MONTREAL, QUÉBEC – August 16, 2024 – Cannara Biotech Inc. (“Cannara”, “the Company”, “us” or “we”) (TSXV: LOVE) (OTCQX: LOVFF) (FRA: 8CB0), 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 that the Company has achieved its highest national market share of 3.2% in July 2024 which places Cannara as the 9th largest licensed producer in Canada by market share1.
“We are thrilled to report that July 2024 marks a significant milestone for Cannara, with our highest monthly national retail sales in the Company’s history, including an approximate 11.8% market share in Quebec1. This achievement is a testament to the dedication and hard work of our entire team, as well as the growing demand for our premium cannabis products. We look forward to discussing these results in more detail during our upcoming investor webcast, where we will provide further insights into our third quarter of 2024 financial performance and future growth strategies,” commented Nicholas Sosiak, CFO of Cannara.
Cannara will host a live investor webcast on Tuesday, August 20, 2024, at 2:00 PM ET. Nicholas Sosiak, CFO, will lead the presentation, covering key aspects of the business and delivering a detailed update on Q3 2024 financial results. Following the presentation, investors will have the opportunity to participate in an interactive Q&A session.
Date & Time: August 20, 2024, at 2:00 PM ET
Webcast Link: https://us02web.zoom.us/webinar/register/WN_1SEpVsglTTCKYq38DlMKBg
To listen to the webcast or participate in the live Q&A, please pre-register using the link provided above.
For those unable to attend the live event, an archived version of the webcast and presentation will be available on the Company’s investor relations website at https://investors.cannara.ca.
CONTACT
Nicholas Sosiak, CPA, CA
Chief Financial Officer
nick@cannara.ca
Zohar Krivorot
Founder & Chief Executive Officer
zohar@cannara.ca
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
ABOUT CANNARA
Cannara Biotech Inc. (TSXV: LOVE) (OTCQX: LOVFF) (FRA: 8CB0), is a vertically integrated producer of affordable premium-grade cannabis and cannabis-derivative products for the Canadian markets. Cannara owns two mega facilities based in Québec spanning over 1,600,000 sq. ft., providing the Company with 100,000 kg 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.
CAUTIONARY STATEMENT REGARDING “FORWARD-LOOKING” INFORMATION
This news release may contain “forward-looking information” within the meaning of Canadian securities legislation (“forward-looking statements”). These forward-looking statements are made as of the date of this MD&A and the Company does not intend, and does not assume any obligation, to update these forward-looking statements, except as required under applicable securities legislation. All statements other than statements of historical facts included in this document constitute forward-looking information, including but not limited to statements with respect to the anticipated benefits of DTC eligibility of the Common Shares and the completion of the Olymbec Share Issuance.
Forward-looking statements relate to future events or future performance and reflect Company management’s expectations or beliefs regarding future events and include, but are not limited to, the Company and its operations, its projections or estimates about its future business operations, its planned expansion activities, anticipated product offerings, the adequacy of its financial resources, the ability to adhere to financial and other covenants under lending agreements, future economic performance, and the Company’s ability to become a leader in the field of cannabis cultivation, production, and sales.
In certain cases, forward-looking statements can be identified by the use of words such as “plans,” “expects” or “does not expect,” “is expected,” “budget,” “scheduled,” “estimates,” “forecasts,” “intends,” “anticipates” or “does not anticipate,” or “believes,” or variations of such words and phrases or statements that certain actions, events or results “may,” “could,” “would,” “might” or “will be taken,” “occur” or “be achieved” or the negative of these terms or comparable terminology. In this document, certain forwardlooking statements are identified by words including “may,” “future,” “expected,” “intends” and “estimates.” By their very nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance, or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements.
Forward-looking information is based upon a number of assumptions and is subject to a number of risks and uncertainties, many of which are beyond our control, which could cause actual results to differ materially from those that are disclosed in, or implied by, such forward-looking information. These risks and uncertainties include, but are not limited to, the risk factors which are discussed in greater detail under “Risk Factors” in the Company’s AIF available on SEDAR+ at www.sedarplus.ca and under the “Investor Area” section of our website at https://www.cannara.ca/en/investor-area.
Other risks not presently known to the Company or that the Company believes are not significant could also cause actual results to differ materially from those expressed in its forward-looking statements. Although the forward-looking information contained herein is based upon what we believe are reasonable assumptions, readers are cautioned against placing undue reliance on this information since actual results may vary from the forward-looking information. Certain assumptions were made in preparing the forward-looking information concerning the availability of capital resources, business performance, market conditions, as well as customer demand. Consequently, all of the forward-looking information contained herein is qualified by the foregoing cautionary statements, and there can be no guarantee that the results or developments that we anticipate will be realized or, even if substantially realized, that they will have the expected consequences or effects on our business, financial condition or results of operation. Unless otherwise noted or the context otherwise indicates, the forward-looking information contained herein is provided as of the date hereof, and we do not undertake to update or amend such forward looking information whether as a result of new information, future events or otherwise, except as may be required by applicable law.
1 Based on estimated sales data provided by HiFyre Retail Analytics, Licensed Producer Sales Nationally, for the period of July 2024.