Cann Group Limited (ASX: CAN) has disclosed its financial performance for the fiscal year ending June 30, 2023. Notably, the company achieved a substantial revenue milestone with sales amounting to AU$13.78 million, marking an impressive 115% surge compared to the previous fiscal year. The total revenue for FY23 reached AU$21.68 million. The successful operation of the Mildura facility, bolstered by the acquisition of ODC and GMP licenses, stood out as a notable accomplishment.
With its largest crop area planted to date, equivalent to 9 tonnes on an annualized basis, the company showcased growth. Cann also completed a fruitful capital raise, securing AU$8.18 million in December 2022. Additionally, strategic agreements and successful product deliveries in Germany underline the company's dedicated commercial approach. Despite an operating loss after tax of AU$33.79 million, compared to AU$26.47 million in FY22, Cann Group remains steadfast in its revenue-oriented trajectory.
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