Canaan Inc.

ANNUAL  
REPORT
2024


CONTENTS
Letter from the Chairman and Chief Executive Officer
02
FY2024 Highlights
04
Directors’ report
07
Auditor’s Independence Declaration
25
Consolidated Statement of Profit or Loss and Other 
Comprehensive income
26
Consolidated Statement of Financial Position
27
Consolidated Statement of Changes in Equity
28
Consolidated Statement of Cash Flows
30
Notes to the Consolidated Financial Statements
31
Consolidated Entity Disclosure Statement
61
Directors’ Declaration
62
Independent Auditor’s Report
63
Corporate Governance Statement
70
Shareholder Information
71
Corporate Directory
73
Cann Group  |  Annual Report FY2024    1

Dear Shareholders, 
The 2024 financial year has 
been marked by a significant 
transformation, characterised by 
a contrasting two halves. In the 
first half of the year, the primary 
focus was on ramping up 
production capabilities at 
Mildura. By the second quarter, 
the Company achieved a 
milestone of continuous month-
on-month production, with 
approximately 2 tonne of dried 
flower produced for the quarter, 
translating to an annualised 
production of around 8 tonnes.
This production boost translated 
into robust revenue growth for 
the first half-year, which surged 
by 46% compared to the same 
period last financial year 
(FY2023). This increase was 
largely driven by the expansion 
of white label contracts for dried 
flower products. Additionally, the 
first half saw the successful re-
launch of the Company's 
proprietary brand, Botanitech, 
into the market.
However, this rapid expansion 
required significant investment, 
particularly in contract labour 
and facility running costs, which 
was largely financed through 
increased borrowings from the 
NAB. This elevated debt profile 
ultimately led to the Company 
breaching its gearing ratio 
covenant for the December and 
March quarters. This, together 
with the resulting higher cost 
base, contributed to the 
Company’s auditors issuing a 
disclaimer on the Company’s 
half-year results. This disclaimer 
triggered the suspension of the 
company’s shares from 
quotation on the ASX on 1 
March 2024.
During the subsequent 3-month 
period whilst in suspension, the 
Company faced many 
challenges, including the loss of 
sales momentum and increased 
caution from suppliers regarding 
credit terms. The focus shifted 
to securing new financing, 
managing supplier relationships, 
restructuring the cost-base, and 
driving efficiency improvements 
to achieve a leaner operation.
In the fourth quarter, the 
Company successfully secured 
new debt financing, realised 
proceeds from asset sales, and 
re-released its half year results 
without an auditor’s disclaimer. 
The Company was then able to 
demonstrate to the ASX that it 
could meet the required listing 
criteria, leading to the 
resumption of share trading on 4 
June.
Despite these challenges, the 
Company achieved a 12% 
increase in revenue and a 
notable improvement (i.e. 
reduction of loss) in EBITDA of 
24.1% compared to FY2023.
In response to the challenges 
faced, the Company has reset its 
strategy with a firm focus on 
achieving profitability. This will 
be pursued through three clearly 
defined steps:
1. Production goals: Production 
of at least 6-7 tonne per annum 
of dried A-grade flower in r
LETTER FROM
THE CHAIRMAN & 
CHIEF EXECUTIVE 
OFFICER
Dr Julian Chick
Chairman
Jenni Pilcher
Chief Executive Officer 
& Managing Director
2 
Cann Group  |  Annual Report FY2024

FY2025, increasing to 10 tonne. 
Further expansion beyond this is 
possible with additional investment.
2. Brand development: 
Drive demand for Cann’s 
Botanitech brand sales via product 
range expansion and investment 
into business development 
executives and account managers.
3. Cost management:
Maintain tight cost control and 
robust financial oversight.
In addition to the above, the 
Company will continue to evaluate 
its funding requirements and 
pursue debt restructuring options.
We firmly believe the above 
strategy is readily able to be met, 
and a worthwhile investment, given 
the increasing size of the medicinal 
cannabis market, both here in 
Australia and internationally. 
Medicinal cannabis is increasingly 
being used for treating a wide 
range of conditions such as chronic 
pain, epilepsy (particularly in 
paediatric cases), multiple 
sclerosis, nausea related to 
chemotherapy, anxiety, and sleep 
disorders. Innovation in product 
development (such as edibles) is
helping to ensure medicinal 
cannabis is more accessible and 
well-suited to individual needs. In 
addition, patients are switching 
from non-medicinal to medicinal 
products for better quality and 
consistency. Here at Cann, we 
believe we are well positioned to 
take advantage of such a market.
We would like to take this 
opportunity to express our 
gratitude firstly to our Cann 
employees. Your patience, 
dedication and understanding this 
past year has been invaluable to 
the Company. And to our 
shareholders and stakeholders, 
thank you for your unwavering 
support during what has been a 
challenging year. We look forward 
to delivering on our strategy and 
reporting back to you through-out 
FY2025.
Dr Julian Chick
Chairman
Jenni Pilcher
Chief Executive Officer & 
Managing Director
“In recent months, the Company has right-sized its 
operations and achieved significant efficiencies and 
cost savings. We are now poised to accelerate 
production scale via automation and process 
improvement and maximise sales via our Botanitech 
brand, with the product range set to expand next 
month. In conjunction with the production and 
commercial efforts, we will be firmly focused on 
ensuring the Company has the right financial foundation 
to position it for success in FY2025 and beyond.”
Cann Group  |  Annual Report FY2024    3

FY2024 HIGHLIGHTS
4    Cann Group  |  Annual Report FY2024

REVENUE
PRODUCTION
EBITDA LOSS
OPERATING EXPENSE RATIO
FY2024 HIGHLIGHTS
$15.73M
($13.2M)
4.4 TONNES
128%
Cann Group  |  Annual Report FY2024     5
24.1% IMPROVEMENT YOY
10% POINTS IMPROVEMENT YOY 
 11.6% YOY
 100% YOY


DIRECTORS’ 
REPORT
30 JUNE 2024
The Directors present their report, together with the financial statements, on the consolidated entity (Group or 
“Cann”) consisting of Cann Group Limited (Company or parent entity) and the entities it controlled at the end of, or 
during, the year ended 30 June 2024.
Information on Directors
The names and details of the Directors in office during the year and until the date of this report are as follows. 
Directors have been in office for this entire year unless otherwise stated. Shareholdings are current as at the date of 
this report.
Name
Dr Julian Chick
Title
Non-executive Chairman
Experience & 
expertise
Julian has over 25 years of experience in the biotechnology and medical technology sectors, as 
well as in investment banking. He has worked with both public and private companies, bringing 
a number of technologies through from discovery to market, as well as experience in capital 
raisings, company restructuring, licensing, business development and M&A transactions. He has 
a Bachelor of Science and PhD in Physiology from La Trobe University and Oxford University. 
Julian has held senior executive roles and directorships at several Australian and international 
life science companies, both listed and private, including Avexa Ltd (ASX:AVX), Opyl Ltd 
(ASX:OPL), Admedus Ltd (ASX:AHZ) and LTR Pharma (ASX:LTP).
Tenure
Director since 26 October 2022. Appointed Chair of the Board on 28 August 2023. 
Other current 
directorships
LTR Pharma (ASX:LTP)
Former directorships 
(last 3 years)
Opyl Ltd (ASX:OPL) (resigned 13 February 2023)
Special 
responsibilities
Member of Audit and Risk Committee (from 15 December 2022) and Chair of Remuneration 
and Nomination Committee.
Interests in shares
250,000 fully paid ordinary shares
Name
Jennifer Pilcher
Title
CEO & Managing Director 
Qualifications
Chartered Accountant (CA) and Bachelor of Business Studies (Major Accounting)
Experience & 
expertise
Jenni has many years’ senior executive experience for ASX-listed companies in the medical 
and biotechnology sectors and was most recently Chief Financial Officer (CFO) and Company 
Secretary of Whispir Ltd (ASX:WSP), a technology company specialising in messaging platform 
software. She has been CFO and Company Secretary of medical imaging software company 
Mach7 Technologies Ltd (ASX:M7T), and biotechnology company’s Alchemia Limited 
(ASX:ACL) and Mesoblast Limited (ASX:MSB). She has also held senior finance roles at 
ASX200 company Spotless Group, Cadbury Schweppes plc, and international pharmaceutical 
group Medeva plc., based in London, UK. Jenni is a member of Chartered Accountants 
Australia & New Zealand; a Graduate of the Governance Institute of Australia; and has a 
Bachelor of Business Studies (majoring in accounting) from Massey University in New Zealand.
Tenure
Director since 8 September 2020. Formally appointed CEO & Managing Director 1 April 2024
Other current 
directorships
n/a
Former directorships 
(last 3 years)
n/a
Special 
responsibilities
Member of Remuneration and Nomination Committee.
Interests in shares
330,500 fully paid ordinary shares
Cann Group  |  Annual Report FY2024    7
DIRECTORS’ 
REPORT
30 JUNE 2024

DIRECTORS’ 
REPORT
30 JUNE 2024
Name
Douglas John Rathbone AM
Title
Non-executive Director
Qualifications
FATSE, FI ChemE, ARMIT B Comm, TTC
Experience & 
expertise
An experienced public company director, he is the former Managing Director and CEO of 
Nufarm Limited (ASX:NUF) from 21 August 1987 to 4 February 2015. He is Chairman of the 
Rathbone Wine Group, Director of Cotton Seed Distributors, Go Resources and AgBiTech. He 
is also a Chairman of Health Food Holdings and Delta Agribusiness Pty Ltd. Doug is an 
Honorary Life Governor of the Royal Children’s Hospital. He is President of My Room
Children’s Cancer Charity Limited and founder of Children’s Cancer Foundation. Doug brings 
to the board experienced management and corporate governance skills together with a 
passion to grow the business.
Tenure
Director since 16 March 2015
Other current 
directorships
n/a
Former directorships 
(last 3 years)
Leaf Resources Ltd (ASX:LER) (resigned 6 March 2023)
Special 
responsibilities
Member of Audit and Risk Committee and Remuneration and Nomination Committee.
Interests in shares
3,596,185 fully paid ordinary shares
Interests in options
82,758 unlisted options exercisable at 22 cents on or before 1 February 2025 
Name
Robert Barnes
Title
Non-executive Director
Experience & 
expertise
Robert is an experienced senior executive who has delivered extensive leadership and 
operational outcomes across a wide variety of healthcare industries, including pharmaceutical, 
nutraceutical, infant formula, consumer, medical devices, and diagnostics. He has an applied 
science degree in Medical Science, a MBA, and is a Graduate of the Australian Institute of 
Company Directors. Having worked both globally and in Australia in leading commercial 
healthcare organisations, he brings substantial and diverse commercial and scientific 
understanding to the Company. Robert has held senior executive roles at several 
pharmaceutical and consumer healthcare entities including Aspen Pharmacare Australia Pty 
Ltd, Sanofi Australia, and Mayne Group. Mr Barnes has also served on the board of the peak 
OTC industry body being Consumer Healthcare Products Australia. He has experience in the 
medicinal cannabis sector, being a former member of the advisory board to Leafcann Group 
Pty Ltd. 
Tenure
Director since 20 September 2022
Other current 
directorships
n/a
Former directorships 
(last 3 years)
n/a
Special 
responsibilities
Chair of Audit and Risk Committee and member of Remuneration and Nomination Committee.
Interests in shares
200,000 fully paid ordinary shares
Allan McCallum AO retired as a director (and Chairman) on 28 August 2023.
8 
Cann Group  |  Annual Report FY2024

Dividends
There were no dividends paid, recommended or declared during the current or previous financial year. 
Principal activities 
The principal activities of the Group during the year consisted of cultivation of medicinal cannabis for both 
medicinal and research purposes pursuant to the licences and permits issued to the Group and the development 
and manufacture (via third party arrangements) of finished product formulations. 
Review of operations 
Key financial metrics 
Cann Group  |  Annual Report FY2024    9
EBITDA and Loss from operations 
Earnings before interest, tax, depreciation, and amortisation (“EBITDA”) excluding loss of on fair value charges, 
has improved by $4.20 million, or 24.1%, over the PCP to -$13.20 million. This improvement can largely be 
attributable to a reduction in direct production costs of $2.92 million (19.3%) as a result of production becoming 
more efficient as the Mildura facility scales up, and an increase of sales of $1.59 million (discussed below). 
The loss after tax for the year has increased by $17.45 million, or 51.6%, over the PCP to $51.26 million. This 
result has been heavily impacted by a write down of the fair value of the Group’s property, plant and equipment 
at its Mildura facility of $20.13 million. This adjustment brings the associated property, plant and equipment 
carrying value to $76.44 million as at 30 June 2024, which aligns to the “value-in-use” as determined by an 
external property valuation firm on 24 June 2024. 
Sales revenue 
Sales revenue increased by $1.59 million to $15.37 million for the year ended 30 June 2024 (30 June 2023: 
$13.78 million) representing an 11.6% increase to the prior corresponding period (“PCP”). 
Sales growth is attributable to dried flower sales increasing by 49% over the PCP to $8.69 million, largely through 
the Cann’s own-brand “Botanitech” sales which have grown 87% over the PCP to $2.26 million. In addition, bulk 
dried flower sales contributed $1.67 million to sales revenue this year (2023: $0.35 million) reflecting the increase 
in production over the prior year (discussed below). 
Name
Steven Notaro
Title
Company Secretary
Experience & 
expertise
Steven Notaro is the Head of Legal and Regulatory Affairs, and Company Secretary at Cann Group. 
He is a qualified lawyer, with a background in contract law, intellectual property, consumer law and 
corporate law.  
Steven joined Cann Group in 2014, where he assisted in the early establishment of the business, 
including the listing of the Company on the ASX and the granting to Cann of the first medicinal 
cannabis licence issued in Australia under the Narcotic Drugs Act. 

Oil sales have fallen by 29% over the 
PCP to $4.93 million, mostly attributable 
to white label sales as the market 
generally was shifting towards dried 
flower, combined with much cheaper oil 
products available via imports. 
Contract packing services is a new 
services revenue line for Cann, 
launched in June 2023, which has 
contributed $1.19 million to sales 
revenue in the current year.
DIRECTORS’ 
REPORT
30 JUNE 2024
10 
Cann Group  |  Annual Report FY2024
Manufacturing and cultivation 
Production output at Mildura for the year ended 30 June 2024 was 4.43 tonnes (30 June 2023: 2.2 tonnes). 
The production schedule for the year was closely attuned to demand for dried flower product. Completion of the 
move to hang drying flower was completed with positive feedback from the market of the improved consistency of 
trim quality. Whilst hang drying accounts for nearly all drying, tray drying also remains an option for international 
markets that require it. 
Labour costs were reduced significantly in the second half of the financial year with a greater focus on lean 
manufacturing principles to eliminate waste. A focus on multiskilling the workforce and reducing numbers in 
middle management were contributors to the reduction. 
Close attention was paid to evaluating new cultivars with the desired traits of THC level and terpene profile. 
Several new cultivars have been identified as commercially viable and now form part of the extended patient 
offering. 
The introduction of fresh genetic stock propagated through tissue culture techniques was introduced. Benefits 
include improved plant health and vigour as well as a reduction in the viral and bacterial pathogen load on mother 
plants. 
Separating different flower size and packaging it accordingly has enabled the business to provide a range of high-
end craft type flower as well as a Value range to meet different price points and patient needs. 
The business continues to offer contract packing services for a range of customers. This leverages Mildura’s state 
of the art laboratory facilities and GMP accreditation providing an alternative source of revenue. 
Commissioning of new automated jar filling equipment to reduce labour costs further commenced. Greater 
efficiencies due to labour saving and accuracy of fill are expected to be realised in Q1 2024/25. 

Research and development 
Cann has continued to identify and develop new cultivars with a pipeline of unique lines progressing through a 
phased development program that will ultimately allow selection of elite commercially viable lines with top 
production traits and customer desirables. This year we have evaluated 360 lines from 37 families and selected 31 
new lines for further assessment at our Mildura facility. The first of these new, elite lines will be in commercial 
production in the second half of 2024 with a plan to continue to advance more over the coming 12 months. 
A small Phase 1 pharmacokinetic study of oral administration of Cann’s CBD formulations showed the maximum 
concentration (Cmax) delivered by Cann’s Satipharm capsules was around 3 times greater than that of the 
reference CBD oil, and this was achieved after 1.8 and 2.4 hours respectively – compared to 6.6 hours for the oil. 
This study will inform decision making by healthcare practitioners and improve treatment options for patients. 
Production of THC containing Satipharm capsules progressed with assessment of novel colorants and THC 
containing resin. The data from these trials has allowed Cann to more precisely target key customer requirements, 
as well as building a high level of confidence in the formulation of products with multiple actives. 
Micro propagated plantlets from tissue culture were successfully transferred to the Mildura facility and developed 
into healthy, viable motherplants. This development will allow for replacement of motherplants from a sterile 
source and will also reduce the footprint required to maintain and replenish motherplants. 
Funding 
Equity and debt funding 
On 28 July 2023, the Company announced that it had raised $4.46 million in a non-renounceable rights issue, 
which was first announced on 15 June 2023. The offer, which was intended to raise approximately $11.7 million, 
had two components: 
1.
an entitlement offer which provided Eligible Shareholders with the opportunity to subscribe for one (1) new 
share for every four (4) existing shares held at $0.12 (12 cents) per share with one (1) free attaching option 
for every two (2) shares subscribed for and issued, with an exercise price of $0.22 (22 cents) per share and 
an exercise period of 18 months.
2.
Cann also offered Eligible Shareholders who subscribed for their full entitlement under the Entitlement Offer 
the opportunity to increase their shareholding in the Company should there be any shortfall under the 
Entitlement Offer.
On 21 November 2023, the Group announced that it raised A$2 million via entry into a convertible securities 
facility (Facility) with Obsidian Global GP, LLC (Obsidian). The funds raised provided working capital to assist the 
Company in achieving its strategic investment in expanding GMP manufacturing capabilities at Mildura. The Group 
will have access to further drawdowns of up to A$13.00 million in total (with no one drawdown being more than 
A$3.00 million), subject to agreement between the parties. Under the facility, Cann issued Obsidian with 1,322,200 
securities (“Notes”) convertible into fully paid ordinary shares (Shares) in the Company in accordance with the 
terms and conditions of the Facility. As at the date of this report, Obsidian have converted 585,000 Notes into 
34.02 million Shares. There is a balance of 737,200 Notes outstanding. 
On 7 May 2024 the Group announced it has executed a facility agreement with a prominent Australian private 
credit fund to provide a secured debt facility of $5.00 million (Facility). The full $5 million has been drawn down in 
one lump sum and funds were received (Principal). The Principal is subject to 15% interest per annum, payable 
monthly in arrears, and the Facility has a maturity date of 6 May 2025. The Facility is secured over Cann’s Mildura 
property as a second mortgage behind the National Australia Bank (NAB). In addition to the monthly interest, the 
Facility has an upfront fee of 3% of the Principal, $65,000 work fee, and a 1% broker fee, together with customary 
legal costs. 
R&D funding 
On 17 October 2023, Cann Group received a $3.43 million R&D tax incentive rebate for the 2023 financial year, 
related to eligible R&D activities. 
Cann Group  |  Annual Report FY2024    11

Sale of assets
On 18 March 2024, the Group announced it had reached terms with Biortica Agrimed Ltd (Biortica) for the sale of 
a range of equipment surplus to Cann’s needs for $1.70 million (excluding GST). The full amount from this sale 
was received by 30 June 2024. 
On 22 March 2024, the Group announced it had received the final payment of $1.90 million from SatiVite Pty Ltd 
for the sale of assets at its formerly owned Southern cultivation and manufacturing facility. 
Business risks
Cann Group Limited's operating and financial results and performance are subject to various risks and 
uncertainties, some of which are beyond the Company's control. Set out below are matters which the Group has 
assessed as having potential to have material impact on its operating and/or financial results and performance 
•
Agricultural risks: Risks inherent with agricultural businesses apply to Cann’s business, including lower than 
expected yields, disease, mould and insects and other pests. Since commissioning Mildura Cann has focussed 
on continually improving its cultivation processes to ensure that the Company is able to continually produce 
high quality flower products to meet the needs of its customers.
•
Production risks: Cann’s ability to produce cannabis and manufacture cannabis products, and to increase its 
production in the future, may be adversely impacted by a number of production factors, including plant design 
errors, non-performance by third party contractors, increases in materials or labour costs and/or limits on 
availability of materials or labour, production performance falling below expected levels of output or efficiency, 
human error, the agricultural factors described above, contractor or operator errors, breakdowns, aging or 
failure of equipment or processes, labour disputes, any rise in energy and utilities costs and limits on availability 
of such utilities.
•
Funding risks: The failure to raise the necessary funding, whether as debt or equity, could result in the delay 
or indefinite postponement of Cann's business expansion. There can be no assurance that additional funding 
or other types of financing will be available if needed or that, if available, the terms of such funding will be 
available on favourable terms. In addition, debt funding may materially increase Cann’s debt levels and 
gearing. This may increase Cann's funding costs, reduce its financial performance and increase the risk of 
Cann being in default or being unable to pay its debts when due in the future.
•
R&D funding: An important source of funding for Cann is the R&D tax refund it receives each year. There can 
be no assurance that the R&D tax refund scheme will remain in place, or that Cann will continue to be entitled 
to access it in the future. Therefore, if Cann were to not receive an R&D tax refund, this would negatively 
impact Cann's financial performance as well as increase its working capital requirements, potentially causing it 
to seek additional funding.
•
Operating losses risks: Cann continues to incur operating losses. Cann may not be able to achieve 
profitability and may continue to incur significant losses in the future. In addition, Cann will increase its 
operating expenses as it grows its business. If Cann’s revenues do not increase to offset these expected 
increases in expenditures and operating expenses, it will not be profitable. Anticipated or expected sales may 
not be achieved, and even if achieved, may not result in Cann being profitable. There is no assurance that 
Cann will be successful in achieving a return on shareholders’ investments and the chances of success must 
be considered in light of the proposed expansion of its operations
•
Regulatory approvals: Cann’s ability to continue its business is dependent on holding certain authorisations, 
licences and permits and adherence to all regulatory requirements related to such activities. Any failure to 
comply with the conditions of those approvals and licences, or to renew the approvals and licences after their 
expiry dates, would have a material adverse impact on the financial position, financial performance and/or 
prospects of Cann.
DIRECTORS’ 
REPORT
30 JUNE 2024
12 
Cann Group  |  Annual Report FY2024

•
Compliance with licence conditions: A licence to cultivate, produce and/or manufacture under the Narcotic 
Drugs Act1967 (Cth) is subject to a number of conditions, which if not maintained may result in a suspension or 
revocation of the licence or permit. Such conditions include ensuring that all staff engaged are suitable, that 
directors and officers (and the business itself) is a fit-and-proper person and that certain security and reporting 
measures are maintained. Any failure to maintain these licences would have a material adverse impact on the 
financial position, financial performance and/or prospects of Cann.
•
Third party manufacture risks: Cann is currently reliant on a single source of manufacturing to manufacture 
certain of Cann’s products. There are other potential commercial manufacturers that Cann could use to meet 
its manufacturing requirements. However, if Cann needed to engage a new manufacturer, the process of 
transitioning to a new manufacturer would likely take several months, so there would be a risk that Cann's 
manufacturing abilities would be adversely impacted during the transition period, with a negative associated 
impact on Cann's financial performance.
Significant changes in the state of affairs 
Fully paid ordinary shares issued during the year 
During the year the Company issued 57.23 million (14.7%) fully paid ordinary shares, as follows: 
•
37.14 million on 1 July 2023 pursuant to a non-renounceable rights issue
•
0.52 million on 1 August 2023 to CSIRO for payment of services rendered
•
19.57 million to Obsidian pursuant to a convertible securities agreement announced on 21 November 2023
Funding arrangements during the year 
Refer to the Funding section of this report for further details on equity and debt funding sourced, and proceeds 
received from the sale of assets, during the year. 
Bank facilities 
For the quarters ending 31 December 2023, and 31 March 2024, the Group was in breach of its gearing ratio 
covenant with National Australia Bank (NAB). On 6 May 2024, NAB issued a Letter of Waiver confirming that the 
Group had not complied with the undertaking set out in clause 10.1 of the NAB Facility Agreement which states 
“10.1: Financial Covenants (specifically Gearing Ratio >50% as at 31 Dec 2023 & as at 31 Mar 2024)” and that 
NAB would waive their right to any further action for both the historical breach (Gearing Ratio as at 31 Dec 2023) 
and the current breach (Gearing Ratio as at 31 Mar 2024). On 21 August 2024, NAB confirmed that the Gearing 
Ratio covenant would be removed as a requirement for the quarters ended 30 June 2024 through to 30 June 
2025. 
As at 19 January 2024, the Group agreed with its lender, National Australia Bank (‘NAB’) to a deferral of the 
quarterly repayment of the principal loan amounts of the NAB Construction facility for 12 months, with repayment 
deferred from May 2024 to commence May 2025. 
On 15 March 2024, the Group executed an extension of its Working Capital Facility expiry date from 30 November 
2024 to 31 March 2025. On 21 August 2024, NAB have provided approval to extend this facility to 31 May 2025. 
A letter of intent was also received from NAB dated 29 August 2024 confirming that no call will be made on either 
facility for a period of 13 months to 29 September 2025. 
On 7 May 2024, the Group secured a $5.00 million facility with a private credit lender, refer to the Funding section 
of this report for further details. 
Cann Group  |  Annual Report FY2024    13

ASX suspension 
On 1 March 2024, the securities of the Group were suspended from quotation by the ASX pending compliance 
with Listing Rule 19.11A(b) in relation to the disclaimer conclusion of the independent auditor in its review of the 
Group’s half year financial report for the period ended 31 December 2023. In the months following, the Company 
raised a further $5 million in debt, realised proceeds from asset sales, and executed a restructuring to reduce 
costs – such that it was able to re-release its half year finance report for the period ended 31 December 2023 with 
an unmodified audit review conclusion on 7 May 2024. Following the lodgement of an auditor-reviewed pro-forma 
consolidated statement of financial position, and update to its most recent (Q3) quarterly cash flow report, on 3 
June, the ASX reinstated the Company’s securities to trading from the commencement of trading on 4 June 2024.
Future developments, prospects and business strategies 
Other than matters referred to elsewhere in this report and above, further information as to likely developments in 
the operations of the Group and the expected results of operations have not been included in this report as the 
Directors believe it would be likely to result in unreasonable prejudice to the Group. 
Environmental regulation 
The Group's operations comply with all relevant environmental standards and regulations. 
Meetings of Directors 
The number of meetings of the Company's Board of Directors ('the Board') held during the year ended 30 June 
2024, and the number of meetings attended by each Director were: 
 
DIRECTORS’ 
REPORT
30 JUNE 2024
14 
Cann Group  |  Annual Report FY2024
*Mr Douglas John Rathbone AM replaced Mr Allan McCallum AO as a member of ARC from 28 August 2023.
^Mr Robert Barnes replaced Ms Jenni Pilcher as Chair of the ARC on 7 May 2024 (he attended certain ARC meetings as an 
observer before this date).
Remuneration report (audited) 
This Remuneration Report outlines the Company’s remuneration strategy for the financial year ended 30 June 
2024 and provides detailed information on the remuneration outcomes for the year for the Directors, the Chief 
Executive Officer (CEO) and other Key Management Personnel. 
For the purpose of this report, Key Management Personnel are defined as persons having authority and 
responsibility for planning, directing and controlling the Group's activities, directly or indirectly, and include all 
Directors of the Company. 
The Directors of the Company are pleased to present the Remuneration Report (Report) for the Company and its 
subsidiaries (Group) for the financial year ended 30 June 2024. This Report forms part of the Directors’ Report 
and has been prepared and audited in accordance with the requirements of the Corporations Act 2001. 

Cann Group  |  Annual Report FY2024    15
Key Management Personnel 
The KMP whose remuneration is disclosed in this year’s report are: 
On 21 March 2024, Ms Pilcher transitioned from a non-executive director to interim CEO and Executive Director. 
To assist with the knowledge transfer to Ms Pilcher, Mr Koetsier continued in his role of outgoing CEO until 7 June 
2024.
Principles used to determine the nature and amount of remuneration 
Remuneration philosophy 
The Remuneration and Nomination Committee is responsible for making recommendations to the Board on 
remuneration policies and packages applicable to Directors, the CEO and other Key Management Personnel and 
consists of three of the four members of the Board. The Remuneration and Nomination Committee is subject to the 
Company’s Remuneration Policy, with that policy having the objectives to provide a competitive, bench marked 
and flexible structure, being tailored to the specific circumstances of the Company and which reflect the person’s 
duties and responsibilities so as to attract, motivate and retain people of the appropriate quality. 
The Company’s Remuneration Policy is reviewed at least once a year and is subject to amendment to ensure it 
reflects best market practice. 
Remuneration levels are competitively set to attract appropriately qualified and experienced Directors and 
executives. The Remuneration and Nomination Committee obtains market data on remuneration levels. The 
remuneration packages of the Chief Executive Officer and Senior Executives may include a short-term incentive 
component that is based on specific Company goals pertaining to financial and operational performance. The 
Chief Executive Officer and Senior Executives may also be invited to participate in the Company’s Long-term 
Incentive Plan, the benefits of which are conditional upon the Company achieving certain performance criteria, the 
details of which are outlined below. 
In accordance with the ASX Corporate Governance Council's Corporate Governance Principles and 
Recommendations, the structure of Non-executive Director remuneration is separate from executive remuneration. 
Relationship between the Remuneration Policy and Company performance 
Currently, the consolidated entity assesses its performance from achievement of operational goals and 
shareholder value. The performance measures for both the Company’s Short-term Incentive Plan (STI Plan) and 
Long-term Incentive Plan (LTI Plan) will be tailored to align at-risk remuneration and performance hurdle 
thresholds to the delivery of operational and future financial objectives and sustained shareholder value growth. 

Components of remuneration – Non-executive Directors 
The Constitution of the Company and the ASX Listing Rules require that the aggregate remuneration of 
non-executive Directors shall be determined from time to time by a resolution approved by shareholders at a 
general meeting. Currently the aggregate remuneration threshold is set at $0.50 million per annum as approved by 
shareholders at the AGM held on 14 November 2018. Legislated superannuation conditions made on behalf of 
non-executive Directors are included within the aggregate remuneration threshold. 
Non-executive Directors receive a cash fee for their service and have no entitlement to any performance-based 
remuneration or any participation in any share-based incentive schemes. An additional fee for being a member of 
a Board committee is paid to non-executive Directors. 
Fees payable to the non-executive Directors for the 2024 financial year inclusive of superannuation contributions 
were as follows: 
DIRECTORS’ 
REPORT
30 JUNE 2024
16 
Cann Group  |  Annual Report FY2024
$
Chairman
120,000
Non-executive Directors 
60,000
Chair of Audit and Risk Committee (in addition to Non-executive Director fee)
15,000
Member of Audit and Risk Committee or Remuneration and Nomination Committee 
5,000
Components of remuneration – Chief Executive Officer and other senior executives 
a)
Structure
The Company aims to reward the Chief Executive Officer and senior executives with a level and mix of 
remuneration commensurate with their position and responsibilities within the Group, so as to:
•
reward them for Company and individual performance against targets set by reference to appropriate 
benchmarks and key performance indicators;
•
align their interest with those of shareholders; and
•
ensure total remuneration is competitive by market standards.
Remuneration consists of both fixed and variable remuneration components. The variable remuneration consists of 
the STI Plan and the LTI Plan. 
The proportion of fixed and variable remuneration is established for the Chief Executive Officer by the Board and 
for each Senior Executive by the Board following recommendations from the Chief Executive Officer and the 
Remuneration and Nomination Committee. 
The Chief Executive Officer’s and Senior Executives’ remuneration packages are all subject to Board approval.
b)
Fixed remuneration
The fixed remuneration component of the Chief Executive Officer and senior executives’ total remuneration 
package is expressed as a total package consisting of base salary and statutory superannuation contributions. 
Fixed remuneration reflects the complexity of the individual’s role and their experience, knowledge and 
performance. Internal and external benchmarking is regularly undertaken, and fixed remuneration levels are set 
with regard to the external market median, with scope for incremental increase for superior performance. 
Fixed remuneration is reviewed annually, taking into account the performance of the individual and the Group. 
There are no guaranteed increases to fixed remuneration in any contracts of employment. 
The Chief Executive Officer and senior executives have the option to receive their fixed annual remuneration in 
cash and a limited range of prescribed fringe benefits. The total cost of any remuneration package, including fringe
 

benefits tax, is taken into account in determining an employee’s fixed annual remuneration. 
c)
Variable remuneration – STI Plan
The STI Plan component of an Executive’s total remuneration is an annual cash incentive plan. The STI Plan links a 
portion of executive remuneration opportunity to specific financial and non-financial measures, including revenue, 
EBITDA and production targets.
For the financial year ended 30 June 2025, the Chief Executive Officer and Managing Director has an STI target of 
50% of base salary, subject to meeting performance measures (discussed below). The maximum STI payable is 
120% of the STI target. 
From a governance perspective, all performance measures under the STI Plan must be clearly defined and 
measurable. The Remuneration and Nomination Committee approves the targets and assesses the performance 
outcome of the Chief Executive Officer. The Board and the Chief Executive Officer set the targets and assess the 
performance of Senior Executives. The Board approves STI Plan payments for the Chief Executive Officer and 
Senior Executives. Under the STI Plan, the Board has discretion to adjust STI Plan outcomes based on the 
achievements which are consistent with the Group’s strategic priorities and, in the opinion of the Board, enhance 
shareholder value. 
One hundred percent (100%) of awarded STI is paid in cash on or before 30 September following the relevant 
financial year. The financial performance measures will be assessed and, for the Executives to qualify for a 
payment of an STI, a pre-agreed level of Group profit must first be achieved. Once this has been achieved, the 
level of payment the Executive receives is determined based on the achievement of their pre-determined financial 
and non-financial measures. 
For the financial year ended 30 June 2024, required performance achievements for the STI Plan were not obtained 
and therefore no STI payments were awarded. 
d)
Variable remuneration - LTI Plan
The long term incentive plan (LTI Plan) component of an Executive’s total remuneration is based on performance 
based rights over the ordinary shares of the Company. The LTI Plan links a portion of executive remuneration 
opportunity to specific financial and non-financial measures. The LTI Plan was approved at the Annual General 
Meeting on 24 November 2020 and currently incorporates measures linked to share price performance, 
completion of business critical operational and strategic objectives whilst also considering term of service.
For the financial year ended 30 June 2024, required performance achievements for the LTI Plan were not obtained 
and therefore no LTI grants were awarded. 
e)
Contract for services – Chief Executive Officer
The structure of the Chief Executive Officer’s remuneration is in accordance with her employment agreement 
dated 15 July2024. The employment agreement is for a fixed term from 1 April 2024 to 1 July 2025. This term may 
be extended by mutual agreement between the Company and the employee. The Company may terminate the 
agreement by providing three months’ notice and the Chief Executive Officer may terminate the agreement by 
providing three months’ notice. There are no termination benefits beyond statutory leave and superannuation 
entitlements associated with termination in accordance with the above notice requirements or in circumstances 
where notice is not required pursuant to the employment agreement. 
The Chief Executive Officer is entitled to participate in the Company's long term incentive ("LTI") scheme, further 
details of the LTI scheme are outlined in section (d) of "Components of remuneration – Chief Executive Officer and 
other senior executives". 
f)
Contract for services – senior executives
The terms on which the senior executives are engaged provide for termination by the Company on up to three 
months’ notice, or the minimum entitlements contained in the National Employment Standards – whichever is 
greater. Similar notice periods apply in the event of termination by the senior executives. 
Cann Group  |  Annual Report FY2024    17

The senior executives are entitled to participate in the Company's LTI Plan, approved at the Annual General 
Meeting on 26 October 2023. Further details of the LTI Plan are outlined in section (d) of "Components of 
remuneration – Chief Executive Officer and other senior executives". 
In accordance with best practice corporate governance, the structure of non-executive Director and executive 
Director remuneration is separate. 
Voting and comments made at the Company's 2023 Annual General Meeting ('AGM') 
At the 26 October 2023 AGM, 87.29% of the votes received supported the adoption of the remuneration report for 
the year ended 30 June 2023. The Company did not receive any specific feedback at the AGM regarding its 
remuneration practices. 
Additional information 
The performance of the group for the five years to 30 June 2024 are summarised below: 
DIRECTORS’ 
REPORT
30 JUNE 2024
18 
Cann Group  |  Annual Report FY2024
Details of remuneration 
Amounts of remuneration 
During the course of the year the Key Management Personnel was defined as the Directors; the Chief Executive 
Officer; and Chief Financial Officer. 

Cann Group  |  Annual Report FY2024    19
i.
J Chick was appointed, and A McCallum resigned as Chair of Cann Group Limited respectively on 28 August 
2023. A McCallum agreed not to take any fees as part of remuneration in 2024.
ii.
J Pilcher acted as interim CEO from 21 March 2024 (and was appointed formally on 1 April 2024).
iii.
T Di Pietro was appointed as CFO and Company Secretary on 15 April 2024 and resigned on 14 August 2024.
iv.
P Koetsier resigned as CEO on 21 March 2024 and continued as outgoing CEO until 7 June 2024 to assist 
with knowledge transfer to J Picher.
v.
D Ambrosini left the organisation on 22 December 2023. 
vi.
J Sharman resigned from the board of Cann Group Limited on 1 September 2022. 
vii.
P Crock exited as CEO on 24 March 2023.
viii.
S Duncan resigned as Chief Commercial Officer on 28 February 2023. 

DIRECTORS’ 
REPORT
30 JUNE 2024
20 
Cann Group  |  Annual Report FY2024
The proportion of remuneration linked to performance and the fixed proportion are as follows:
i.
P Koetsier resigned as CEO on 21 March 2024 and continued as outgoing CEO until 7 June 2024 to assist 
with knowledge transfer to J Picher. 
ii.
D Ambrosini left the organisation on 22 December 2023.
Additional disclosures relating to Key Management Personnel 
Equity holdings 
The number of shares in the Company held during the financial year by each Director and other members of Key 
Management Personnel of the Group, including their personally related parties, is set out below: 
*Relates to on-market purchases in defined share trading windows.
Performance shares held nominally are subject to vesting conditions. 
i.
P Koetsier resigned as CEO on 21 March 2024 and continued as outgoing CEO until 7 June 2024 to assist 
with knowledgetransfer to J Picher.
ii.
D Ambrosini left the organisation on 22 December 2023.

Cann Group  |  Annual Report FY2024    21
Option holding 
The number of options over ordinary shares in the Company held during the financial year by each Director and 
other members of key management personnel of the Group, including their personally related parties, is set out 
below: 
P Koetsier resigned from his position as CEO on 21 March 2024. As a result, 3,000,000 options with a vesting date 
in the future have been forfeit. 1,500,000 options with a vesting date of 10-Feb-24 have vested but have not yet 
been exercised. 
D Ambrosini resigned from her position as CFO and Company Secretary on 22 December 2023. As a result, 
60,000 options with a vesting date in the future have been forfeit. 
Performance rights holdings 
The number of performance rights over ordinary shares in the Company held during the financial year by each 
Director and other members of key management personnel of the Group, including their personally related 
parties, is set out below: 
P Koetsier resigned from his position as CEO on 21 March 2024. As a result, 666,666 performance rights with a 
vesting date in the future have been forfeit. 
In accordance with provisions for ‘Good Leavers’ in the Performance Rights Plan approved by the Board, 94,160 
of the 2021 Series rights granted to D Ambrosini were pro-rated to her date of cessation with the organisation. 
The terms and conditions of each grant of performance rights over ordinary shares affecting remuneration of 
directors and other key management personnel in this financial year or future reporting years are as follows: 

DIRECTORS’ 
REPORT
30 JUNE 2024
22 
Cann Group  |  Annual Report FY2024
The Performance Rights vest upon the achievement of certain performance milestones as set by the Board. 
Other transactions with Key Management Personnel 
The Company had a short-term lease for Corporate office space on normal commercial terms with Rathbone Wine 
Group. The lease was exited during the year to 30 June 2024. The building is owned by REI Property Sub Trust 2. 
Rathbone Wine Group are the head tenant. The lease was at market terms. An amount of $0.10 million (2023: 
$0.11 million) was paid during the year. 
This concludes the remuneration report, which has been audited.
 
Shares under option 
There were 34,721,574 unissued ordinary shares of Cann Group Limited under option outstanding at the date of 
this report. 
Unissued ordinary shares of Cann Group Limited under option at the date of this report are as follows: 
13,471,734 options were issued as part of the convertible note with 50% held by the broker of the transaction and 
50% held by the financier. Options held by the financier are reported in the convertible note reserve as at 30 June 
2024. 
18,569,840 options were issued as free attaching options as an incentive to attract investors to the non-
renounceable rights issue in July 2023. As no good or service had been provided, no charge has been recognised 
in the share-based payments vesting charge during the year to 30 June 2024. 
No person entitled to exercise the options had or has any right by virtue of the option to participate in any share 
issue of the Company or of any other body corporate. 
Shares issued on the exercise of options 
There were no ordinary shares of Cann Group Limited issued on the exercise of options during the year ended 30 
June 2024 and up to the date of this report. 
Shares under performance rights 
Unissued ordinary shares of Cann Group Limited under performance rights at the date of this report are as follows: 

Cann Group  |  Annual Report FY2024    23
Shares issued on the exercise of performance rights 
There were nil (2023: 100,000) Performance shares issued on the exercise of performance rights during the year 
ended 30 June 2024 and up to the date of this report. LTI plan shares are issued as ordinary shares but are 
subject to transfer conditions for a period of two years from their date of issue or until the employee ceases 
employment with the Company. 
Indemnifying officers and auditors 
No indemnities have been given, however, a Directors and Officers insurance premium of $0.18 million has been 
paid during the year for any person who is or has been an officer of the Group. No indemnities have been given 
during or since the end of the year for any person who has been an auditor of the Group. 
Proceedings on behalf of the Group 
There were no proceedings entered into by the Company during the year. 
Rounding of amounts 
The Company is of a kind referred to in Corporations Instrument 2016/191, issued by the Australian Securities and 
Investments Commission, relating to 'rounding-off'. Amounts in this report have been rounded off in accordance 
with that Corporations Instrument to the nearest thousand dollars, or in certain cases, the nearest dollar. 
Auditor 
William Buck Audit (Vic) Pty Ltd continues in office in accordance with section 327 of the Corporations Act 2001. 
Non-audit services 
The Company’s Audit and Risk Committee (Committee) is responsible for the maintenance of audit independence. 
Specifically, the Committee Charter ensures the independence of the auditor is maintained by: 
•
limiting the scope and nature of non-audit services that may be provided; and
•
requiring that permitted non-audit services must be pre-approved by the Chairman of the Committee.
During the year William Buck, the Group’s auditor, has performed certain other services in addition to the audit 
and review of the financial statements. The Board has considered the non-audit services provided during the year 
by the auditor and in accordance with the advice provided by the Committee, is satisfied that the provision of 
those non-audit services during the year by the auditor is compatible with, and did not compromise, the auditor 
independence requirements of the Corporations Act 2001 for the following reasons: 
•
All non-audit services were subject to the corporate governance procedures adopted by the Group and have 
been reviewed by the Committee to ensure they do not impact the integrity and objectivity of the auditor; and
•
The non-audit services provided do not undermine the general principles relating to auditor independence as 
set out in APES110 Code of Ethics for Professional Accountants (including Independence Standards) as they 
did not involve reviewing or auditing the auditors own work, acting in a management or decision-making 
capacity for the Group, acting as an advocate for the Group or jointly sharing risks and rewards.
Details of the amounts paid to the auditor of the Group, William Buck, for audit and non-audit services provided 
during the year are set out in note 16. 
Auditor's independence declaration 
A copy of the auditor's independence declaration as required under section 307C of the Corporations Act 2001 is 
set out immediately after this Directors' report. 

DIRECTORS’ 
REPORT
30 JUNE 2024
24 
Cann Group  |  Annual Report FY2024
CEO and CFO declaration 
The CEO and CFO have given a declaration to the Board concerning the Group’s financial statements under 
section 295A(2) of the Corporations Act 2001 and recommendation 4.2 [GF1] of the ASX Corporate Governance 
Council Corporate Governance Principles and Recommendations (4th edition) in regards to the integrity of the 
financial statements. 
This report is made in accordance with a resolution of Directors, pursuant to section 298(2)(a) of the Corporations 
Act 2001. 
On behalf of the Directors 
__________________________
Julian Chick
Chairman
30 August 2024

Cann Group  |  Annual Report FY2024    25
INDEPENDENT 
AUDITOR’S 
DECLARATION

26 
Cann Group  |  Annual Report FY2024
CONSOLIDATED STATEMENT OF 
PROFIT OR LOSS AND OTHER 
COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2024 
The above consolidated statement of profit or loss and other comprehensive income should be read in conjunction 
with the accompanying notes 

Cann Group  |  Annual Report FY2024    27
CONSOLIDATED STATEMENT OF 
FINANCIAL POSITION
FOR THE YEAR ENDED 30 JUNE 2024 
The above consolidated statement of financial position should be read in conjunction with the accompanying notes 

28 
Cann Group  |  Annual Report FY2024
CONSOLIDATED STATEMENT OF 
CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2024 
The above consolidated statement of changes in equity should be read in conjunction with the accompanying notes

Cann Group  |  Annual Report FY2024    29
CONSOLIDATED STATEMENT OF 
CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2024 
The above consolidated statement of changes in equity should be read in conjunction with the accompanying notes

30 
Cann Group  |  Annual Report FY2024
CONSOLIDATED STATEMENT OF 
CASH FLOWS
FOR THE YEAR ENDED 30 JUNE 2024 
The above consolidated statement of cash flows should be read in conjunction with the accompanying notes

Cann Group  |  Annual Report FY2024    31
NOTES TO THE CONSOLIDATED 
FINANCIAL STATEMENTS
30 JUNE 2024 
Note 1. Corporate information 
These are the financial statements of Cann Group Limited (Company) and its subsidiaries, including 
Cannproducts Pty Ltd, Cannoperations Pty Ltd, Cann IP Pty Ltd, Botanitech Pty Ltd, all incorporated 
and domiciled in Victoria, Australia and the Satipharm business, comprising Satipharm Europe, 
Satipharm Limited, Satipharm AG, Satipharm Australia Pty Ltd, Satipharm Canada Limited and 
Phytotech Therapeutics Ltd (together, the Group). Cann Group Limited is an ASX-listed public 
company incorporated and domiciled in Victoria, Australia. These financial statements are for the 
year ended 30 June 2024. Unless otherwise stated, all amounts are presented in thousands of $AUD 
($'000), which is the functional and presentation currency of all entities in the Group with the 
exception of the Satipharm business, whose functional currency is the Euro. The financial 
statements were authorised for issue by the Directors on the date of signing the attached Directors’ 
Declaration. 
Note 2. Material accounting policy information 
The accounting policies that are material to the Group are set out below. The accounting policies 
adopted are consistent with those of the previous financial year, unless otherwise stated. 
New or amended Accounting Standards and Interpretations adopted 
The Group has adopted all of the new or amended Accounting Standards and Interpretations issued 
by the Australian Accounting Standards Board ('AASB') that are mandatory for the current reporting 
period. 
Any new or amended Accounting Standards or Interpretations that are not yet mandatory have not 
been early adopted. 
Going concern 
The Consolidated Group has incurred net losses for the year ended 30 June 2024 of $51.24 million 
(30 June 2023: $33.79 million), a net current asset deficiency of $61.99 million as at 30 June 2024 
(30 June 2023: $4.27 million) and has a net cash outflow from operating activities of $15.19 million 
for the year ended 30 June 2024 (30 June 2023: $22.86 million). These conditions, in conjunction 
with matters described below, give rise to a material uncertainty that may cast significant doubt on 
the consolidated entity's ability to continue as a going concern and, therefore, that it may be unable 
to realise its assets and discharge its liabilities in the normal course of business. 
The Directors believe there are reasonable grounds to expect the Group will realise its assets and 
extinguish its liabilities in the normal course of business and at the amounts stated in the financial 
report, and therefore it is appropriate to adopt the going concern basis in the preparation of the 
financial report after consideration of a range of relevant factors, including (but not limited to) the 
following: 
Cashflows from funding and asset sales 
Cash on hand is $1.63 million, with a further $0.61 million of unused NAB working capital facility 
available for draw down, as at 30 June 2024. 
Support from Cann’s major financier, National Australia Bank (NAB) 
Existing NAB debt arrangements have been modified throughout the year providing funding 
flexibility, demonstrating the continued support of Cann by its major lender, as follows: 
-
Extension of the maturity date of the Construction Facility from 31 May 2024 to 31 May 2025 on 
19 January 2024;
-
Extension of the maturity date of the Working Capital Facility from 30 November 2024 to 31 
March 2025 (effective 15 March 2024), and more recently, extension to 31 May 2025 (21 August 
2024). 

32 
Cann Group  |  Annual Report FY2024
Note 2. Material accounting policy information (continued) 
-
Amending the current 90-day loan interest period temporarily to 180 days for the period November 
2023 to May 2024. 
-
On 6 May 2024, NAB provided a letter of waiver, waiving its right to any further action for both the 
historical breach (Gearing Ratio as at 31 Dec 2023) and the current breach (Gearing Ratio as at 31 
Mar 2024). 
-
Removal of the gearing ratio covenant effective from 30 June 2024.
-
A letter of intent was also received from NAB dated 29 August 2024 confirming that no call will be 
made on either facility for a period of 13 months to 29 September 2025. 
Continued access to debt funding 
-
On the 6 May 2024, the Group entered into a debt facility agreement for $5.00 million (before 
costs) from a private Australian credit fund which will be used to meet the group’s working capital 
requirements. Further information on the terms of this facility can be found in the Borrowings note. 
-
On 19 August 2024 (post year-end) the Group commenced draw down of $0.50 million from its 
short-term debt facility it has established with a high net-worth lender. This loan is unsecured, has a 
3-month term, and interest is payable at 20% per annum. This facility is used for working capital 
purposes from time to time. 
Short-medium term funding options 
The Directors are currently exploring and evaluating several short-medium term funding options for 
the Group, which are described below: 
•
On 17 July 2024 (subsequent to year-end) the Group appointed LAWD as sole agent for a potential 
sale and leaseback of its Mildura facility. The property is currently being marketed and the Group 
will assess any offers as when they become available. Any offers will be assessed not only against 
each other but also against other potential funding options that might be available at the time. 
•
On 13 August 2024, the Company received a non-binding term sheet from a financier for a $3 
million convertible note facility. 
•
On 26 August 2024 the Group submitted its corporate tax return for the year ended 30 June 2024 
which includes a claim for an R&D Tax Incentive refund of $1.96 million. The Directors expect to 
receive this refund in cash in the next month or two. The Group has made successful claims under 
this program in the past, most recently receiving $3.43 million for the year ended 30 June 2023 
(2022: $4.30 million).
•
A Rights Issue to shareholders in Q4 2024 is currently being evaluated. 
•
In November 2023 the Group executed an unsecured Convertible Securities and Share Placement 
Agreement for an aggregate amount of up to $15.00 million, with an initial drawdown of $2.00 
million. Future drawdowns under this facility are subject to the lender’s agreement. 
Cashflows from operations 
•
Demand for high quality dried flower products remains high in Australia. Continuous improvement 
in flavour profiles, bud aesthetics and terpenes, along with diversity in cultivars, are increasingly 
becoming priorities for customers. This represents a significant opportunity for Cann Group given 
the strong improvements the Group has made to its flower quality. 
•
The Group’s revenue continues to achieve year on year growth, with its Botanitech product range 
achieving 58% growth over the prior year, and now accounting for 33% of sales revenue. The 
Botanitech range is set to expand further in September with the launch of several new products 
from its R&D facility which are expected to drive revenue growth. Botanitech sales are expected to 
be well supported by new and existing long-term supply arrangements and new GMP-packing 
service agreements. 
NOTES TO THE CONSOLIDATED 
FINANCIAL STATEMENTS
30 JUNE 2024 

Cann Group  |  Annual Report FY2024    33
Note 2. Material accounting policy information (continued) 
•
With ongoing process improvements in the Mildura operations during this financial year, most 
notably the introduction of hang-drying techniques for all crops from 1 January 2024, Cann is also 
well placed to meet the growing demands for product exclusivity and consistent supply via its 
Mildura facility. Its forecast of 6.5 tonnes for the financial year ending 30 June 2025, which is 
required to meet revenue forecasts, is very achievable given Cann has already produced in excess 
of this required level at certain times throughout the current financial year and has now gained the 
knowledge and experience of doing so. 
•
Cann’s R&D facility has continued its successful in-house breeding program incorporating 
exclusively sourced, elite, modern, exotic varieties which is resulting in a pipeline of exciting new 
strains emerging from its production facility at Mildura in 2024 and beyond, which is important to the 
success of Botanitech.
•
During the second half of the current financial year, the Group embarked on a cost efficiency 
program. This program includes an executed restructure of staffing, an exit of the Group’s leased 
office in Port Melbourne, and a reduction of labour hire and casual labour at its Mildura facility as 
process efficiencies are underway. The cost savings achieved from this program to date is 
approximately $3.00 million per annum. 
The Directors have prepared cash flow forecasts that indicate that the Consolidated Group will have 
sufficient cash flows to meet its commitments for a period of at least 12 months from the date of this 
report. This forecast takes into account the newly reset cost-base of the Group, growth of the 
Botanitech product range, and supported by some of the additional funding options being pursued as 
disclosed above. 
Based on the cash flow forecast, the Directors are satisfied that, the going concern basis of preparation 
is appropriate. The financial report has been prepared on a going concern basis, which assumes 
continuity of normal business activities and the settlement of liabilities in the ordinary course of 
business. 
The financial report does not include any adjustments relating to the recoverability and classification of 
recorded asset amounts or liabilities that might be necessary should the Group not continue as a going 
concern and meet its debts as and when they become due and payable. 
Basis of preparation 
The financial statements are general purpose financial statements that have been prepared in 
accordance with Australian Accounting Standards, including Australian Accounting Interpretations, 
other authoritative announcements of the Australian Accounting Standards Board (AASB) and the 
Corporations Act 2001 as appropriate for-profit oriented entities. 
Australian Accounting Standards set out accounting policies that the AASB has concluded would result 
in financial statements containing relevant and reliable information about transactions, events and 
conditions. Compliance with Australian Accounting Standards ensures that the financial statements and 
notes also comply with International Financial Reporting Standards. Material accounting policies 
adopted in the preparation of these financial statements are presented below. They have been 
consistently applied unless otherwise stated. 
The financial statements have been prepared on an accruals basis and are based on historical costs 
unless otherwise stated. 
Unless otherwise stated, amounts in this report have been rounded to the nearest thousand dollars. 

NOTES TO THE CONSOLIDATED 
FINANCIAL STATEMENTS
(CONTINUED)
34 
Cann Group  |  Annual Report FY2024
Note 2. Material accounting policy information (continued) 
Historical cost convention 
The financial statements have been prepared under the historical cost convention, except for where 
applicable, the revaluation of the financial assets and liabilities at fair value through the profit and loss. 
Critical accounting estimates 
The preparation of the financial statements requires the use of certain critical accounting estimates. It 
also requires management to exercise its judgement in the process of applying the Group's 
accounting policies. The areas involving a higher degree of judgement or complexity, or areas where 
assumptions and estimates are significant to the financial statements, are disclosed in note 3. 
Parent entity information 
In accordance with the Corporations Act 2001, these financial statements present the results of the 
Group only. Supplementary information about the parent entity is disclosed in note 23. 
Principles of consolidation 
The consolidated financial statements incorporate the assets and liabilities of all the subsidiaries of the 
Group as at 30 June 2024 and the results of all its subsidiaries for the reporting period. 
Subsidiaries refer to entities over which the Group has the power to govern the financial and operating 
policies, generally accompanying a shareholding of more than one-half of the voting rights. The 
existence and effect of the potential voting rights that are currently exercisable or convertible are 
considered when assessing whether the Group controls another entity. Subsidiaries are fully 
consolidated from the date on which control is transferred to the Group. They are de-consolidated 
from the date that control ceases. 
The financial statements of the subsidiaries used in the preparation of the consolidated financial 
statements are prepared for the same reporting date as the Group. Consistent accounting policies are 
applied to like transactions and events in similar circumstances. 
Intercompany transactions, balances and unrealised gains on transactions between entities in the 
consolidated entity are eliminated. Unrealised losses are also eliminated unless the transaction 
provides evidence of the impairment of the asset transferred. Accounting policies of subsidiaries have 
been changed where necessary to ensure consistency with the policies adopted by the Group. 
The financial statements are presented in Australian dollars, which is Cann Group Limited's functional 
and presentation currency. 

Cann Group  |  Annual Report FY2024    35
Note 2. Material accounting policy information (continued) 
Revenue recognition 
The Group recognises revenue as follows: 
Revenue from contracts with customers 
The Group generates revenue primarily from the sale of medicinal cannabis products as well as 
from the provision of services. The Group uses the following five-step contract-based analysis of 
transactions to determine whether, how much and when revenue is recognised: 
1.
Identify the contract with a customer; 
2.
Identify the performance obligation(s) in the contract; 
3.
Determine the transaction price; 
4.
Allocate the transaction price to the performance obligation(s) in the contract; and 
5.
Recognise revenue when or as the company satisfies the performance obligation(s). 
Revenue from the sale of cannabis is generally recognised when control over the goods has been 
transferred to the customer. Payment for medicinal cannabis products is due within a specified time 
period as permitted by the underlying agreement and the Group’s credit policy upon the transfer of 
goods to the customer. The Group satisfies its performance obligation and transfers control to the 
customer upon delivery and acceptance by the customer. Revenue is recorded at the estimated 
amount of consideration to which the Company expects to be entitled. 
Consignment Revenue 
The Group also generates revenue through consignment sales each month. Revenue from these 
sales is recognised only after the goods are sold by the consignee to a third party. 
Service Revenue 
The Group generates revenue through the provision of services including cultivation and contract 
packing. Revenue is recognised on a monthly basis as the services are completed. 
Interest income 
Interest income is recognised as interest accrues using the effective interest method. This is a 
method of calculating the amortised cost of a financial asset and allocating the interest income over 
the relevant period using the effective interest rate, which is the rate that exactly discounts 
estimated future cash receipts through the expected life of the financial asset to the net carrying 
amount of the financial asset. 
Other revenue 
Other revenue is recognised when it is received or when the right to receive payment is established. 
Government grants 
Government grants are recognised when they are received or when the right to receive payment is 
established. As the Company can reliably estimate the its R&D tax incentive rebate an accrual is 
recognised in the current year under Australian Accounting Standards. Revenue with the R&D tax 
incentive rebate is accrued at 43.5% of the eligible R&D expenditure. 

NOTES TO THE CONSOLIDATED 
FINANCIAL STATEMENTS
(CONTINUED)
36 
Cann Group  |  Annual Report FY2024
Note 2. Material accounting policy information (continued) 
Inventory 
Inventory is valued depending upon the specific purpose of that inventory class. Costs incurred for 
inventory held as research and development expenses are expensed as incurred. 
Biomass plant inventory is valued at cost or net realisable value, whichever is less. 
Finished goods 
Both Oil and Resin inventory is valued at cost or net realisable value, whichever is less. 
Net realisable value is the estimated selling price in the ordinary course of business less the 
estimated costs of completion and the estimated costs necessary to make the sale. 
Property, plant and equipment 
Each class of property, plant and equipment is carried at cost less any accumulated depreciation 
and impairment losses. 
The carrying amount of property, plant and equipment is reviewed annually by Directors to ensure it 
is not in excess of the recoverable amount from these assets. The recoverable amount is assessed 
on the basis of the expected net cash flows that will be received from the asset’s employment and 
subsequent disposal. The expected net cash flows have been discounted to their present values in 
determining recoverable amounts. 
The cost of property, plant and equipment constructed within the Group includes the cost of 
materials, direct labour, borrowing costs and an appropriate proportion of fixed and variable 
overheads. 
The depreciable amount of all property, plant and equipment is depreciated on a straight-line basis 
over the asset’s useful life to the Group commencing from the time the asset is held ready for use.
As at 30 June 2024, the Group’s asset classes had effective useful lives as follows: 
Cultivation plant and equipment  
1-7 years 
Manufacturing plant and equipment 
2-7 years 
Computer and network equipment 
1-3 years 
Other plant and equipment 
 
1-3 years 
Buildings 
 
 
 
20 years 
Land 
 
 
 
 
N/A 
The residual values, useful lives and depreciation methods are reviewed, and adjusted if 
appropriate, at each reporting date. 
Leasehold improvements are depreciated over the unexpired period of the lease or the estimated 
useful life of the assets, whichever is shorter. 
An item of property, plant and equipment is derecognised upon disposal or when there is no future 
economic benefit to the Group. Gains and losses between the carrying amount and the disposal 
proceeds are included in the statement of profit of loss and other comprehensive income. 

Cann Group  |  Annual Report FY2024    37
Note 2. Material accounting policy information (continued) 
● 
increase the carrying amount to reflect interest on the lease liabilities; 
● 
reducing the carrying amount to reflect lease payments made; and 
● 
remeasuring the carrying amount to reflect any reassessment or lease modifications. 
Biological assets 
The Group defines the biological assets as cannabis plants up to the point of harvest. Biological 
assets are valued at fair value less costs to sell, and where the fair value is not readily available, at 
the lower of cost or NRV as at the end of each reporting period. 
Impairment of non-financial assets 
At each reporting date, the Group’s Directors review the carrying values of the Group’s tangible and 
intangible assets to determine whether there is any indication that those assets have been impaired. 
If such an indication exists, the recoverable amount of the asset, being the higher of the asset’s fair 
value less cost to sell and value in use, is compared to the assets carrying value. Any excess of the 
assets carrying value over its recoverable amount is expensed to the statement of profit or loss and 
other comprehensive income. 
Recoverable amount is the higher of an asset's fair value less costs of disposal and value-in-use. The 
value-in-use is the present value of the estimated future cash flows relating to the asset using a pre-
tax discount rate specific to the asset or cash-generating unit to which the asset belongs. Assets that 
do not have independent cash flows are grouped together to form a cash-generating unit. 
Borrowings 
Loans and borrowings are initially recognised at the fair value of the consideration received, net of 
transaction costs. They are subsequently measured at amortised cost using the effective interest 
method. 
When borrowings have conversion clauses that entitle the investor to a variable number of shares, at 
initial recognition an embedded derivative is recognised separately on the statement of financial 
position at fair value and thereafter is recognised at fair value with changes in fair value taken to the 
profit or loss. The underlying host contract is separated from the embedded derivative at initial 
recognition and thereafter measured at amortised cost, using the effective interest method. 
Assets and liabilities measured at fair value are classified into three levels, using a fair value 
hierarchy that reflects the significance of the inputs used in making the measurements. 
Classifications are reviewed at each reporting date and transfers between levels are determined 
based on a reassessment of the lowest level of input that is significant to the fair value measurement. 
For recurring and non-recurring fair value measurements, external valuers may be used when 
internal expertise is either not available or when the valuation is deemed to be significant. External 
valuers are selected based on market knowledge and reputation. Where there is a significant 
change in fair value of an asset or liability from one period to another, an analysis is undertaken, 
which includes a verification of the major inputs applied in the latest valuation and a comparison, 
where applicable, with external sources of data. 

NOTES TO THE CONSOLIDATED 
FINANCIAL STATEMENTS
(CONTINUED)
38 
Cann Group  |  Annual Report FY2024
Note 2. Material accounting policy information (continued) 
Rounding of amounts 
The Company is of a kind referred to in Corporations Instrument 2016/191, issued by the Australian 
Securities and Investments Commission, relating to 'rounding-off'. Amounts in this report have been 
rounded off in accordance with that Corporations Instrument to the nearest thousand dollars, or in 
certain cases, the nearest dollar. 
Note 3. Critical accounting judgements, estimates and assumptions 
The preparation of the financial statements requires management to make judgements, estimates 
and assumptions that affect the reported amounts in the financial statements. Management 
continually evaluates its judgements and estimates in relation to assets, liabilities, contingent 
liabilities, revenue and expenses. Management bases its judgements, estimates and assumptions on 
historical experience and on other various factors, including expectations of future events, 
management believes to be reasonable under the circumstances. The resulting accounting 
judgements and estimates will seldom equal the related actual results. The judgements, estimates 
and assumptions that have a significant risk of causing a material adjustment to the carrying 
amounts of assets and liabilities (refer to the respective notes) within the next financial year are 
discussed below. 
Key judgments – non-recognition of carry-forward tax losses 
The balance of future income tax benefit estimated as $4.47 million (2023: $7.29 million) arising from 
current year tax losses of $17.86 million (2023: $33.79 million) and timing differences has not been 
recognised as an asset because it is not clear when the losses will be recovered. The cumulative 
future income tax benefit estimated to be $25.62 million, which has not been recognised as an asset, 
will only be obtained if: 
(i)
the Group derives future assessable income of a nature and an amount sufficient to enable the 
benefit to be realised; 
(ii)
the Group continues to comply with the conditions for deductibility imposed by law; and 
(iii)
no changes in tax legislation adversely affecting the Company realising the benefit. 
Key judgments – recognition of research and development tax incentive benefits 
The Group is entitled to claim grant credits from the Australian Government in recompense for its 
research and development program expenditure. The program is overseen by AusIndustry, which is 
entitled to audit and/or review claims lodged for the past 4 years. In the event of a negative finding 
from such an audit or review AusIndustry has the right to rescind and clawback those prior claims, 
potentially with penalties. Such a finding may occur in the event that those expenditures do not 
appropriately qualify for the grant program. In their estimation, considering also the independent 
external expertise they have contracted to draft and claim such expenditures, the directors of the 
company consider that such a negative review has a remote likelihood of occurring.
The balance of research and development tax incentive arising from operations of the Group has 
been recognised as an asset after a review was conducted by the Company's independent research 
and development specialists to 30 June 2024. The research and development tax incentive, will only 
be obtained if: 
(i)
the Group’s activities fulfil the eligibility criteria of the research and development tax initiative 
and it is successful in registering for the research and development tax initiative; 

Cann Group  |  Annual Report FY2024    39
Note 3. Critical accounting judgements, estimates and assumptions (continued)
(i)
the Group continues to comply with the conditions for registration of the research and 
development tax initiative imposed by law; and
(ii)
no changes in tax legislation adversely affecting the Group realising the tax incentive from 
research and development. 
The Company has accrued the expected FY24 R&D tax incentive rebate.
Key judgments – recognition of research and development tax incentive benefits 
The Group is entitled to claim grant credits from the Australian Government in recompense for its 
research and development program expenditure. The program is overseen by AusIndustry, which is 
entitled to audit and/or review claims lodged for the past 4 years. In the event of a negative finding 
from such an audit or review AusIndustry has the right to rescind and clawback those prior claims, 
potentially with penalties. Such a finding may occur in the event that those expenditures do not 
appropriately qualify for the grant program. In their estimation, considering also the independent 
external expertise they have contracted to draft and claim such expenditures, the directors of the 
company consider that such a negative review has a remote likelihood of occurring. 
The balance of research and development tax incentive arising from operations of the Group has 
been recognised as an asset after a review was conducted by the Company's independent research 
and development specialists to 30 June 2024. The research and development tax incentive, will only 
be obtained if: 
(i)
the Group’s activities fulfil the eligibility criteria of the research and development tax initiative 
and it is successful in registering for the research and development tax initiative; 
(ii)
the Group continues to comply with the conditions for registration of the research and 
development tax initiative imposed by law; and 
(iii)
no changes in tax legislation adversely affecting the Group realising the tax incentive from 
research and development. The Company has accrued the expected FY24 R&D tax incentive 
rebate. 
Key judgments – write down of inventories (refer note 8 for details) 
The provision for the write down of inventories assessment requires a degree of estimation and 
judgement. The level of the write down is assessed by taking into account the recent sales 
experience, the ageing of inventories and other factors that affect inventory obsolescence.
Key judgments – impairment of property, plant and equipment (refer note 9 for details) 
As at 30 June 2024, due to impairment triggers (e.g. a reduction in market capitalisation against the 
net assets of the Group), the directors conducted a fair valuation assessment on the plant, property 
and equipment held at the Group's Mildura facility. The valuation approach employed was based 
upon a discounted cash flow model. In making their assessment, the directors consulted an 
independent fair valuation specialist experienced in agribusiness valuations, which corroborated 
their fair valuation methodology and also provided advice on the inputs and assumptions thereof. 
The recoverable amount was based on value-in-use.
The total fair valuation of this property, plant and equipment was assessed, applying a value-in-use 
discounted model at $75.20m. The valuation was performed on the Mildura site as a CGU. 
Accordingly, an impairment charge of $20.12m was applied, pro-rata, to the value of this plant, 
property and equipment at the Mildura site.

NOTES TO THE CONSOLIDATED 
FINANCIAL STATEMENTS
(CONTINUED)
40 
Cann Group  |  Annual Report FY2024
Note 3. Critical accounting judgements, estimates and assumptions (continued)
In determining this valuation, the specialist considered the following key inputs and assumptions in 
the discounted cashflow model:
Discount rate sensitivity 
% 
 
Value 
18.00%  
81,800,000 
19.00%  
78,400,000 
20.00%  
75,200,000 
21.00%  
72,200,000 
22.00%  
69,400,000 
Note 4. Operating segments 
Determination and presentation of operating segments 
An operating segment is a component of the Group that engages in business activities from which it 
may earn revenues and incur expenses, including revenues and expenses that relate to transactions 
with any of the Group’s other components. An operating segment’s results are regularly reviewed by 
the CEO to make decisions about resources to be allocated to the segment and assess its 
performance, and for which discrete information is available.
 
Segment results that are reported to the CEO include items directly attributable to a segment as well 
as those that can be allocated on a reasonable basis. Unallocated items comprise mainly corporate 
assets, head office expenses, and income tax assets and liabilities. 
Segment capital expenditure is the total cost incurred during the period to acquire property, plant 
and equipment, and intangible assets other than goodwill. 
The Group operates in one operational sector and has identified only one reportable segment being 
cultivation of medicinal cannabis and further processing into manufactured medicinal cannabis 
products, as well as the corporate office. 
Geographical information of total sales and total non-current assets is disclosed as below. 

Cann Group  |  Annual Report FY2024    41
Note 4. Operating segments (continued)
Geographical information
Note 5. Revenue and other income
Revenue from the sale of cannabis is generally recognised when control over the goods has been 
transferred to the customer. Refer to Note 2 for the company's revenue recognition policy. 
Included in revenue from sales of products is accrued consignment sales revenue of $0.46 million 
(2023: $0.45 million). 
There is one customer that accounts for 36% (2023: 25%) of total revenue from product sales in the 
period. 
An accrual of $2.0m has been raised for the FY24 Research and Development Tax Incentive (2023: 
$3.44m) after a full year review was conducted by the Company's R&D consultants. 
A gain on sale of $1.73 million was recognised after completion of the sale of the Southern Facility land 
& buildings to SatiVite Pty Ltd which was settled on 22 March 2024 for $1.90 million. 
A loss on sale of $1.02 million was recognised following sale of plant & equipment surplus to the 
Group's needs to a variety of third parties for a total of $1.80 million. 

NOTES TO THE CONSOLIDATED 
FINANCIAL STATEMENTS
(CONTINUED)
42 
Cann Group  |  Annual Report FY2024
Note 5. Revenue and other income (continued)
Reconciliation of loss on sale of plant & machinery 
Note 6. Administration and corporate costs
A write down to investments at fair value through profit or loss of $0.43 million has been charged to 
administration and corporate costs during the period to recognise the impairment of an investment 
following the settlement of a receivable through the issue of shares from a customer experiencing cash 
flow issues. 
Note 7. Trade and other receivables
Other receivables in FY24 includes $1.97 million in R&D tax incentive accruals to 30 June 2024 (2023: 
$3.44 million). 
Reconciliation of gain on sale of plant & machinery 

Cann Group  |  Annual Report FY2024    43
Note 8. Inventories
After review of the inventory balances a write down to inventory of $4.88 million (2023: $1.43 million) 
has been charged to direct production costs during the period to recognise the cost of unsaleable 
inventory. 
Note 9. Property, plant and equipment

NOTES TO THE CONSOLIDATED 
FINANCIAL STATEMENTS
(CONTINUED)
44 
Cann Group  |  Annual Report FY2024
Note 9. Property, plant and equipment (continued)
Reconciliations 
Reconciliations of the written down values at the beginning and end of the current financial year are 
set out below: 
As at 30 June 2024, the directors assessed the fair value of property, plant and equipment as part of 
the Mildura CGU using an independent fair valuation specialist. The total fair valuation of this 
property, plant and equipment was assessed to be $75.20 million, applying a value-in-use 
discounted model. Accordingly, an impairment charge of $20.13 million was applied, pro-rata, to the 
assets of the CGU. 
On 22 March 2024, the Group announced it had received the final payment of $1.90 million from 
SatiVite Pty Ltd for the sale of assets at its formerly owned Southern cultivation and manufacturing 
facility. 
On 18 March 2024, the Group announced it had reached terms with Biortica Agrimed Ltd (Biortica) 
for the sale of a range of equipment surplus to Cann’s needs for $1.70 million (excluding GST). The 
full amount from this sale was received by 30 June 2024. 
On 23 December 2022, Cann Group announced it had reached terms with SatiVite Pty Ltd on the 
sale of Cann’s Southern cultivation and manufacturing facility for total consideration of $5.48 million. 
The parties came to terms on the sale of the Southern Facility’s land and business assets, the 
licensing of certain Cann proprietary genetics, and the provision of services from Cann to SatiVite to 
assist with the transfer of commercial operations. 

Cann Group  |  Annual Report FY2024    45
Note 10. Trade and other payables
Other payables include premium funding contracts for Cann Group insurance contracts of $0.04 
million (2023: $0.73 million). Insurance premiums are paid on a monthly basis allowing Cann to 
spread these costs out over the life of the policy. 
Note 11. Borrowings
Working capital facility 
In April 2022 Cann executed documentation to enter into a $15.60 million working capital facility with 
the National Australia Bank. The working capital facility has been used by Cann to support the scale 
up of the business and the next phase of its long-term growth strategy. 
The working capital facility had an initial period with review on 30 November 2022 and thereafter it will 
be reviewed on rolling 12-month periods. The last review was done in November 2023 at which point it 
was extended to 31 May 2025. This facility has a drawn margin rate of 7.01% pa and a facility fee of 
0.35% pa and it is a secured facility. 
The Working Capital facility is cross-collateralised and co-defaulting with the Construction facility. As 
at 30 June 2024 the facility had been drawn down by $14.95 million leaving an undrawn balance of 
$0.61 million. The Working Capital Facility has been extended from 30 November 2024 to 31 May 
2025. 

NOTES TO THE CONSOLIDATED 
FINANCIAL STATEMENTS
(CONTINUED)
46 
Cann Group  |  Annual Report FY2024
Note 11. Borrowings (continued)
Construction facility 
The Construction facility was renegotiated in April 2022 after the commissioning of the Mildura 
facility. Key terms of this facility include a base interest rate of the BBSY and a total drawn margin 
rate of 7.25%. A facility fee of 0.35% pa is also applicable. As at 30 June 2024 the facility had been 
fully drawn down to $49.40 million. The quarterly repayments of the principal loan amounts have 
been extended from May 2024 to May 2025. 
Short-term loans 
On 7 May 2024 Cann executed a facility agreement with a prominent Australian private credit fund 
to provide a secured debt facility of $5.00 million. The full $5.00 million was drawn in one lump sum. 
The principal is subject to 15% interest per annum, payable monthly in arrears and the facility has a 
maturity date of 7 May 2025. The facility is secured over Cann's Mildura property as a second 
mortgage behind the NAB. In addition to the monthly interest, the Facility has upfront fees of 3% of 
the principal, $0.07 million work fee and a 1% broker fee together with customary legal costs. 
Note 12. Issued capital

Cann Group  |  Annual Report FY2024    47
Note 12. Issued capital (continued)
Movements in share capital
Ordinary shares 
Ordinary shares participate in dividends and the proceeds on winding up of the Group in proportion 
to the number of shares held. At shareholders’ meetings each ordinary share is entitled to one vote 
when a poll is called, otherwise each shareholder has one vote on a show of hands. 
Shares in escrow 
During the year nil shares (2023: 100,000 shares) were issued on conversion of performance rights. 
Shares are unquoted and will be held in escrow until the earlier of the employee leaving the 
company or 2 years after the date of issue. 
Note 13. Reserves
For share-based payments received by employees and Key Management Personnel of the Group, 
fair value is measured by reference to the fair value of the equity instruments at their grant date, 
being the date that both the recipient and the Group have a shared understanding of the terms and 
conditions connected to the share-based payment. Any market-based vesting conditions are 
incorporated into the valuation of the share-based payment arrangement as at the grant date. 
Share-based payments with non-market based performance conditions vest according to the 
pro-rata achievement of those conditions. Share-based payments with non-performance-based 
conditions are valued using the Black-Scholes model and payments with market-based performance 
conditions are valued using a binomial model which incorporates from both the performance rights 
arrangement and market data that existed at grant date. 

NOTES TO THE CONSOLIDATED 
FINANCIAL STATEMENTS
(CONTINUED)
48 
Cann Group  |  Annual Report FY2024
Note 13. Reserves (continued)
Employee remuneration costs incurred in respect of performance rights for the year ended 30 June 
2024 is $0.18 million (2023: $0.19 million). 
Performance rights over ordinary shares 
No Performance Rights were issued in the year to 30 June 2024 (2023: 2,138,422). 
The fair value of performance rights still vesting has been calculated on the basis of the 
Black-Scholes model using the following key assumptions: 
The weighted average remaining contractual life of performance rights outstanding at 30 June 2024 
was 1.1 years (2022: 2.0 years). 
Given a nil exercise price of the Performance Rights, adopting different volatility assumptions does not 
have an impact on the Performance Rights' valuation. 
Options over ordinary shares 
On 9 February 2023, 4,500,000 options over fully paid ordinary shares were issued to Mr Peter 
Koetsier under the Employee Share Option Plan. The options would vest over three (3) years in equal 
tranches of 1.5 million options with the first tranche vesting 12 months after the issue date. The 
exercise price for each tranche is as below: 
Tranche 1 - 45 cents per share 
Tranche 2 - 60 cents per share 
Tranche 3 - 75 cents per share 

Cann Group  |  Annual Report FY2024    49
Note 13. Reserves (continued)
Mr Peter Koetsier resigned from his position as CEO on 21 March 2024 and as such 3,000,000 of 
the options granted in the prior year have been forfeit. 
On 5 April 2023 1,620,000 options over fully paid ordinary shares were issued to employees of the 
Company. The options will vest over 3 years in equal tranches of 20,000 with the tranche vesting 12 
months after the issue date. The exercise price for each tranche is 22 cents per share. During the 
financial year, 460,000 options vested and 440,000 options were forfeit by virtue of staff leaving the 
Company. 
On 27 November 2023, as per the Convertible Note agreement, along with the entitlement for 
conversion of Notes into fully paid ordinary shares, the Noteholders were issued 6,735,867 options 
over fully paid ordinary shares, which have not been exercised as at 30 June 2024. An additional 
6,735,867 options were issued to the broker for their services, which have not been exercised as at 
30 June 2024. 
On 1 August 2023, 18,569,840 options were issued as free attaching options as an incentive to 
attract investors to a non-renounceable rights issue. As no good or service had been provided, no 
charge has been recognised in the share-based payments vesting charge during the year to 30 
June 2024. 
Set out below is a table containing options outstanding at balance date: 

NOTES TO THE CONSOLIDATED 
FINANCIAL STATEMENTS
(CONTINUED)
50 
Cann Group  |  Annual Report FY2024
Note 13. Reserves (continued)
The total expense of share-based payments recognised in the statement of profit or loss and other 
comprehensive income amounted to $0.18 million. The remaining fair value will be expensed in 
subsequent years in accordance with the specific service conditions of the rights. 
During the year nil shares were issued on conversion of options. 
The 6.74 million noteholder options are included in the convertible note reserve. 
Note 14. Loss per share
Performance rights and options have not been included in the weighted average number of ordinary 
shares as the Group presently has accumulated losses and no certainty of future profits to offset those 
losses. 
The potentially dilutive effects of any contingently issuable ordinary shares have not been considered 
in the diluted loss per share calculation because the Group is in a loss-making position and such an 
effect would be anti-dilutive. 
Note 15. Key Management Personnel disclosures 
Directors 
The following persons were Directors of Cann Group Limited during the financial year:
Mr Allan McCallum (retired 28 August 2023) 
 
 
Chairman 
Dr Julian Chick (appointed 28 August 2023) 
 
 
Chairman 
Mr Douglas Rathbone 
 
 
 
 
 
Non-executive Director 
Ms Jenni Pilcher (appointed as interim CEO effective 21 March 
Non-executive Director 
2024, CEO & Managing Director effective 1 April 2024)  
 
 
Mr Robert Barnes 
 
 
 
 
 
Non-executive Director 
 

Cann Group  |  Annual Report FY2024    51
Note 15. Key Management Personnel disclosures (continued)
Other Key Management Personnel 
The following persons also had the authority and responsibility for planning, directing and controlling 
the major activities of the Group, directly or indirectly, during the financial year: 
Ms Jenni Pilcher 
Interim Chief Executive Officer (appointed effective 21 March 2024) 
Mr Tony Di Pietro 
Chief Financial Officer (appointed 15 April 2024) 
Mr Peter Koetsier 
Chief Executive Officer (resigned 21 March 2024) 
Ms Deborah Ambrosini Chief Financial Officer and Company Secretary (resigned 22 December 2023) 
Compensation 
The aggregate compensation paid to Directors and other members of key management personnel of 
the Group is set out below: 
Note 16. Remuneration of auditors 
Note 17. Related party transactions
Parent entity 
Cann Group Limited is the parent entity. 
Key Management Personnel 
Disclosures relating to Key Management Personnel are set out in note 15 and the remuneration report 
included in the Directors' report. 
Transactions with related parties 
Transactions between the Group and related parties are on normal commercial terms and conditions 
no more favourable than those available to other parties unless otherwise stated. 
The Company had a short-term lease for corporate office space on normal commercial terms with 
Rathbone Wine Group. The lease was exited during the year to 30 June 2024. The building is owned 
by REI Property Sub Trust 2. Rathbone Wine Group are the head tenant. An amount of $0.10 million 
(2023: $0.11 million) was paid during the year. 

NOTES TO THE CONSOLIDATED 
FINANCIAL STATEMENTS
(CONTINUED)
52 
Cann Group  |  Annual Report FY2024
Note 18. Contingent liabilities and commitments 
On 15 February 2024, a customer of the Group, Rua Biosciences Limited, commenced legal 
proceedings against Cannoperations Pty Ltd. This related to a dispute between the parties in respect of 
a manufacturing and supply agreement. The Group is confident that it will be able to defend against the 
claim and negotiations are ongoing in relation to a new supply agreement. The quantum of any potential 
legal costs associated with the dispute are not readily determinable. 
Note 19. Events after the reporting period 
On 14 August 2024, Mr Tony Di Pietro resigned from his position as CFO and joint Company Secretary. 
Note 20. Reconciliation of loss after income tax to net cash used in operating activities 
Note 21. Financial instruments
 
Financial risk management objectives 
The Group’s material financial instruments consist of deposits with banks, its accounts payable, its 
borrowings and convertible notes. The Board is responsible for managing the Group’s significant 
financial risks, which are its liquidity risk, which it does through regularly reviewing rolling cash flow 
forecasts and examining its levels of available working capital against such forecasts and its interest 
rate risk exposure. 
Market risk 
The Group does not believe it has any material market risk of loss arising from adverse movements of 
market instruments including foreign exchange and interest rates. 

Cann Group  |  Annual Report FY2024    53
Note 21. Financial instruments (continued)
Interest rate risk 
The Group has, as of the reporting date, a minimal direct exposure to interest rate risk, which is the risk 
that a financial instrument’s market value will fluctuate as a result of changes in market interest rates. 
The effective weighted average interest rates on classes of financial assets and financial liabilities are as 
follows: 

NOTES TO THE CONSOLIDATED 
FINANCIAL STATEMENTS
(CONTINUED)
54 
Cann Group  |  Annual Report FY2024
Note 21. Financial instruments (continued)
The Company has a $49.40 million construction facility with the National Australia Bank which has been 
used to fund the construction of the new state-of-the art large scale manufacturing facility near Mildura. 
The loan was restructured in April 2022 after the facility was commissioned. Base interest rate is the 
Bank Bill Swap Bid Rate. The drawn down margin rate is 2.30% pa and the facility fee is 0.35% pa. 
Amortisation of the loan commenced 31 May 2024 on a quarterly basis for a period of 10 years. The 
facility had been fully drawn down to an amount of $49.40 million at 30 June 2024. Repayment terms 
have been extended to 31 May 2025. 
In April 2022 Cann executed documentation to enter into a $15.60 million working capital facility with the 
National Australia Bank. The working capital facility has been used by Cann to support the scale up of 
the business and the next phase of its long-term growth strategy. The facility terms were negotiated for 
an initial period with the first review held on 30 November 2022. Thereafter it will be reviewed on a 
rolling 12 month period. Key terms include a drawn down rate of 2.00% pa and a facility fee of 0.35% 
per annum. The Working Capital facility is cross-collateralised and co-defaulting with the Construction 
facility. As at 30 June 2024 the facility had been drawn down by $14.95 million leaving a balance of 
$0.61 million to be drawn down. Repayment terms have been extended to 31 May 2025. 
On 7 May 2024 Cann executed a facility agreement with a prominent Australian private credit fund to 
provide a secured debt facility of $5.00 million. The full $5.00 million was drawn in one lump sum. The 
principal is subject to 15% interest per annum, payable monthly in arrears and the facility has a maturity 
date of 7 May 2025. The facility is secured over Cann's Mildura property as a second mortgage behind 
the NAB. In addition to the monthly interest, the Facility has upfront fees of 3% of the principal, $0.07 
million work fee and a 1% broker fee together with customary legal costs. 
For the Group the borrowings outstanding, totalling $70.05 million (2023: $60.70 million), are principal 
and interest payment loans. Quarterly cash outlays of approximately $1.00 million (2023: $1.00 million) 
per quarter are required to service the interest payments, although the Construction and Working 
Capital facilities have been extended to 31 May 2025. An official increase/decrease in interest rates of 
0.5 percent would have an adverse/favourable effect on loss before tax of $0.31 million (2023: $0.47 
million) per annum. The percentage change is based on the expected volatility of interest rates using 
market data and analysts' forecasts. 
Credit risk 
The Group does not believe it has any material risk from a counterparty defaulting on its contractual 
obligations or commitments resulting in financial loss as such risk is managed by implementing a policy 
of only dealing with creditworthy counterparties in accordance with established credit limits for all future 
transactions with customers. The Group also reviews the overall financial strength of its customers by 
monitoring publicly available credit information. 
The Directors have assessed that the fair values of the Group’s financial assets and liabilities reasonably 
approximate their carrying values, as represented in these financial statements. 
Liquidity risk 
Liquidity risk arises from the possibility that the Group may encounter difficulty in meeting its obligations 
for its financial liabilities, which at 30 June 2024 were primarily accounts payable with due terms of 
between 0-45 days and working capital facility with the National Australia Bank. 

Cann Group  |  Annual Report FY2024    55
Note 21. Financial instruments (continued)
Foreign currency risk 
Subsequent to the acquisition of Satipharm, the Group is exposed to fluctuations in foreign currencies 
arising from the sale and purchase of goods and services in currencies other than the group’s 
measurement currency. The management managed the foreign currency transactions on a monthly 
basis to avoid the fluctuation on the exchange rate, while the Group does not have any material foreign 
currency risk exposure. Where exposures do arise, forward foreign exchange contracts will be applied. 
Note 22. Capital management 
The Board of Directors are charged with determining the optimal mix of debt and equity which is 
suitable for the needs of the Group. For the year ended 30 June 2024 the Group held a $50.00 million 
loan facility available for the purpose of funding the construction of the Mildura Facility. As at 30 June 
2024 this was drawn down to the amount of $49.40 million. The Board considers it appropriate that the 
construction of the Mildura Facility be sourced through a mix of equity and long-term debt financing.
The Group also had access to a $15.00 million working capital facility at the end of the financial year 
which was drawn to $14.95 million. The working capital facility will be used by Cann to support the scale 
up of the business and the next phase of its long-term growth strategy. 
The Group’s treasury function reports to the Board monthly with forecast cash flow information that 
enables the Company to conduct its capital raising activities in an orderly fashion at a dilutive cost to 
existing shareholders that is appropriate and reasonable. 
Note 23. Parent entity information 
Set out below is the supplementary information about the parent entity. 
Statement of profit or loss and other comprehensive income Parent 

NOTES TO THE CONSOLIDATED 
FINANCIAL STATEMENTS
(CONTINUED)
56 
Cann Group  |  Annual Report FY2024
Note 23. Parent entity information (continued) 
Material accounting policy information 
The accounting policies of the parent entity are consistent with those of the Group, as disclosed in note 
2, except for the following: 
•
Investments in subsidiaries are accounted for at cost, less any impairment, in the parent entity. 
•
Investments in associates are accounted for at cost, less any impairment, in the parent entity. 
•
Dividends received from subsidiaries are recognised as other income by the parent entity and its 
receipt may be an indicator of an impairment of the investment. 
Note 24. Convertible notes
On 21 November 2023, the Company entered into a funding arrangement through an unsecured 
Convertible Note with Obsidian Global GP, LLC (‘Noteholder’). The funding arrangement has an 
aggregate limit of up to $15.00 million. 
On 27 November 2023, the Company issued 1,322,200 Convertible Notes to Obsidian Global GP, LLC 
for proceeds of US$1 per convertible note, and a face value of US$1.15 per convertible note as at 27 
November 2023, in respect of which the Company received $2.00 million gross proceeds at the time of 
issue. 

Cann Group  |  Annual Report FY2024    57
Note 24. Convertible notes (continued) 
The facility has a limit of $15.00 million and maturity date of 18 months after the execution date, being 
27 May 2025. As at 31 December 2023, the facility has an undrawn facility amount of $13.00 million with 
subsequent draw down tranches being permitted 90 days immediately after the previous tranche drawn 
and the maximum amount of each subsequent purchase to not exceed $3.00 million. Any subsequent 
tranche draw down up to a maximum of four (4) tranches is to be agreed by mutual agreement between 
Cann Group and the Noteholder, subject to Cann Group maintaining a market capitalisation of at least 
$35.00 million. 
Upon issue of the Convertible Notes (Notes), the Company also issued 985,286 Commitment shares and 
3,333,333 Placement shares for the purpose of incentivising the Noteholder into the transaction. The 
Commitment shares issued to the note holder were assessed at a fair value of $0.10 million and the 
Placement shares were assessed at a fair value of $0.40 million. 
As per the Convertible Note agreement, along with the entitlement for conversion of Notes into fully paid 
ordinary shares, the Noteholder was also issued 6,735,867 share options over fully paid ordinary shares, 
which are yet to be exercised as at 30 June 2024. The arrangement was valued using the Binomial 
model, with the fair value on grant date being $0.08 million. The options issued over fully paid ordinary 
shares had a $0.225 exercise price and expire 24 April 2026. 
The 6.74 million noteholder options are included in the convertible note reserve. 
The options had the following valuation model inputs to determine the fair value at grant date: 
Whereby the drawn down amount becomes due and payable, or the Noteholder at their discretion at any 
time prior to the maturity date, may elect to convert the convertible notes into shares. The convertible 
notes can be converted into shares on the following terms being the lesser of: 
(a) 92% of the average of the 3 lowest daily VWAPs during the 15 Actual Trading Days prior to the 
relevant Conversion Notice Date, rounded down to the lowest $0.001; and 
(b) The fixed conversion price. 
Where the maximum number of shares that can be issued without shareholder approval is 40,000,000 
and the fixed conversion price is defined as $0.1998. 
As a result of the above, a conversion option exists which has resulted in an embedded derivative being 
recognised on initial recognition of the convertible notes in the financial statements of $0, due to the 
convertible feature being considerably out of the money at execution date. There is an FX embedded 
derivative on initial recognition of $0.06 million, on account of the face value being US$1.15, and the 
drawdown amount being $2.00 million was recognised. The valuation of the embedded derivatives at 
initial recognition were performed by an external valuation expert and subsequently on balance date. 

NOTES TO THE CONSOLIDATED 
FINANCIAL STATEMENTS
(CONTINUED)
58 
Cann Group  |  Annual Report FY2024
Note 24. Convertible notes (continued) 
The convertible notes are unsecured. 
Further to the above, should Cann Group undertake a fund raising in excess of $2.50 million prior to the 
maturity date, the Noteholder may elect to require the Company to apply up to 20% of those funds to 
redeem Convertible Notes on issue. 
Further to the above, 6,735,867 share options were issued to the lead broker, EverBlu Capital, as 
payment for their services in arrangement of the convertible note. The fair value of 6,735,867 options 
issued to the lead broker was $0.08 million. This cost was recognised in the share-based payment 
reserve. See note 13 for further details in respect of Share Based Payments. Further to this, the Group 
incurred the following: 
•
a cash fee of $0.12 million paid to the lead broker, being 6% of the initial $2.00 million drawn down, 
and 
•
2,662,938 ordinary shares were issued to the lead broker, EverBlu Capital, for a fair value of $0.29 
million as payment for their services.  
Valuation methodology applied in valuing Convertible Notes 
Upon issue of the Convertible Notes in November 2023, the Group utilised an external valuation expert 
to value the Convertible Notes including the issued share options using the Binomial Option Pricing. The 
FX embedded derivative was valued using market observed pricing to determine the fair value.
Significant unobservable inputs in applying this technique include the Group’s future share price, 
exercise price, expiry date and volatility used to calculate the 5 lowest daily volume weighted average 
prices (VWAPs) during the 20 trading days prior to maturity. 
A Binomial Option Pricing valuation methodology has been used to determine the value of the Options 
issued to the Noteholder and Lead Broker and the spot price used in valuing the Placement Shares, 
Commitment Shares & Lead Broker Shares. 
The Directors of the Company appointed an external valuation expert to perform a fair value valuation 
on the convertible notes and the related embedded derivatives at inception. 
In fair valuing the host liability as at inception, an effective interest rate of 78% was applied which 
reflects the short-term nature and costs associated with issuance of the convertible notes. 
As at 30 June 2024 the group has no liabilities where the fair value measurement is based on quoted 
prices in active markets (Level 1 hierarchy) or significant unobservable inputs (Level 2 hierarchy). As at 
30 June 2024 the fair value of the embedded derivative is measured using significant unobservable 
inputs (Level 3 hierarchy). There has been no change in the Group’s valuation process, valuation 
techniques and types of inputs used in the fair value measurement at the end of the reporting period in 
comparison to the methodology upon inception. There have been no transfers between levels of fair 
value hierarchy during the period ended 30 June 2024. 
Refer to note 25 for further information on financial instruments including significant unobservable inputs 
(Level 3 hierarchy). 

Cann Group  |  Annual Report FY2024    59
Note 24. Convertible notes (continued) 
Event of Default 
On 1 March 2024 (“Default Date”) the Group triggered an Event of Default due to its suspension from 
trading on the ASX. This triggered an increase in the Notes face value by 10% (US$1.15 to US$1.265), 
default conversion price and default interest clause of the facility. The additional interest to reflect the 
higher discount rate has been adjusted for in the financial statements. 
Following the Event of Default, interest shall be payable on the convertible securities at a rate of 15% 
per annum which shall accrue daily and shall be compounded monthly from the date of the Event of 
Default until the Company discharges the amount outstanding in full. 
Additionally following the Event of Default, the conversion price will change to the lesser of the premium 
conversion price and 80% of the lowest daily VWAP during the 10 actual days prior to the conversion 
date. 
Due to the fact that the convertible note is now repayable upon demand, management have made an 
assessment to fully amortise the liability as at 30 June 2024, to better reflect the possible immediate 
repayment that could be called upon, subsequent to the default event. 
Conversions 
As at 30 June 2024, 330,000 notes were redeemed for the issue of 12,591,040 ordinary shares as 
detailed in note 12. 
Note 25. Fair value measurement
Fair value hierarchy 
The following tables detail the Group's assets and liabilities, measured or disclosed at fair value, using a 
three level hierarchy, based on the lowest level of input that is significant to the entire fair value 
measurement, being: 
Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities that the entity 
can access at the measurement date. 
Level 2: Inputs other than quoted prices included within Level 1 that are observable for the asset or 
liability, either directly or indirectly. 
Level 3: Unobservable inputs for the asset or liability. 

NOTES TO THE CONSOLIDATED 
FINANCIAL STATEMENTS
(CONTINUED)
60 
Cann Group  |  Annual Report FY2024
Note 25. Fair value measurement (continued) 
During the period from inception in November 2023 through to 30 June 2024, the fair value of the 
convertible note derivatives was unchanged. The fair value of the embedded derivate was $0.061 million 
as at 30 June 2024. 
The embedded derivative financial instrument has been valued using available market rates. This 
valuation technique maximises the use of observable market data where it is available and relies as little 
as possible on entity specific estimates. 
The sensitivity analysis undertaken on the unobservable inputs identified no material impact to the 
valuation at 30 June 2024. 
There were no transfers between levels during the financial year. 
The carrying amounts of trade and other receivables and trade and other payables are assumed to 
approximate their fair values due to their short-term nature. 
The fair value of financial liabilities is estimated by discounting the remaining contractual maturities at 
the current market interest rate that is available for similar financial liabilities. 
Level 3 assets and liabilities 
Accounting policy for fair value measurement 
When an asset or liability, financial or non-financial, is measured at fair value for recognition or 
disclosure purposes, the fair value is based on the price that would be received to sell an asset or paid 
to transfer a liability in an orderly transaction between market participants at the measurement date; and 
assumes that the transaction will take place either: in the principal market; or in the absence of a 
principal market, in the most advantageous market. 
Fair value is measured using the assumptions that market participants would use when pricing the asset 
or liability, assuming they act in their economic best interests. For non-financial assets, the fair value 
measurement is based on its highest and best use. Valuation techniques that are appropriate in the 
circumstances and for which sufficient data are available to measure fair value, are used, maximising 
the use of relevant observable inputs and minimising the use of unobservable inputs. 
Assets and liabilities measured at fair value are classified into three levels, using a fair value hierarchy 
that reflects the significance of the inputs used in making the measurements. Classifications are 
reviewed at each reporting date and transfers between levels are determined based on a reassessment 
of the lowest level of input that is significant to the fair value measurement. 
For recurring and non-recurring fair value measurements, external valuers may be used when internal 
expertise is either not available or when the valuation is deemed to be significant. External valuers are 
selected based on market knowledge and reputation. Where there is a significant change in fair value of 
an asset or liability from one period to another, an analysis is undertaken, which includes a verification of 
the major inputs applied in the latest valuation and a comparison, where applicable, with external 
sources of data. 

Cann Group  |  Annual Report FY2024    61
Basis of preparation
This Consolidated entity disclosure statement (CEDS) has been prepared in accordance with the 
Corporations Act 2001 and includes information for each entity that was part of the Group as at the end 
of the financial year in accordance with AASB 10 Consolidated Financial Statements. 
Determination of tax residency
Section 295 (3A)(vi) of the Corporation Act 2001 defines tax residency as having the meaning in the 
Income Tax Assessment Act 1997. The determination of tax residency involves judgement as there are 
different interpretations that could be adopted, and which could give rise to a different conclusion on 
residency. 
In determining tax residency, the Group has applied the following interpretations: 
Australian tax residency 
The Group has applied current legislation and judicial precedent, including having regard to the Tax 
Commissioner's public guidance in Tax Ruling TR 2018/5. 
Foreign tax residency
Where necessary, the Group has used independent tax advisers in foreign jurisdictions to assist in its 
determination of tax residency to ensure applicable foreign tax legislation has been complied with (see 
section 295(3A)(vii) of the Corporations Act 2001). 
Partnerships and Trusts
None of the entities noted above were trustees of trusts within the Group, partners in a partnership 
within the Group or participants in a joint venture within the Group. 
CONSOLIDATED ENTITY 
DISCLOSURE STATEMENT

62 
Cann Group  |  Annual Report FY2024
DIRECTORS’ 
DECLARATION
30 JUNE 2024
In the Directors' opinion: 
•
the attached financial statements and notes comply with the Corporations Act 2001, the Accounting 
Standards, the Corporations Regulations 2001 and other mandatory professional reporting 
requirements;
•
the attached financial statements and notes comply with International Financial Reporting 
Standards as issued by the International Accounting Standards Board as described in note 2 to the 
financial statements; 
•
the attached financial statements and notes give a true and fair view of the Group's financial 
position as at 30 June 2024 and of its performance for the financial year ended on that date 
•
there are reasonable grounds to believe that the Company will be able to pay its debts as and 
when they become due and payable; and
•
the information disclosed in the attached consolidated entity disclosure statement is true and 
correct. 
The Directors have been given the declarations required by section 295A of the Corporations Act 
2001.
Signed in accordance with a resolution of Directors made pursuant to section 295(5)(a) of the 
Corporations Act 2001.
On behalf of the Directors
__________________________
Julian Chick
Chairman
30 August 2024

Cann Group  |  Annual Report FY2024    63
INDEPENDENT AUDITOR’S 
REPORT
TO THE MEMBERS OF CANN GROUP LIMITED

64 
Cann Group  |  Annual Report FY2024
INDEPENDENT AUDITOR’S 
REPORT
(CONTINUED)

Cann Group  |  Annual Report FY2024    65

66 
Cann Group  |  Annual Report FY2024
INDEPENDENT AUDITOR’S 
REPORT
(CONTINUED)

Cann Group  |  Annual Report FY2024    67

68 
Cann Group  |  Annual Report FY2024
INDEPENDENT AUDITOR’S 
REPORT
(CONTINUED)


CORPORATE 
GOVERNANCE 
STATEMENT
For the year ended 30 June 2024
The Company’s directors and management are committed to conducting the business of the Group in 
accordance with the Group’s core values: trust and accountability; leading edge behaviour; and acting 
in the best interests of our people and community.  This includes conducting ourselves in an ethical 
manner and in accordance with the highest standards of corporate governance.  The Group has 
adopted and substantially complies with the ASX Corporate Governance Council’s Corporate 
Governance Principles and Recommendations (4th edition) (Recommendations), as is appropriate for 
the size and nature of the Group’s operations.
For the 2024 financial year, the Group has prepared a corporate governance statement that discloses 
the extent to which the Group has followed the Recommendations, identifies any Recommendations 
that have not been followed, and the reasons for the Group not doing so (Corporate Governance 
Statement).
In accordance with ASX Listing Rules 4.7.4 and 4.10.3, the Corporate Governance Statement will be 
available for review on the Company’s website (www.canngrouplimited.com), and, together with an 
Appendix 4G, will be lodged with the ASX at the same time that this annual report is lodged with the 
ASX. The Appendix 4G will provide information on each Recommendation that needs to be reported 
against by the Company and provide shareholders with guidance on where the relevant governance 
disclosures are located. The Company’s corporate governance documents, including policies and 
charters, are all available on the Company’s website www.canngrouplimited.com.
70 
Cann Group  |  Annual Report FY2024

Cann Group  |  Annual Report FY2024    71
SHAREHOLDER 
INFORMATION
Rank Name
30 Aug 2024
%IC
1
MR RYAN PRUE 
14,000,000
3.00
2
MR PHILIP JACOBSEN & MRS MAXINE JACOBSEN 
11,478,943
2.46
3
MULLACAM PTY LTD 
7,296,023
1.56
4
FLAG CAPITAL PTY LTD 
5,876,453
1.26
5
MR JIASHUN YANG 
5,253,000
1.12
6
CITICORP NOMINEES PTY LIMITED 
4,663,983
1.00
7
SUPERNOVA FUND PTY LTD 
4,341,363
0.93
8
INVIA CUSTODIAN PTY LIMITED 
4,040,000
0.86
9
ADSD SOODIN HOLDINGS PTY LTD 
3,865,051
0.83
10
MS SHENGYAN HU & MR XIANGJUN ZHAO 
3,550,000
0.76
11
MR CHRISTOPHER JOHN PAGE 
3,500,000
0.75
12
T R SAMUELS TRANSPORT PTY LIMITED 
3,305,817
0.71
13
CMC MARKETS STOCKBROKING NOMINEES PTY LIMITED 
3,187,043
0.68
14
MR MICHAEL ANDERSON 
2,524,620
0.54
15
HSBC CUSTODY NOMINEES (AUSTRALIA) LIMITED 
2,475,884
0.53
16
MR XUELONG SUN 
2,463,750
0.53
17
COMMONWEALTH SCIENTIFIC AND INDUSTRIAL RESEARCH 
ORGANISATION 
2,450,338
0.52
18
PACIFIC CUSTODIANS PTY LIMITED 
2,183,068
0.47
19
HARDMAIL PTY LTD 
2,150,000
0.46
20
FINCLEAR SERVICES PTY LTD 
1,906,633
0.41
Total
90,511,969
19.37
Balance of register
376,764,192
80.63
Grand total
467,276,161
100.00
Equity security holders
As at 2 September 2024, the Company had 467,276,161 ordinary shares on issue. Further details of 
the Company’s equity securities are as follows:
Distribution of equity holders
Holding distribution
Range
Securities
%
No. of holders
100,001 and Over
282,273,197
60.41
689
10,001 to 100,000
134,327,697
28.75
4,351
5,001 to 10,000
22,760,457
4.87
2,989
1,001 to 5,000
24,035,056
5.14
9,377
1 to 1,000
3,879,754
0.83
7,175
Total
467,276,161
100.00
24,581
Unmarketable parcels
The number of investors holding less than a marketable parcel of 12,500 ($0.39 on 2 September 2024) is 20,120 
and they hold 57,184,701 securities.

72 
Cann Group  |  Annual Report FY2024
Distribution of Options and Performance Rights
There were 1,859 individuals holding a total of 34,721,574 options and 8 individuals holding a total of 
1,430,352 performance rights.
On-market purchases
No securities were purchased on-market for the purposes of an employee incentive scheme or to satisfy the 
entitlements of security holders to acquire securities granted under an employee incentive scheme during FY24.
Voting rights
The voting rights attaching to each ordinary share are that holders of ordinary shares have the right to vote at 
every general meeting of the Company. At a general meeting every holder of ordinary shares present in person or 
by proxy has, on a poll, one vote for each ordinary share held.
There are no voting rights attached to the performance rights. The performance shares are ordinary, unquoted 
shares and are subject to restrictions on transfer. The holders of the performance shares do have voting rights.
Securities exchange
The Company is listed on the Australian Securities Exchange. The home exchange is Melbourne.
Other information
Cann Group Limited, incorporated and domiciled in Australia, is a publicly listed company limited by shares.
Options
Range
No. of 
holders
%
Options
%
1 to 1,000
707 
38%
290,508 
1%
1,001 to 5,000
600 
32%
1,569,425 
5%
5,001 to 10,000
196 
11%
1,442,717 
4%
10,001 to 100,000
325 
17%
9,871,097 
28%
100,001 and over
31 
2%
21,547,827 
62%
Total
1,859 
100%
34,721,574 
100%
Performance rights
Range
No. of 
holders
%
Performance 
Rights
%
1 to 1,000
- 
0%
-   
0%
1,001 to 5,000
- 
0%
-   
0%
5,001 to 10,000
- 
0%
-   
0%
10,001 to 100,000
2 
25%
172,739 
12%
100,001 and over
6 
75%
1,257,613 
88%
Total
8 
100%
1,430,352 
100%
SHAREHOLDER 
INFORMATION
(CONTINUED)

Cann Group  |  Annual Report FY2024    73
Directors
Auditors
Dr Julian Chick, Chairman
William Buck
Jenni Pilcher, Managing Director & CEO
Level 20, 181 William Street
Doug Rathbone AM, Non-executive Director
Melbourne, Victoria 3000
Robert Barnes, Non-executive Director
Phone:     03 9824 8555
Company Secretary
Steven Notaro
Chief Executive Officer
Jenni Pilcher
Registered Office
262-276 Lorimer Street
Port Melbourne, Victoria 3207
Phone:      03 9095 7088    
Email:       contact@canngrouplimited.com
Website:   www.canngrouplimited.com
Share Registry
Link Market Services 
Tower 4, 727 Collins Street
Melbourne, Victoria 3000
Phone:     1300 554 474 (within Australia)
+61 2 8280 7100 (from outside Australia)
ASX Listing
(ASX:CAN)
CORPORATE 
DIRECTORY

This page has been left blank intentionally

This page has been left blank intentionally

This page has been left blank intentionally

Cann Group acknowledges 
the Traditional Owners of all 
the lands on which we work. 
We pay our respects to 
Aboriginal and Torres Strait 
Islander cultures, and to 
Elders past and present.