Cann Group to raise $24m, Mildura expansion funding still in limbo

Cann Group to raise $24m, Mildura expansion funding still in limbo

One of Australia's leading cannabis companies is issuing new shares at a 51.2 per cent discount to raise $24.3 million for working capital. Cann Group, which was the nation's first to receive medicinal cannabis production and research licenses, will raise capital at 40 cents per share including a $14.3 million placement that has a...

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Michael Hill sales plunge 61 per cent

Michael Hill sales plunge 61 per cent

A staggered reopening of stores in May was unable to help Michael Hill (ASX: MHJ) claw back an $81 million decline in sales due to closures in response to COVID-19. The $52 million revenue figure for the fourth quarter represents a 61 per cent decline year-on-year, following on from an 11.9 per cent drop in the third quarter whe...

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Zip Co seals record quarterly revenue

Zip Co seals record quarterly revenue

Zip Co (ASX: Z1P) CEO Larry Diamond (pictured) says the fintech's business model has proved "extremely resilient" through the COVID-19 pandemic, achieving record revenue of $46.4 million in the fourth quarter of FY20. This represents a 72 per cent year-on-year rise, compared to a 91 per cent jump in revenue overall for the f...

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Afterpay taps Apple Pay and Google Pay for in-store transactions

Afterpay taps Apple Pay and Google Pay for in-store transactions

In a sign of Afterpay's (ASX: APT) growing success in the United States the buy-now pay-later (BNPL) giant has linked up with Apple Pay and Google Pay for in-store payments. The deals will allow Afterpay's users in the US to buy items in-store simply by tapping their Apple or Android phones at the POS terminal, removing yet anothe...

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MGC Pharma receives cannabis research permit for cancer testing

MGC Pharma receives cannabis research permit for cancer testing

One of Australia's top cannabis companies has today received a Cannabis Research Cultivation Permit, allowing the company to commence testing the effects of cannabis on cancer cells. MGC Pharma (ASX: MXC) will now be able to proceed with botanical research projects in collaboration with RMIT University which includes cultivating and b...

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Catalano improves his offer for Keybridge shares

Catalano improves his offer for Keybridge shares

Prominent Australian businessman Antony Catalano (pictured) has increased his bid for 16 million Keybridge (ASX: KBC) shares allegedly "improperly" transferred to Wilson Asset Management Active (ASX: WAA), doubling the premium previously offered. Catalano now hopes to buy shares back from shareholders who accepted into a takeove...

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Plans for a second casino on the Gold Coast cancelled

Plans for a second casino on the Gold Coast cancelled

Negotiations between the Queensland Government and resort operator The Star Entertainment Group (ASX: SGR) have concluded, with the pair deciding to ditch plans for a second casino on the Gold Coast. Queensland State Development Minister Kate Jones says there was no demand for a second casino from taxpayers. "Through the exclusiv...

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Creso Pharma secures $900k medicinal cannabis order

Creso Pharma secures $900k medicinal cannabis order

Mernova Medicinal Ltd, a wholly-owned subsidiary of Creso Pharma Limited (ASX:CPH), has received a US$625,000 (AUD$901,000) purchase order for its premium, cured and hand-trimmed dried medicinal cannabis flower. The order from Univo Pharmaceuticals Ltd (TLV: UNVO) is Mernova's second wholesale purchase order from Univo, after a C$775k...

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Australia's top 20 cannabis companies

Australia's top 20 cannabis companies

Let's not beat around the bush. The last 12 months have been nothing short of a rollercoaster ride for cannabis investors, as oversupply and quality problems in North America sent shares in the industry plunging and dragged ASX-listed stocks down with them. In this list, last year's number one Elixinol is now in 13th position. Cre...

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Longtable serves up healthy earnings growth

Longtable serves up healthy earnings growth

Food and dairy producer Longtable (ASX: LON) has defied the COVID-19 economic downturn to post EBITDA growth of $5.3 million in FY20. The company, which operates celebrity chef Maggie Beer's beloved food brand and dairy producers Paris Creek Farms and Saint David Dairy, says success in FY20 was driven by strong sales in May and June. ...

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Treasury Wine Estates earnings turn sour as COVID-19 hits

Treasury Wine Estates earnings turn sour as COVID-19 hits

COVID-19 has had a significant impact on Treasury Wine Estates' (ASX: TWE) earnings in FY20 across all geographies with a particularly harsh decline in the Americas. For the full year TWE, the company behind wine brands like Penfolds, 19 Crimes and Wolf Blass, expects EBITS to be between $530 million and $540 million, a decline agains...

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MGC Pharma bags vital medicinal cannabis import licence

MGC Pharma bags vital medicinal cannabis import licence

Medicinal cannabis producer and developer MGC Pharma (ASX: MXC) will see its logistics processes streamlined following the granting of a new import licence. Issued by the Australian Office of Drug Control (ODC) the import licence will enable MGC to directly import Schedule 4 (prescription only medicine) and Schedule 8 (controlled drugs) m...

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Ford distribution centre to be built in Merrifield, Dexus acquires site

Ford distribution centre to be built in Merrifield, Dexus acquires site

Ford Australia has announced today it will open a new automotive parts distribution centre at Merrifield Business Park in Melbourne in late 2021, joining a network of businesses including Dulux, D'Orsogna and Steritech. Developers MAB and GPC have confirmed the company signed a 10-year pre-lease for a 51,480m2 facility,...

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Afterpay to raise $800m as co-founders cash in

Afterpay to raise $800m as co-founders cash in

Buy-now pay-later (BNPL) giant Afterpay (ASX: APT) will ride significant FY20 sales growth with an $800 million capital raise. The company's founders Anthony Eisen (pictured left) and Nicholas Molnar (pictured right) have also decided to sell down 2.05 million shares each, representing 10 per cent of their respective holdings in After...

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ASIC grants Wilson permission to proceed with Keybridge takeover

ASIC grants Wilson permission to proceed with Keybridge takeover

The Australian Securities and Investment Commission (ASIC) has greenlit Wilson Asset Management's (ASX: WAM) attempt to take over Keybridge Capital (ASX: KBC) after Takeovers Panel proceedings delayed the bid. As such, WAM Active's takeover bid to acquire all KBC shares for 6.9 cents per share (a 29 per cent premium) can now go ah...

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Virgin Australia bondholders cry foul over Bain Capital takeover

Virgin Australia bondholders cry foul over Bain Capital takeover

Two large unsecured creditors of Virgin Australia (ASX: VAH) have called on the Takeovers Panel to intervene in the acquisition of the airline from US-based Bain Capital, describing the sale process undertaken by Deloitte as "unacceptable". Bondholders Broad Peak Investment Advisers and Tor Investment Management, from Singa...

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Lovisa reopens stores but exits Spanish market

Lovisa reopens stores but exits Spanish market

Jewellery retailer Lovisa (ASX: LOV) has now reopened the vast majority of stores worldwide following closures sparked by the COVID-19 pandemic, but strained relationships with landlords has led to an exit from Spain. There are now 434 Lovisa stores worldwide including franchises that are trading, compared to 449 in March before shutdowns...

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FDA approves four new Cochlear products

FDA approves four new Cochlear products

The US Food and Drug Administration (FDA) has approved four new products from hearing implant technology company Cochlear (ASX: COH), enabling smartphone connectivity for users, while clinicians and surgeons will benefit from new software and tools.  The Sydney-headquartered company plans to commercially release the new products in t...

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Alterity Therapeutics market cap skyrockets from $18m to $333m in one day

Alterity Therapeutics market cap skyrockets from $18m to $333m in one day

Update 2 July, 2020: After this story was published, Alterity Therapeutics announced the proposed issue of more than 47.6 million shares at around 3.3 cents each. ATH shares then plunged from close to 40 cents each down to 15 cents before the market closed, and on the morning of 2 July they dropped a further 54 per cent down to 7.6 cents each...

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AMP completes sale of life insurance business for $3 billion

AMP completes sale of life insurance business for $3 billion

AMP (ASX: APM) will exit the life insurance business after 170 years after completing the sale of AMP Life to New Zealand-based Resolution Life. The total proceeds of the sale come to $3 billion including $2.5 billion in cash and a $500 million equity interest in holding company Resolution Life Australia. The company expects the net p...

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