Cannara Biotech Announces Engagement of Market Maker Services from Independent Trading Group ("ITG")

Rhea-AI Summary

Cannara Biotech Inc. (LOVE) has retained Independent Trading Group to provide market making services in accordance with TSX Venture Exchange policies. ITG will trade the securities of the Company on the TSXV for the purpose of maintaining an orderly market. The Company will pay ITG a monthly fee of $6,000 from the Company's available cash for a minimum term of one month and renewable for successive one-month terms thereafter. The services provided by ITG will commence on January 8, 2024.

MONTREAL, Jan. 8, 2024 /PRNewswire/ - Cannara Biotech Inc. ("Cannara" or the "Company") (TSXV: LOVE) (OTCQB: LOVFF) (FRA: 8CB), 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 it has retained Independent Trading Group ("ITG") to provide market making services in accordance with TSX Venture Exchange policies.

ITG will trade the securities of the Company on the TSXV for the purpose of maintaining an orderly market. In consideration of the services provided by ITG, the Company will pay ITG a monthly fee of $6,000 from the Company's available cash for a minimum term of one month and renewable for successive one-month terms thereafter. Either Party may terminate the arrangement by providing written notice to that effect 20 days prior to the end of the then current term. The services provided by ITG will commence on January 8, 2024. The Company and ITG are unrelated and unaffiliated entities and ITG has no interest, directly or indirectly in the Company or its securities. ITG will not receive shares or options as compensation, nor have they indicated any immediate intent to acquire shares of the Company through the open market or otherwise. The capital used for market making will be provided by ITG.

About Cannara Biotech Inc.
Cannara Biotech Inc. (TSXV: LOVE) (OTCQB: LOVFF) (FRA: 8CB) is a vertically integrated producer of affordable premium-grade cannabis and cannabis-derivative products for the Québec and Canadian markets. Cannara owns two mega facilities based in Québec spanning over 1,650,000 sq. ft., providing the Company with 100,000kg 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 cannara.ca. 

About ITG
ITG is a full-service securities dealer regulated by the Investment Industry Regulatory  Organization  of Canada, and is dedicated specifically to professional trading. ITG's head office is located at 370 King Street W, Suite 701, Toronto, Ontario, M5V 1J9.

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. 

View original content to download multimedia:https://www.prnewswire.com/news-releases/cannara-biotech-announces-engagement-of-market-maker-services-from-independent-trading-group-itg-302028021.html

SOURCE Cannara Biotech Inc.

FAQ

What is the latest announcement from Cannara Biotech Inc. (LOVE)?

Cannara Biotech Inc. (LOVE) has announced the retention of Independent Trading Group to provide market making services in accordance with TSX Venture Exchange policies.

What are the terms of the agreement with Independent Trading Group?

The Company will pay ITG a monthly fee of $6,000 from the Company's available cash for a minimum term of one month and renewable for successive one-month terms thereafter.

When will the services provided by ITG commence?

The services provided by ITG will commence on January 8, 2024.

Is Independent Trading Group affiliated with Cannara Biotech Inc. (LOVE)?

No, the Company and ITG are unrelated and unaffiliated entities and ITG has no interest, directly or indirectly in the Company or its securities.