Cannara Biotech Achieves its Highest National Market Share of 3.2% in July 2024 and Announces Investor Webcast Scheduled for August 20, 2024

Rhea-AI Summary

Cannara Biotech Inc. (TSXV: LOVE) (OTCQB: LOVFF) has achieved its highest national market share of 3.2% in July 2024, positioning it as the 9th largest licensed cannabis producer in Canada. The company reported an approximate 11.8% market share in Quebec, marking its highest monthly national retail sales to date. Cannara operates two mega facilities in Quebec, spanning over 1,650,000 sq. ft., and focuses on producing premium-grade cannabis and derivative products at affordable prices.

The company will host a live investor webcast on August 20, 2024, at 2:00 PM ET, where CFO Nicholas Sosiak will present Q3 2024 financial results and discuss future growth strategies. Investors can pre-register for the webcast and participate in a Q&A session.

Positive

• Achieved highest national market share of 3.2% in July 2024
• Ranked as 9th largest licensed producer in Canada by market share
• Reached approximately 11.8% market share in Quebec
• Recorded highest monthly national retail sales in company history

Negative

• None.

MONTREAL, Aug. 16, 2024 (GLOBE NEWSWIRE) -- Cannara Biotech Inc. ("Cannara" or the "Company") (TSXV: LOVE) (OTCQB: LOVFF) (FRA: 8CB0), a vertically integrated producer of premium-grade cannabis and derivative product offerings at affordable prices with two mega facilities based in Quebec spanning over 1,650,000 sq. ft., today announced that the Company has achieved its highest national market share of 3.2% in July 2024 which places Cannara as the 9th largest licensed producer in Canada by market share¹.

“We are thrilled to report that July 2024 marks a significant milestone for Cannara, with our highest monthly national retail sales in the Company's history, including an approximate 11.8% market share in Quebec¹. This achievement is a testament to the dedication and hard work of our entire team, as well as the growing demand for our premium cannabis products. We look forward to discussing these results in more detail during our upcoming investor webcast, where we will provide further insights into our third quarter of 2024 financial performance and future growth strategies,” commented Nicholas Sosiak, CFO of Cannara.

Cannara will host a live investor webcast on Tuesday, August 20, 2024, at 2:00 PM ET. Nicholas Sosiak, CFO, will lead the presentation, covering key aspects of the business and delivering a detailed update on Q3 2024 financial results. Following the presentation, investors will have the opportunity to participate in an interactive Q&A session.

Date & Time: August 20, 2024, at 2:00 PM ET
Webcast Link: https://us02web.zoom.us/webinar/register/WN_1SEpVsglTTCKYq38DlMKBg

To listen to the webcast or participate in the live Q&A, please pre-register using the link provided above.

For those unable to attend the live event, an archived version of the webcast and presentation will be available on the Company's investor relations website at https://investors.cannara.ca.

Contact: 

Nicholas Sosiak, CPA, CA
Chief Financial Officer
nicholas.sosiak@cannara.ca  

Zohar Krivorot
President & Chief Executive Officer
zohar.krivorot@cannara.ca  

About Cannara Biotech Inc.

Cannara Biotech Inc. (TSXV: LOVE) (OTCQB: LOVFF) (FRA: 8CB0), is a vertically integrated producer of affordable premium-grade cannabis and cannabis-derivative products for the Canadian markets. Cannara owns two mega facilities based in Québec spanning over 1,650,000 sq. ft., providing the Company with 100,000 kg of potential annualized cultivation output. Leveraging Québec’s low electricity costs, Cannara’s facilities produce premium-grade cannabis products at an affordable price. For more information, please visit  https://www.cannara.ca.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts 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.

¹ Based on estimated sales data provided by HiFyre Retail Analytics, Licensed Producer Sales Nationally, for the period of July 2024.

FAQ

What was Cannara Biotech's national market share in July 2024?

Cannara Biotech achieved its highest national market share of 3.2% in July 2024.

What is Cannara Biotech's market share in Quebec as of July 2024?

Cannara Biotech reported an approximate 11.8% market share in Quebec in July 2024.

When is Cannara Biotech (LOVFF) hosting its investor webcast for Q3 2024 results?

Cannara Biotech is hosting a live investor webcast on Tuesday, August 20, 2024, at 2:00 PM ET to discuss Q3 2024 financial results.

What is Cannara Biotech's ranking among licensed cannabis producers in Canada?

As of July 2024, Cannara Biotech is ranked as the 9th largest licensed cannabis producer in Canada by market share.