Cann Group has received a A$1 million advance from Endpoints Capital, giving the company early access to its anticipated FY24 research and development (R&D) tax incentive of $1.97m.
The advance was issued under a loan agreement between Cann and Endpoints at an annual interest rate of 16%, with repayment due either upon receipt of the R&D refund proceeds or by November 30, 2024, whichever comes first.
Cann CEO and managing director Jenni Pilcher said the advance provides Cann with immediate funding to support business operations, including R&D activities which support the firm's goal to supply medicinal cannabis products "based on unique strains and delivery methods".
Helius Therapeutics/Novachem
Helius Therapeutics Ltd (HTL) has formed a partnership with Novachem to distribute its New Zealand-grown and manufactured medicinal cannabis products across Australia.
Through the agreement, Novachem will act as both sponsor and primary distributor for a selection of HTL's GMP-certified products.
Helius Therapeutics CEO Carmen Doran said: "Expanding into Australia with Novachem as our partner is a natural progression for the company. We are proud to bring our high-quality, GMP-certified products to Australian patients.
"Our collaboration with Novachem will enable us to deliver on our goals across a broader patient base and help improve the lives of those in need of advanced medicinal cannabis treatments."
Novachem medical products manager Andrew Heath added: "We are excited to partner with Helius Therapeutics, a company that shares our commitment to quality and innovation.
"This collaboration will allow us to bring a new range of GMP-certified medicinal cannabis products to the Australian market, ensuring that patients have access to safe and effective treatment options."
Elixinol/Hemp Foods Australia
Hemp Foods Australia (HFA), a brand under the Elixinol Wellness umbrella, has broadened its product offering in Coles supermarkets across the country.
Elixinol said the expansion, which introduces 'Keto' and 'Energy' varieties to HFA's seed mix range — now totalling six products — is expected to drive revenue growth in H2 FY24.
The company noted that HFA is already experiencing "impressive revenue gains", with sales up 44% in H1 FY24 compared to H2 FY23.
"The addition of these two new SKUs is also expected to enhance HFA's market presence and brand recognition," the firm added.
