The Australian Securities Exchange halted trading of Cann Group Limited’s shares after the company’s auditor flagged concerns over financing and the cannabis producer’s first-half operating loss.
Cann Group reported an operating loss of 14.3 million Australian dollars ($9.5 million) for the first half ended Dec. 31, 2023, which was a 24% improvement compared with a first-half loss of AU$18.8 million the previous year.
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However, auditor William Buck Audit (Vic) Pty noted that the Melbourne, Victoria-based company was unable to confirm financial commitments to provide sufficient funding to support the group as a going concern.
“We have been unable to obtain alternative evidence which would provide sufficient appropriate review evidence as to whether the Group may be able to obtain such financing, and hence
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