AC8 6.25% 15.0¢ auscann group holdings ltd

No. 6 (with a bullet!)

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    Number 6 of the top 20 cannabis companies on the ASX. It's measured by market cap which is fair enough I suppose. It shows the lack of action across the sector IMO and it also shows that @seahunt and @Rockfall speak fluent arse.

    6. AusCann Group (ASX: AC8)

    Head office: Perth
    Official Listing date: 3 Feb 2017
    2018 position: 6
    Market Cap: $47.56m

    Just as the company was launching its hard-shell capsules to market, kicking off clinical evaluations and nestling into a new nationwide storage and distribution partnership, AusCann announced the surprise resignation of its CEO Ido Kanyon in May.

    Kanyon cited personal reasons for his departure, just 12 months after joining the team from US-based Teva Pharmaceuticals.

    He is expected to leave for good within the next four months and is sharing leadership responsibilities with non-executive director Dr Marcel Bonn-Mill in the meantime.

    His exit means that by the December quarter AusCann will have a new CEO in addition to its relatively new chairman Max Johnston who started in January, as well as chief medical advisor Dr Marc Russo who came on board in March.

    This chief medical advisor role is very important for companies like AusCann as they engage in outreach to make it easier for doctors to prescribe medicinal cannabis.

    In Russo's case, the medical outreach program will expand to include peer-to-peer education, guidance for clinical evaluation and the sharing of clinical best practice.

    The aim is that these engagements will be supported by hard science explaining the medical effects of AusCann's unique form of hard-shell CBD (cannabidiol) capsules.

    On 28 April, the company announced recruitment had been completed and clinical evaluations had begun independent clinic Nucleus Network, exploring the pharmacokinetics of AusCann's capsules in healthy volunteers.

    "We are very excited to be progressing this important study to provide evidence-based information to medical professionals about our unique hard-shell capsule," Kanyon said when the trial commenced.

    "This is the first of many studies planned by AusCann to better understand and prove the benefits of using controlled dose medicinal cannabis for medical treatment."

    Pending any issues with COVID-19, the study is expected to be finished by the end of the year, at which point an exclusive storage and distribution agreement with national pharmaceuticals provider Clifford Hallam Healthcare (CH2) will be valid for another two months until February 2021.

    There is, however, an option to extend the agreement, which earlier this year replaced a previous arrangement with Australian Pharmaceutical Industries Limited (API).

    AusCann is 13 per cent owned by North American cannabis industry giant Canopy Growth Corporation, and as at 31 March it had $24.7 million in cash as well as no debt.

    A $1.2 million boost from the Australian Government's Research and Development Tax Incentive Program meant its net cash outflows for the March quarter stood at $1.4 million.

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