Cann Group has been tanking big time in the last four months. Down from $2.20 back in early August to a low of 55.5c today. It’s looking very, very sick indeed.
The last couple of Quarterly’s have been bad, with operating losses of $14.87 million and $17.66 million respectively. With less than $25 million in the bank and estimated cash outflows in the current Quarter of $13.76 million, it could be all over for CAN Group by mid next year. It’s all looking a bit grim to be honest.
A bit of panic over at HC about this one. I think a lot of punters got caught up in it and didn’t sell. Lots of talk about it bouncing back, but given the current rate of cash burn, I just can’t see how it can be turned around in time.
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