Manufacturer and supplier of medical cannabis Cann Group has received a $4.3 million Research and Development Tax Incentive Rebate for fiscal year 2022.
In a press release, the Cann Group said it will reinvest the funds to further develop its end-to-end capabilities of cultivating and manufacturing GMP-grade medicinal cannabis products.
The rebate relates to eligible R&D activities conducted by Cann, including the company’s in-house research as well as its strategic partnerships with key research partners.
The federal government’s R&D Tax Incentive program provides companies with a tax offset for eligible R&D activities.
“We continue to make strategic investments in scientific research and development, such as our Phase III clinical trial and accelerated plant breeding program,” said Peter Crock, Cann’s chief executive officer.
“The R&D tax incentive program is a great enabler of this work, which directly benefits both patients and our shareholders,” he added.
