Why the Cann (ASX:CAN) share price is sinking lower today

The Cann Group Ltd (ASX: CAN) share price is out of form and sinking lower on Thursday.

In afternoon trade, the cannabis company’s shares are down 3% to 62 cents.

Why is the Cann Group share price dropping lower?

The Cann share price has come under pressure today following the release of an underwhelming second quarter update.

According to the release, Cann recorded quarterly cash receipts from customers of just $99,000 for the three months

However, management advised that it is expecting its revenues to increase in the currently quarter due to sales contracts and purchase orders that are anticipated to ship to customers pending regulatory approvals.

This includes a shipment of 1,400 units to LYPHE Group to be used in support of…