the statement.
The company acknowledged that it, along with the broader industry, is contending with a range of challenges, citing "delays" outside its control.
"These delays have required continual readjustments of our key business strategies, timelines and trajectory while dealing with the challenges of global supply issues, government regulatory delays and a difficult economic trading environment as sharp rises in interest rates continue to impact investor and business confidence," it said.
On a more positive note, the company reported it carries no debt and holds "solid forward-operating funds."
Elixinol Wellness
Elixinol Wellness has secured A$1.25 million through a placement and is looking to raise an additional $1m through a share purchase plan (SPP), as capital-raising activity across the cannabis sector continues at pace.
The funds will be directed toward working capital, support the proposed acquisition of The Sustainable Nutrition Group, and finance near-term growth activities.
The capital-raise announcement coincided with news that non-executive directors Oliver Horn, a former CEO of the company, and Elixinol co-founder Paul Benhaim are stepping down from the board.
The company said the leaner board structure aligns with its goal of reducing corporate overhead.
Although the SPP will be open to all eligible shareholders, Elixinol confirmed the offer has been underwritten, guaranteeing the full $1m will be raised regardless of how much investor demand materialises.
"The company has received binding commitments for investors to take up any SPP shortfall shares up to $1m, with the SPP to be underwritten for the full $1m," chief executive Ron Dufficy said.
The company said the placement attracted support from institutional, sophisticated, and high net worth investors.
Shares were offered at $0.018c each, a 25% discount to the closing price on March 31.
The SPP is offered at the same price as the placement, with shareholders able to apply for up to $30,000 worth of shares.
The company acknowledged the contributions of the departing directors, particularly Benhaim, who co-founded both Elixinol and Hemp Foods Australia.
"Mr Benhaim has been instrumental in creating innovative products for the company and establishing the Elixinol and Hemp Foods Australia brands," it said, adding he had been a "pioneer" of the hemp industry.
He retains a significant shareholding in the company.
Horn, who led the company as CEO between 2020 and 2022, brought "valuable insights and international health and wellness experience" to the board, the firm said.
Bod Science
Bod Science has finished enrolling participants for its phase IIb clinical trial, which is testing whether its soft-gel CBD capsule can reduce symptoms of insomnia.
All 198 patients are now enrolled, with the final participant expected to finish the trial by June.
Bod is running the study alongside the Woolcock Institute of Medical Research, with management aiming to use the results to support an over-the-counter (OTC) registration application with the Therapeutic Goods Administration (TGA).
Chief executive Jo Patterson said: "We're thrilled to report that we've met our target of 198 patients. With a number of key milestones in near sight, we're anticipating the trial to provide suitable data for application to register and commercialise a new, low-dose CBD product for the Australian schedule 3 market."
Cann Group and Ecofibre both recently fell short of demonstrating that their OTC candidates performed meaningfully better than a placebo in addressing sleep disorders.
AusCann
AusCann has sold its Western Australian R&D facility for A$6.75 million, with the proceeds earmarked for a "proposed material acquisition" and working capital.
The company, whose shares are currently suspended as it works through its strategic options, has entered into a conditional agreement to sell the Wangara site to commercial property investor Optral.
Settlement is anticipated on June 8.
An earlier agreement to sell the facility for $7m did not proceed in October.
Last month, AusCann transferred 52% of animal health brand CannPal to its founder Layton Mills.
IvyMed Clinic
IvyMed Clinic has launched in-person consultations at its new location in the Melbourne suburb of Vermont South, building on the performance of its Adelaide clinic.
IvyMed GPs collaborate with patients and their regular doctors to develop personalised treatment plans that may involve medicinal cannabis, physical therapy, or supplements for chronic pain and mental health conditions.
Situated within the Atara Compounding Pharmacy, the clinic's Authorised Prescribers assess patients face-to-face through an eligibility check, GP referral, health summary, and final evaluation to determine the most appropriate treatment.
Specialist advice and dispensing is handled by Atara's onsite pharmacists.
IvyMed Clinic GP Dr Anita Nesarajah said: "Some alternative treatments such as medicinal cannabis are only considered when patients have been unable to find relief through other options.
"It's rewarding that we are able to offer them an alternative solution to their often chronic and sometimes debilitating conditions."
Botanix Pharmaceuticals
Botanix Pharmaceuticals has secured A$10 million from institutional investors to advance the launch and marketing of its treatment for excessive sweating.
The ASX-listed company said its Sofpironium Bromide (SB) gel, which targets primary axillary hyperhidrosis, remains on schedule for US Food and Drug Administration (FDA) approval in September.
The placement will cover the cost of completing the FDA review, manufacturing, milestone payments, and preparations for the commercial rollout of SB in the US.
