CANNARA BIOTECH INC - LOVFF STOCK NEWS

Cannara Biotech Inc. (TSXV: LOVE, OTCQB: LOVFF) announced a normal course issuer bid (NCIB), enabling the purchase of up to 15 million common shares, approximately 1.7% of its total shares, from December 3, 2022, to December 2, 2023. The company believes its shares are currently undervalued and intends to enhance shareholder value by buying back shares at market prices. No shares have been repurchased through an NCIB in the past year. Raymond James Ltd. will conduct the bid.

Cannara Biotech announced record quarterly revenue of $12 million, representing an 84% year-over-year increase, and a net income of $2.6 million for Q4 2022. The full year revenue reached $36 million, a remarkable 108% increase compared to 2021. The company achieved positive Adjusted EBITDA of $2.5 million for Q4 and $5.3 million for the year, indicating strong operational performance. Cannara's working capital stood at $29 million by August 31, 2022, and it has successfully expanded its production capabilities across multiple growing zones.

Cannara Biotech Inc. (TSXV: LOVE, OTCQB: LOVFF) announced the release of 14 new SKUs of premium cannabis products across Ontario and Quebec. This expansion includes offerings under their flagship brands: Tribal, Nugz, and Orchid CBD. CEO Zohar Krivorot emphasized growth driven by increased demand and purpose-built facilities. Additionally, the Board approved 14,125,000 stock options at prices of $0.10 and $0.18, which are set to vest until September 29, 2027. The company aims to provide high-quality cannabis at affordable prices, supporting its commitment to excellence.

Cannara Biotech Inc. (TSXV: LOVE, OTCQB: LOVFF) announced its entry into the British Columbia market and the launch of its first two premium products: the Tribal G Mint live resin vape cartridge and the Tribal UNI Pro ARK vape battery. The BC Liquor Distribution Branch has listed seven SKUs, including flower and hash concentrates. This regional expansion aims to enhance Cannara's footprint in major Canadian markets, leveraging its low-cost production capabilities from its Quebec facilities, which have a potential annual output of 125,000kg.

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.