Cannara Biotech Stock Price, News & Analysis

Cannara Biotech Inc. reported a record quarterly revenue of $10.1 million, a 36% increase quarter-over-quarter and a 41% increase year-over-year for Q3 2022. The company achieved Adjusted EBITDA of $1.8 million and net income of $1.4 million, marking its fifth consecutive quarter of positive EBITDA. With six of its 24 growing zones in operation at the Valleyfield Facility, Cannara sold approximately 2,040 kg of cannabis this quarter. The company secured a $50 million credit facility, enhancing its financial stability for future growth.

Cannara Biotech Inc. has successfully closed a $50 million credit facility with BMO Commercial Banking as of May 31, 2022. This facility comprises a $45 million term loan and a $5 million line of credit, featuring a declining interest rate based on performance metrics, and no principal payments required for the first six months. The funds will be used to eliminate existing debt and enhance production capacities at the Valleyfield Facility, enabling the creation of new growing zones and improving post-harvest processing.

Cannara Biotech Inc. (TSXV: LOVE, OTCQB: LOVFF) announced that CFO Nicholas Sosiak will present at Canaccord Genuity's 6th Annual Cannabis Conference on May 11, 2022, at 10:30 AM Eastern. He'll discuss corporate highlights and second-quarter financial results. Additionally, Cannara has engaged Bristol Capital for investor relations services for an initial 12-month period, paying up to $14,000 monthly plus options. Bristol will comply with TSXV regulations. Cannara operates two facilities in Québec, encompassing over 1,650,000 sq. ft., with potential annual cultivation output of 125,000 kg.

Cannara Biotech Inc. (LOVFF) announced its fiscal second quarter 2022 results, reporting $7.4 million in revenues, a 229% increase year-over-year. The company achieved a positive Adjusted EBITDA of $1 million for the first six months and completed its first harvest from the Valleyfield Facility, receiving positive market feedback. Gross profit was reported at $2.6 million, with an expansion of production capacity by over 200%. Cannara also increased its working capital to $14.8 million while continuing to add employees to support growth.

Cannara Biotech Inc. (TSXV: LOVE, OTCQB: LOVFF) will host a live presentation on January 20, 2022, at 2:30 PM Eastern via VirtualInvestorConferences.com. The company's CFO, Nicholas Sosiak, invites individual and institutional investors to engage with Cannara in real-time. The event will also be archived for later access. Recent highlights include an upsized CIBC credit facility of $22 million, a cultivation license for the Valleyfield Facility, and recorded fiscal 2021 revenues of $17.3 million.

Cannara Biotech Inc. (LOVFF, LOVE) reported a robust fiscal 2021 performance with revenues hitting $17.3 million, a 565% increase year-over-year. The company achieved a gross profit of $10.5 million, representing 61% of revenues. Notably, Adjusted EBITDA rose to $1.5 million. In Q4 2021, revenues surged to $6.5 million, up 957% compared to Q4 2020, with a net income of $1.1 million. With strong cash reserves and a solid operational strategy, Cannara is positioned for continued growth in 2022.

Cannara Biotech Inc. (TSXV: LOVE, OTCQB: LOVFF) announced that Chief Financial Officer Nicholas Sosiak will present live at VirtualInvestorConferences.com on June 30 at 11:30 ET. This interactive online event allows investors to ask questions in real-time, with an archived version available afterwards. Recent highlights include receiving a sales license from Health Canada in January 2021 and acquiring a $27M facility in June 2021. Cannara operates large cannabis facilities in Quebec, offering premium-grade products.

Cannara Biotech Inc. has announced an agreement to acquire a fully automated one million sq. ft. cultivation and manufacturing facility from TGOD in Valleyfield, Quebec for $27 million, plus assuming liabilities of $5.7 million. This acquisition is expected to enhance Cannara's annual cultivation capacity to 125,000 kg of premium-grade cannabis. Funding will primarily come through a private equity placement at $0.18 per share. The deal is anticipated to close by June 20, 2021, further solidifying Cannara's position in the Canadian cannabis market.