Welcome to our dedicated page for Cannara Biotech news (Ticker: LOVFF), a resource for investors and traders seeking the latest updates and insights on Cannara Biotech stock.
Cannara Biotech Inc. (OTCQB: LOVFF) is a vertically integrated producer of affordable premium-grade cannabis and cannabis-derivative products for the Canadian markets. The company’s news flow provides insight into its cultivation capacity, product portfolio, financing arrangements and market positioning within Canada’s regulated cannabis industry.
On this page, readers can review company-issued news releases that cover a range of topics, including quarterly and year-to-date financial and operating results, updates on production capacity and grow zone activations, and developments at Cannara’s two large cannabis facilities in Québec. The company frequently reports on yield improvements, expansion projects at its Valleyfield facility and changes in its potential annualized cultivation output.
Cannara’s news also highlights capital structure and financing updates, such as amendments and upsizing of its credit facility with Bank of Montreal, reductions in interest rates, partial repayments and proposed settlements of its Olymbec Convertible Debenture, and asset sales intended to reduce long-term debt. These announcements provide context on how the company manages its balance sheet and funds facility expansion.
Investors and followers of the Canadian cannabis sector can also find product and brand announcements, including new product listings under the Tribal, Nugz and Orchid CBD brands, participation in emerging categories such as live resin and live rosin vape cartridges, and recognition from industry awards. Together, these updates offer a detailed view of how Cannara Biotech is developing its operations, product offerings and financial profile over time.
Cannara Biotech Inc. (TSXV: LOVE, OTCQB: LOVFF) announced that on August 31, 2022, Derek Stern, a director and principal shareholder, acquired 720,000 common shares at $0.112 each, amounting to $80,285 CAD. After the purchase, Stern's ownership increased to 164,370,184 shares, representing 18.74% of the total shares on a partially diluted basis. The acquisition, made for investment purposes, indicates Stern's confidence in Cannara's future, as he may also acquire additional securities in the future. This press release complies with National Instrument 62-103, detailing insider reporting obligations.
Cannara Biotech Inc. (TSXV: LOVE, OTCQB: LOVFF, FRA: 8CB) will host a webcast investor presentation on August 17, 2022, at 2:00 PM ET. CFO Nicholas Sosiak will discuss key aspects of the company's operations, followed by a Q&A session for investors. Cannara is a leading producer of premium-grade cannabis products in Canada, with extensive facilities in Quebec capable of producing 125,000 kg annually. Interested participants must pre-register for the event via the provided link. An archived version will be available on the company’s website post-event.
Cannara Biotech Inc. has secured an exclusive license to use, sell, and distribute Exotic Genetix branded cannabis products throughout Canada. This partnership with the acclaimed US cannabis breeder aims to introduce high-quality strains to the Canadian market, leveraging Cannara's extensive cultivation capabilities. The collaboration is expected to enhance Cannara's product portfolio, which already includes five of Exotic Genetix's popular genetics. Ongoing consultation services from Exotic Genetix will further support Cannara's objectives in growing premium cannabis.
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.
FAQ
What is the current stock price of Cannara Biotech (LOVFF)?
What is the market cap of Cannara Biotech (LOVFF)?
