Vancouver, British Columbia--(Newsfile Corp. - January 15, 2019) - Cannara Biotech (CSE:LOVE) is one of the latest new listings on the Canadian Securities Exchange. In June 2018, Cannara completed the acquisition of a 625,000 sq. ft. indoor facility in Farnham, Quebec, located 45 minutes from downtown Montreal.
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Phase 1 construction of the facility, approximately 130,000 sq. ft., with a capacity of 15,000 kilograms of cannabis is well underway and expected to be completed in Q1 2019. Upon final completion of Phases 2 and 3, the multi-purpose facility will boast a peak capacity of more than 100,000 kilograms of cannabis, with broad production and processing capabilities for a range of cannabis infused products and therapies.
Zohar Krivorot, President and CEO, stated: "Since early 2017, we have been quietly assembling and advancing the necessary infrastructure to build Canada's premier cannabis company. Today, with one of the largest indoor facilities in Canada and the largest in Quebec, we are well positioned to execute on a strategic plan including cultivation, product branding, derivative products and development of intellectual property. We are excited to begin our next phase as a public company and to continue our growth trajectory."
Leveraging Quebec's low electricity costs, the company will produce high-grade indoor cannabis and derivative products for the Canadian and international markets. The company has crafted an initial portfolio of seven cannabis brands including "Nativa", a premium of Cannabis flower and vape cartridges, "Cannabar", a line of edibles, "Floragel", oil and tinctures, "Gummyz", confectionaries, "Earth Magic", cosmeceutical, "Liquid CBD", hydration beverages and "PetLeaf" for animal health.
Lennie Ryer, CFO, added: "Underpinning our public listing are two strong fundamentals, our healthy cash position which provides sufficient funding to execute on our business plan and provides us great flexibility in our business model moving forward. And two, our one-of-kind facility in Quebec, which is already attracting significant interest from industry leaders to partner with us in a host of joint venture type relationships to develop cannabis infused products."
Since July 2018, the company closed on two private financings for a total of approximately $55 million, and today has a strong balance sheet with a cash position in excess of $40 million.
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