Thursday, April 25, 2024

Rua lays out cannabis commercialisation

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East Coast medicinal cannabis company Rua Bioscience made a loss before tax of $6.17 million in the year to June 30, its first annual result since listing last October. It invested $1.9m in research and development and received a tax credit of $1.75m, therefore recording a net loss after tax of $4.42m.
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East Coast medicinal cannabis company Rua Bioscience made a loss before tax of $6.17 million in the year to June 30, its first annual result since listing last October.

It invested $1.9m in research and development and received a tax credit of $1.75m, therefore recording a net loss after tax of $4.42m.

After raising $20m with the initial public offering, Rua had $16.4m in cash and investments, and valued its investments in property, plant and equipment at $6.17, bringing total assets to $28.8m.

Rua has a cannabis cultivation centre at Ruatoria and an extraction and processing plant in Gisborne.

Its development plan is aimed at commercialisation of medicinal cannabis in FY22 and initial revenue through exports of pharmaceutical-grade cannabis flower to Germany and the first products for NZ patients.

Discussions continue with potential grower partners to expand cultivation capacity and increase biomass supplies.

Alongside the cultivation and processing, Rua is investing in hyperspectral imaging for testing and qualifying cannabis products it believes will lead to an agritech export opportunity.

Last October it became the first NZX-listed company to be based in Tairāwhiti and the first founded by a Māori community.

It issued 40m shares at 50c in addition to its existing 100m shares and in recent months shares have traded around 40c.

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