CANNARA BIOTECH INC - 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.