AusCann Group Holdings (ASX:AC8) obtained a AU$1 million loan from Endpoints Capital as an advance tax refund for its research and development activities, according to a Friday filing with the Australian bourse.
The advance incurs an interest rate of 16% per annum, with a minimum period of 90 days. The loan is expected to be repaid once the tax refund is received or by Nov. 30, whichever is earlier.
The advance is part of the cannabis drug developer's expected research and development tax incentive of AU$1.965 million for financial year 2024.
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