DiscovOre PLC - London-based medical cannabis investor - Reports pretax profit swung to GBP100,709 for the financial year ending November 30, 2020, from a loss of GBP510,733 the previous year. Notes investment gains of GBP222,057 for the financial year, compared with a GBP214,996 loss the year prior. Avoided raising capital via equity or debt and cut administrative expenses in recent financial year by GBP178,408 on the year before. The company's corporate broker raised gross proceeds before expenses of GBP3.5 million in a brokered financing, issuing 175 million ordinary shares at 2 pence each, as announced on April 28.
Notes growing interest from investors and financiers in the medical cannabis industry over past year. Says that from April 2021, the company will also invest in medical psychedelics. Now primarily interested in ventures that aim to develop mental health treatments using medical cannabis and psychedelics. DiscovOre was named Eurocann International PLC until November 2020.
Aquis Exchange current stock price: 2.50p, flat
Year-to-date change: down 17%
By Scarlett Butler; scarlettbutler@alliancenews.com
Copyright 2021 Alliance News Limited. All Rights Reserved.
