Cannara Biotech (LOVFF) Stock News

Cannara Biotech Inc. (TSXV: LOVE, OTCQB: LOVFF, FRA: 8CB), a major player in the cannabis industry, is set to host a webcast investor presentation on May 4, 2023, at 2:00 PM ET. The presentation, led by CFO Nicholas Sosiak, will outline key aspects of Cannara's operations. Following the presentation, there will be a Q&A session for investors to engage directly. To participate, interested parties should pre-register via the provided link. Cannara operates two large facilities in Québec, totaling over 1,650,000 sq. ft., capable of producing up to 120,000 kg of cannabis per year, taking advantage of the region's low electricity costs.

Cannara Biotech Inc. reported strong fiscal second quarter 2023 results, with net revenues of $13 million, reflecting a 76% increase year-over-year. For the first half of 2023, revenues reached $23.4 million, up 67%. The company achieved positive Adjusted EBITDA of $3.2 million, a remarkable 1500% increase compared to Q2 2022. Gross profit before adjustments was $4 million for the quarter, with a 54% increase year-over-year. Significant operational expansion includes the activation of additional growing zones, boosting total production capacity to an annual estimate of 27,000 kg. With a solid working capital of $25.6 million, the company is positioned for further growth in the Canadian cannabis market.

Cannara Biotech Inc. (TSXV: LOVE, OTCQB: LOVFF) announced on February 28, 2023 the establishment of an Automatic Share Purchase Plan (ASPP) with Raymond James Ltd. to facilitate the repurchase of common shares under its previously approved Normal Course Issuer Bid (NCIB). This NCIB allows Cannara to buy back up to 1,500,000 shares, representing approximately 1.7% of the outstanding common shares as of November 30, 2022. The ASPP permits share purchases during periods when the company may not trade due to insider rules. This measure aims to enhance shareholder value while adhering to Canadian securities regulations.

Cannara Biotech announced the results of its annual shareholder meeting held on January 25, 2023. A significant resolution was passed to convert $5,317,645 of convertible debentures held by Olymbec Investments into 29,554,139 common shares, increasing Olymbec's ownership to 21.30%. The company also received approval for a share consolidation on a 10:1 basis, reducing shares from 907 million to approximately 90.7 million. This strategic move aims to improve capital structure and attract new institutional investors. The company reported strong revenue growth in January, driven by high-quality cannabis products.

Cannara Biotech Inc. (TSXV: LOVE, OTCQB: LOVFF) reported a 57% increase in quarterly revenue to $10.3 million for fiscal Q1 2023, compared to Q1 2022. The company achieved a positive Adjusted EBITDA of $1.7 million, marking its seventh consecutive positive quarter. Net income stood at $2,951. Cannara activated its seventh growing zone at the Valleyfield Facility, expanding capacity to meet growing demand. The company also entered the British Columbia market and launched 14 new products in Ontario and Quebec. As of November 30, 2022, Cannara holds $27.1 million in working capital, including $6.8 million in cash.

Cannara Biotech Inc. (TSXV: LOVE, OTCQB: LOVFF) announced a proposed share consolidation of 10 pre-consolidation shares for every 1 post-consolidation share, pending shareholder and TSXV approval on January 25, 2023. Currently, the company has 877,481,321 shares issued and outstanding, with an expected 87,748,132 shares post-consolidation. This move aims to enhance flexibility for future plans. Cannara operates two cannabis facilities in Quebec, totaling over 1.65 million sq. ft., with a potential output of 125,000 kg annually. A name change is not intended alongside the consolidation.

Cannara Biotech Inc. (TSXV: LOVE, OTCQB: LOVFF) announced a normal course issuer bid (NCIB), enabling the purchase of up to 15 million common shares, approximately 1.7% of its total shares, from December 3, 2022, to December 2, 2023. The company believes its shares are currently undervalued and intends to enhance shareholder value by buying back shares at market prices. No shares have been repurchased through an NCIB in the past year. Raymond James Ltd. will conduct the bid.

Cannara Biotech announced record quarterly revenue of $12 million, representing an 84% year-over-year increase, and a net income of $2.6 million for Q4 2022. The full year revenue reached $36 million, a remarkable 108% increase compared to 2021. The company achieved positive Adjusted EBITDA of $2.5 million for Q4 and $5.3 million for the year, indicating strong operational performance. Cannara's working capital stood at $29 million by August 31, 2022, and it has successfully expanded its production capabilities across multiple growing zones.

Cannara Biotech Inc. (TSXV: LOVE, OTCQB: LOVFF) announced the release of 14 new SKUs of premium cannabis products across Ontario and Quebec. This expansion includes offerings under their flagship brands: Tribal, Nugz, and Orchid CBD. CEO Zohar Krivorot emphasized growth driven by increased demand and purpose-built facilities. Additionally, the Board approved 14,125,000 stock options at prices of $0.10 and $0.18, which are set to vest until September 29, 2027. The company aims to provide high-quality cannabis at affordable prices, supporting its commitment to excellence.