CHRISTINA LAKE CANNABIS - CLCFF STOCK NEWS

Christina Lake Cannabis Corp. has signed a definitive agreement to acquire assets from a private British Columbia corporation for $3,000,000. The transaction includes outdoor cultivation facilities, harvesting and manufacturing equipment, and approximately 19,000 kg of biomass. The acquisition will expand the company's licensed outdoor cultivation footprint by approximately 100 acres and the first crop of propriety CLC strains will be planted in the spring of 2024. The purchase price for the proposed acquisition will be paid through the issuance of a secured convertible promissory note. The company also intends to complete a non-brokered financing with gross proceeds of up to $2,500,000.

Christina Lake Cannabis Corp. announced the results of voting at its Annual General and Special Meeting of Shareholders, with 53.16% of outstanding common shares represented. Shareholders approved the re-election of all director nominees and the re-appointment of the company's auditor. The rolling stock option plan and restricted share unit plan were also renewed for a further three years.

Christina Lake Cannabis Corp. (CSE: CLC) (OTCQB: CLCFF) (FRANKFURT:CLB) has announced its fourth consecutive successful outdoor harvest, yielding over 37,000 kg of dry outdoor flower and biomass. The company plans to process the harvest into various sought-after products, including flower, kief, hash, and distillate, to meet the growing demand for diverse cannabis products in the Canadian market.

Christina Lake Cannabis Corp has closed the third and final tranche of a non-brokered private placement, raising a total of $4,238,000. The funds will be used for repayment of outstanding debentures, working capital, and general corporate purposes.

Christina Lake Cannabis Corp. reports Q3'23 financial results: Revenue up 30% to $8.9M, distillate volumes sold increased by 85%, gross profit of $4.0M, decreased G&A expenses by 4%.

Christina Lake Cannabis Corp. (CSE: CLC, OTCQB: CLCFF) announced significant corporate updates, including a 75% increase in distillate production capacity. The 2022 crop also yielded a 20% increase in THC extraction per kg of biomass. Preparations for the 2023 crop are ahead of schedule, with enhancements to greenhouses leading to early starts. The first shipment of medical oils to South Africa is expected in fiscal Q3 2023, along with new customized formulation capabilities. CLC is diversifying its product line to include pre-rolls, infused pre-rolls, kief, and hash. The company aims to leverage its technology and expertise to drive revenue growth and enhance shareholder value amid competitive market conditions.

Christina Lake Cannabis Corp. (CSE: CLC, OTCQB: CLCFF) reported a remarkable 177% increase in revenue, reaching $10.1M for fiscal 2022, up from $3.6M in the prior year.

Despite revenue growth, the gross margin decreased to 41.1% compared to 60.6% in fiscal 2021. The company reduced its G&A expenses by 14% or $729k, enhancing profitability.

An inventory write-down of $2.47M was reported, less than the $3.86M from the previous year. The company realized a net loss of $2.0M, improving from $7.1M in fiscal 2021.