2023: The year in review

It has been a busy year for Cann Group, filled with multiple achievements that are set to catapult the Company into an exciting 2024.

Take a look at the timeline below to reflect on the key moments in 2023.

Alternatively, the timeline is available in written form beneath the interactive feature.

10 January 2023
Cann appoints Peter Koetsier as new CEO

Peter Koetsier was appointed to the role of Cann Group Chief Executive Officer, commencing on January 16, 2023. Peter Koetsier replaced Peter Crock, who was appointed on April 19, 2016 and announced on October 24, 2022 that he would be stepping down as CEO of the Company.

19 January 2023
Cann announces results from the Company’s Phase 3 clinical trial

Cann Group released the results of its Phase 3 clinical trial, which compared the efficacy of low dose Satipharm CBD capsules to placebo in treating sleep disturbances. The data shown from 257 participants taking three doses of the Satipharm capsules did not show a statistically superior response to placebo.

20 February 2023
Jar packing, labelling, batch printing all online and validated

By February 20, Cann had three of its complementary capabilities at its Mildura facility online and validated, strengthening the Company’s ability to manage the entire supply chain. The first jar pack was completed on 21 December the previous year, followed by the first labelling run (5 January) and first batch printing run (20 February).

1 March 2023
Cann sells Southern facility land and building

Cann announced the completed settlement of its Southern facility land and building with SatiVite in March. The sale was made for $3.1 million, with SatiVite also agreeing to acquire the business assets at the facility for an additional $1.9 million.

28 April 2023
First Cann dried flowers cleared for sale in Germany

Cann’s first shipment of dried flower to Germany was successfully delivered and released for supply in April. The product was a high THC flower.

20 June 2023
Cann signs supply agreement with Levin

Cann signed a variation agreement with Levin Health, spanning from July 1 to December 31, 2023. The deal saw Cann supplying oil products worth approximately $880,000.

10 July 2023
First harvest at eight-tonne scale

The Mildura team harvested its first crop at the eight-tonne scale in July – a feat that was then sustained for the remainder of the year. The Flowering Canopy Architecture Manipulation (otherwise known as FCAM), a practice adopted by the team in order to control canopy density and plant growth patterns, also began giving strong inhalable-grade yields which were also maintained ongoing.

24 July 2023
July harvest at a rate of double any previous production

The harvest at the Mildura facility in July was successfully completed at a scale that was twice that of any previous harvest. It involved more than 320 square metres of crop, with the high-quality dry flower yield also 17% ahead of target. The crop area harvested equated to an annualised production level of eight tonnes.

28 July 2023
Cann raises $4.46 million via non-renounceable rights offer

In late July, Cann confirmed the Company had raised $4.46 million via non-renounceable rights offer that was first announced on June 15, 2023. The key objective of the offer was to raise the required additional capital to fund the Company’s accelerated growth initiatives and to realise the significant increase in production.

28 August 2023
Cann releases FY23 results

Cann reported revenue from sales of $13.78 million, representing a 115% increase on the previous corresponding period. Total revenue for the 2023 financial year was $21.68 million. The Company reported an operating loss after tax of $33.79 million. CEO, Peter Koetsier, held an investor webinar to present these details to shareholders.

28 August 2023
Dr Julian Chick appointed as Chairman

On August 28, Chairman, Allan McCallum, retired from the board, with Dr Julian Chick to replace him effective immediately. Allan McCallum was involved with the Company’s board for nine years, while Dr Chick was appointed to the board in October 2022.

20 September 2023
Cann signs variation agreement with Levin for additional products

Following the earlier announcement on June 20, Levin committed to purchasing additional flower products from Cann to the value of $1.58 million from September 1 to December 31, 2023. This would see Cann provide a total of $2.29 million in flower products to Levin for this period, as well as oil products to the value of $0.85 million.

29 September 2023
Last build contractor granted practical completion

Practical completion for the last build contract was certified at the Mildura facility, marking a key milestone as all equipment was confirmed to be operational.

17 October 2023
Cann receives $3.484 million R&D tax rebate

On October 17, Cann announced it had received a $3.484 million R&D tax incentive rebate for the 2023 financial year. The rebate relates to eligible R&D activities conducted by Cann, with the funds to be reinvested into the development of the Company’s cultivation and manufacturing capabilities.

26 October 2023
Cann hosts its 2023 AGM

Cann hosted its 2023 AGM on October 26 at the William Buck offices in Melbourne CBD.

20 November 2023
First hang dry crops packed, all grow zones online

November 15 saw the Mildura team pack hang-dried crops for the first time. Additionally, on November 20, all three grow zones at the facility were brought online.

30 November 2023
Mildura facility exceeds monthly target

The November harvest at the Mildura facility saw yield numbers exceed the monthly production target for the first time – and by a considerable margin too.