Cannara Biotech Inc. (CSE:LOVE) (“Cannara” or the “Company”), is building a vertically integrated Cannabis company focused on cannabis derivative products, today announced its financial results for the three-month period ended November 30, 2018.
Q1 2019 HIGHLIGHTS
- Subsequent to quarter end, began trading on the CSE
- Cash and cash equivalents of $43.5 million at end of Q1
- Revenue from short-term leases of $518,443
- Dual share structure dissolved upon public listing resulting in a single class of common shares
“On January 14th, Cannara became a publicly traded cannabis company, marking a critical milestone for our company,” said Zohar Krivorot, President and CEO of Cannara. “As this release represents our first disclosure as a public company, we want to assure the investment community we understand that being public demands transparency, which is entirely consistent with our values of respect and integrity. As we grow, we will stay true to our aim of building a premier cannabis company, we will maintain these core values.”
Construction of the Company’s Farnham, Quebec facility continues to be a top priority for Cannara with steady progress made throughout the quarter. Recently, the Company expanded the scope of Phase One to include a slightly larger growth area and additional processing capabilities, including some R&D space and equipment. With an estimated annual capacity of 15,000 kg of cannabis to be completed in the first half of 2019, the Farnham facility represents a key plank in the Company’s strategy to attract and grow via joint ventures with industry leaders.
“With a comprehensive brand strategy, our large one-of-kind facility, strong balance sheet and an elite senior management team, the fundamentals that will define Cannara are rapidly taking shape,” continued Mr. Krivorot. “Our expanding profile is accelerating our business development initiatives, positioning 2019 to be eventful and transformative year for us as we prepare for the upcoming legalization of beverages and other derivative cannabis products.”
“We are in the enviable position of having our Phase One construction and capacity plans fully funded, allowing us to pursue our strategic growth with confidence,” said Lennie Ryer, CFO of Cannara. “No doubt we are in the early stages of our growth curve, however, with $55 million raised in 2018, including our recently closed oversubscribed go-public round, our progress is speaking to our potential.”
About Cannara Biotech Inc.
Cannara Biotech is building the largest indoor cannabis cultivation facility in Quebec, a modern and secure 625,000 square foot facility located in Farnham, less than 45 minutes from downtown Montreal. Leveraging Quebec’s low electricity costs, Cannara’s facility will produce high-grade indoor cannabis and derivative products for the Canadian and international markets. Working with partners from various industries, Cannara will generate licensing revenues, rental revenues and revenue streams from joint-venture arrangements leveraging this highly valuable property. For more information, visit our website: www.cannara.ca
ON BEHALF OF THE BOARD OF DIRECTORS
CEO and Director
The CSE does not accept responsibility for the adequacy or accuracy of this release.
Cautionary Statement Regarding “Forward-Looking” Information
This information release contains certain forward-looking information. Such information involves known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from those implied by statements herein, and therefore these statements should not be read as guarantees of future performance or results. All forward-looking statements are based on the Company’s current beliefs as well as assumptions made by and information currently available to it as well as other factors. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Due to risks and uncertainties, including the risks and uncertainties identified by the Company in its public securities filings, actual events may differ materially from current expectations. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
In the evolving rush of mergers and acquisitions (M&A) in the Canadian cannabis market, Canopy Growth (NASDAQ:CGC,TSX:WEED) announced it will acquire The Supreme Cannabis Company (TSX:FIRE,OTCQX:SPRWF) in a deal worth approximately C$435 million.
Meanwhile, a cannabis operator in the US confirmed this week that it will receive a financial boost from a partner to solidify its position in the burgeoning Pennsylvania state market.
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Love Hemp Group PLC (AQSE: LIFE) (OTCQB: WRHLF), one of the UK’s leading CBD and Hemp product suppliers, announces that as part of the equity fundraise announced yesterday, Antony Calamita and Andrew Male, Directors of the Company, subscribed for 285,714 Ordinary Shares and 1,428,571 Ordinary Shares respectively. The subscriptions are at a price of 3.5 pence per ordinary share for a total of £60,000. Following these subscriptions, Antony Calamita is now interested in 54,385,714 Ordinary Shares, representing 8.61% of the Company’s share capital as increased by the fundraising, and Andrew Male is now interested in 6,138,196 Ordinary Shares, representing 0.97% of the Company’s issued share capital as increased by the fundraising
Further, the timetable for receipt of applications under the Broker Option, which was also announced yesterday, has been extended until 5:00 pm 9 April 2021 to capture additional interest which was unable to be completed yesterday.
Revive Therapeutics Ltd. (“Revive” or the “Company”) (CSE: RVV, USA: RVVTF), a specialty life sciences company focused on the research and development of therapeutics for medical needs and rare disorders, would like to provide the following dial-in information for the Company’s upcoming Annual and Special Meeting (the “Meeting”) scheduled to be held at 11:00 a.m. Eastern Daylight Time on April 12, 2021. Shareholders and proxyholders may access the Meeting via teleconference by dialing 647-723-3984 or 1-866-365-4406 from Canada or the United States, then entering participation code “8487744” followed by the pound (“#”) sign.
In consideration of the COVID-19 pandemic and the recent restrictions imposed by the Ontario Provincial Government, shareholders and proxyholders will only be able to attend the Meeting via teleconference and will not be permitted to attend the Meeting in person at the address provided on the Notice of Annual and Special Meeting of Shareholders.
Gage Cannabis Announces Exclusive Partnership With Blue River to Bring Award-Winning Cannabis Extracts to Michigan
Gage Growth Corp. (“Gage” or the “Company”) (CSE:GAGE), a leading high-quality craft cannabis brand and operator in Michigan, announced today that it has signed an agreement with Blue River™ Extracts & Terpenes (“Blue River™”) to bring the brand’s award-winning solventless technology and other trademark branded products to the state’s medical patients and cannabis consumers. The Company will have exclusive rights to Blue River™’s premium product offerings in Michigan.