Cannovum Cannabis AG: Annual financial statements 2022 and issuance of further convertible bonds 

EQS-News: Cannovum Cannabis AG / Key word(s): Annual Results
Cannovum Cannabis AG: Annual financial statements 2022 and issuance of further convertible bonds 
02.06.2023 / 14:03 CET/CEST
The issuer is solely responsible for the content of this announcement.

Cannovum Cannabis AG: Annual financial statements 2022 and issuance of further convertible bonds 

The Management Board of Cannovum Cannabis AG (stock exchanges Frankfurt, Xetra, Düsseldorf, Munich, Hamburg, Berlin, Tradegate, gettex: ISIN DE000A2LQU21) today prepared the annual financial statements for the financial year 2022. According to unaudited figures, the net loss for the year amounts to EUR 117k (previous year: EUR 107k). The operationally active Cannovum Health eG was able to almost triple its revenues in the past fiscal year to EUR 1,017k (previous year: EUR 340k), while the net loss for the year amounted to EUR 1,323k (previous year: EUR 907k).

In view of the recently published plans of the German government to legalize cannabis use, the Management Board has come to a revised assessment of the recoverability of the shares held in Cannovum Health eG when preparing the annual financial statements. This leads to non-cash write-downs on the value of these shares amounting to EUR 9,800k, which are covered by a corresponding withdrawal from the capital reserve. Thus, the reported accumulated deficit of Cannovum Cannabis AG as of December 31, 2022 amounts to EUR 146k (previous year: EUR 185k). The audited financial statements will be published by the end of June.

For the further financing of the Company, the Management Board has also decided, subject to the approval of the Supervisory Board, to issue convertible bonds with a volume of up to EUR 0.7 million and to exclude shareholders' subscription rights in the process.

The subordinated convertible bonds 2023 carry an interest rate of 4.75% p.a. and provide for conversion and cancellation rights during the term of 5.5 years. Holders of the 2022 convertible bond will be offered a partial exchange into the new convertible bond. If the exchange offer is accepted, the annual interest payments owed by the Company would be reduced accordingly.

The convertible bonds will be offered to investors with a minimum subscription amount of EUR 100,000 per purchaser by way of a private placement excluding shareholders' subscription rights due to an exemption from the obligation to prepare a securities prospectus. The conversion price has been set at EUR 1.00 per share, taking into account the current stock market price of the Company's shares and within the framework of the authorization granted by the Annual General Meeting on November 13, 2020.

Contact:

Klaus Madzia, IR & PR, Cannovum AG

Phone +49 30 3982 163 62, klaus.madzia@cannovum.com

Cannovum AG is the first German fully licensed cannabis company listed on the stock exchange. The shares are traded on the stock exchanges in Frankfurt/Xetra, in Düsseldorf, Munich, Berlin, Hamburg and gettex. Cannovum AG is ready for the legalization of cannabis and well-prepared for both sales through pharmacies and through licensed specialty stores and online shipping.

Through its subsidiary Cannovum Health eG, it is a fully licensed pharmaceutical wholesaler, importer and manufacturer of high-quality medical cannabis products based in Berlin. Already today, Cannovum AG is a market leader in the medical cannabis sector.

For more information, visit https://cannovum.com/investor-relations

02.06.2023 CET/CEST Dissemination of a Corporate News, transmitted by EQS News - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

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