I applied through the online portal to contact ASIC and am still waiting for a reply. From there, if the reply is satisfactory, I will then take the other steps as I mentioned, if there is definitive support. I just want you to know that if any further action is required, I will not be able to report it here, unfortunately, as HC's TOU's do not permit ongoing correspondence with government entities.
Regarding the Age article, I did read one of the member's replies here, but it was a segment taken from the whole article. IMO, the 3rd report from the investigative reporter read more like an Advertorial and was not conclusive in its findings. I am including the whole article below.
Re Medcan: I can't add any information to help you as Craig is very guarded (careful) about discussing any current business relationships; as he should be. CGB is a public company.
Re Instacann: I have been through the process to get my medications, Instacann 2.5 THC/12.5 CBD. The process was very easy and professional. I am now waiting for my script to be filled at an appropriate chemist in NSW.
Here is that full article. Members are welcome to draw their own conclusions.
Pot stock management puts stop to related party transactions
"The chief operating officer of medicinal cannabis company Cann Global Limited said the recent decision to end a multimillion dollar services agreement with a private firm owned by the listed company’s founder and former chairman, Pnina Feldman, was necessary to improve transparency.
Marion Lesaffre told The Age and the Sydney Morning Herald the leadership of Cann Global had listened to shareholder concerns about related party transactions with Mrs Feldman’s private company, Australian Gemstone Mining, and acted upon them to create a “structure more in line with usual corporate practice”.
From 2007 to July this year, Cann Global and its predecessor listed mining companies had an agreement with Australian Gemstone Mining to provide management, secretarial, marketing and other services. The arrangement, which was always declared to shareholders, resulted in Mrs Feldman’s private company receiving almost $14 million.
“The related party transactions with Australian Gemstone Mining have ceased,” said Ms Lesaffre, who has been with Cann Global for a decade and was appointed to the role of chief operating officer in August last year.
She said Cann Global had also terminated an arrangement with a close relative of Mrs Feldman and her son, Cann Global’s managing director, Sholom Feldman, to provide marketing services to the company in return for payments to Sydney’s Yeshiva Centre.
“We have been through a process of reviewing, and in many cases replacing, some of the company’s advisors and consultants which included the ‘close relative’ you referred to in your article. We are now confident that the current complement of independent advisors and consultants are delivering a high degree of value to the business,” she said, adding that full-time staff were now directly employed by Cann Global.
Ms Lesaffre’s comments come after The Age and the Herald last month reported shareholder frustration with the performance of Cann Global, including its failure to recover $1.2 million from a private company owned by Ms Feldman and her son in relation to a 2010 transfer of a sapphire mine owned by the listed company to Mrs Feldman’s Volcan Australia Corporation.
The $1.2 million amount has been accounted for by Cann Global as an impaired and unpaid “loan” to Volcan Australia Corporation in its most recent annual report.
Ms Lesaffre said the directors of Cann Global were focused on recovering the money. She has also asked the company’s geologist to find ways to monetise the sapphire mine to recoup the debt."
CGB Price at posting:
0.2¢ Sentiment: None Disclosure: Held
