Despite the market sinking lower, the Cann Group Ltd (ASX: CAN) share price is having a positive end to the week.
In afternoon trade the pot stock is up almost 9% to 68 cents.
Why have its shares jumped?
This morning the medicinal cannabis company released its quarterly update.
Investors appear to have been pleased with management’s outlook for the next three months.
According to the release, Cann Group will harvest its first plant material from cultivation at its Southern facility in August.
Propagation is underway for the next batch of plants to go into production, and the stock of mother plants has been increased in preparation for expanded grow room capacity.
Furthermore, the company has continued preparations for its expansion into the Northern facility, which will have a larger cultivation and production capacity.
Cann Group finished the quarter with a cash balance of approximately $14 million and forecast cash outflows of $1.6 million during the next quarter.
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