Cann Group Limited (ASX: CAN) Announces Deferral of NAB Interest Payments
Deferral of Interest Payments
Cann Group Limited (ASX: CAN) has secured an agreement with the National Australia Bank (NAB) to defer its quarterly interest payment and facility fee, totalling approximately $0.9 million, previously due on 22nd November 2024. This agreement paves the way for potential deferment of the subsequent two quarterly payments as well.
Support for Growth Plans
The NAB has also confirmed that it will not call upon any outstanding loan balances until 29 September 2025. This support allows Cann Group to focus on becoming EBITDA positive, followed by cash flow positive. The deferral of interest payments enables the company to redirect these funds towards several strategic initiatives aimed at accelerating revenue growth.
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