Medical marijuana maker R&D tax break as CEO steps down

Australian medical marijuana manufacturer Cann Group has received a $4.3 million tax incentive rebate for its R&D into medicinal cannabis.

The rebate relates to its in-house research activities as well as activities conducted through its work with key partners.

This work includes recent clinical trials of its low-dose CBD capsules’ efficacy in reducing short-term sleep disturbance.

It comes as chief executive Peter Crock announced his resignation and follows the resignation and the company secretary earlier this month and a director the previous month.

Crock was with the company prior to its listing in 2017.

“Much has been achieved over recent years, with the establishment of our state-of-the-art manufacturing operations, key regulatory approvals, the development of our Satipharm delivery technology and a world class plant breeding and genetics program,” Crock said in the wake of his announcement.

“The focus now is on ramping up our commercial operations as we look to capitalise on these assets.”

Crock will remain in the role until a new CEO is appointed. The company has already begun a search for its new chief executive.

Cann Group was the first company to be issued with a Cannabis Research Licence by the Australian government’s Office of Drug Control, and the first to produce Australian-grown cannabis for medical purposes.

It develops and supplies cannabis, cannabis resin and medical cannabis products, and has a cultivation factory in Mildura, Victoria.

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