The purchase follows the recent appointment to CEO of ex Teva Pharmaceutical executive, Ido Kanyon.

The chairman is one of the company's largest shareholders

's ( ) chairman Mal Washer has purchased 144,000 shares in the company valued at $58,238.

The purchase was completed via on-market trades and increases Washer's total holding in the company to 12.85 million shares.

Shares in the company last traded at 38 cents, a discount to Washer's average purchase price of 40.44 cents.

Recently, AusCann appointed global pharmaceutical business executive Ido Kanyon, as its CEO commencing 22 May 2019.

Kanyon brings more than 15 years’ senior executive experience in the pharmaceutical industry most recently at multi-billion dollar Ltd (NYSE:TEVA).

Teva is the world's largest generic pharmaceutical company which also specialised in the development and commercialisation of active pharmaceutical ingredients and specialty proprietary medicines.