Greenfern Industries has reported a 105% increase in revenue for the six months ended September 30, 2024, reaching $244,438.
The company's focus on medicinal cannabis flower production has started to generate revenue.
However, it also reported a net loss of $650,000, similar to the previous period.
The company's net assets as of September 30, 2024, were $1.38 million, with cash and cash equivalents of $24,000.
Greenfern said it will rely on continued capital raising to meet its obligations and achieve its business plans.
It has undertaken a wholesale placement, raising $95,000 so far, and is proposing a rights issue to all shareholders in December to raise at least $500,000.
Greenfern's principal activities include licensed medicinal cannabis, research, and biotechnology, with a focus on export and the development of soluble hemp protein powder.
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