National Australia Bank (NAB) has agreed to defer A$900k in quarterly interest and facility fees owed by Cann Group on its construction loan, originally due November 22, to a date yet to be determined.
Cann Group said NAB is also weighing the deferment of the two subsequent quarterly interest and facility fee payments. The bank had already confirmed it would not call on any outstanding loan balances before September 29, 2025.
Cann Group said that deferring up to three quarters of interest payments would allow the company to move more quickly toward achieving EBITDA positivity, followed by positive cash flow.
The company said it intends to drive revenue growth by broadening its product range, targeting export markets, reducing production costs, and meeting customer demand more effectively.
CEO and managing director Jenni Pilcher added: "NAB's ongoing support has been instrumental in positioning Cann for long-term success. This partnership underscores the shared commitment to the company's growth and operational excellence."
Vitura Health
Vitura has passed a series of resolutions at its 2024 annual general meeting, including the adoption of the company's remuneration report, approval of its amended plan, and the election of chair Robert Iervasi as a director.
Shane Tanner, Rebecca Wilson, Gerard Fogarty AO and Daniel Birch were also appointed as directors.
A conditional resolution relating to a board spill was not put to shareholders after the first seven resolutions passed on a poll. The spill resolution would only have been triggered if 25% or more of votes had been cast against the adoption of the remuneration report.
