Lolo12
2 years ago
Date Name Shares Traded Transaction Value Shares Held
2022-05-24 Sosiak, Nicholas 220,000 Buy in the public market at $0.11 per share $24,200.00 1,870,950
2022-05-10 Olds, Donald John 200,000 Buy in the public market at $0.12 per share $24,000.00 322,220
2022-05-04 Sosiak, Nicholas 150,000 Buy in the public market at $0.11 per share $16,500.00 1,650,950
2022-02-23 Olds, Donald John 10,000 Buy in the public market at $0.12 per share $1,150.00 122,220
2022-02-10 Sosiak, Nicholas 47,000 Buy in the public market at $0.13 per share $5,875.00 1,500,950
2022-01-27 Sosiak, Nicholas 256,000 Buy in the public market at $0.13 per share $33,280.00 1,453,950
2022-01-26 Olds, Donald John 35,000 Buy in the public market at $0.14 per share $4,725.00 412,000
1
StockLogistics
2 years ago
Gap at .0384
Spring 2023 year of the Rabbit:
“A little bit, a little bit of love
Goes a pretty long way
Take a look at where you started from
And where you are today
You climbed mountains
Swam oceans
You got knocked down
And kept goin'
In the end you know you got to say
A little bit of love goes a pretty long way
All your wounds are healing fine
I'm so glad I got you in my life
Now the winter frost is gone
Now is our chance to live the life we want
A little bit, a little bit of love
Goes a pretty long way
Everybody, everybody's lost
And that's ok
Some show it, some hide it
But there's a battle
We're all fighting
So if you're looking for the words to say,
A little bit of love goes a pretty long way
Holding onto the rabbit's feet
Walking down the sunny side of the street
Shadows creeping at your back
You can forget 'em like an amnesiac
A little bit, a little bit of love
Goes a pretty long way
Love is really like a wonder drug
Let's medicate
And say goodbye
To the drama
It's a beeline
To Nirvana
If you're looking for the words to say
A little bit of love goes a pretty long way
Hey, ho
Hey, ho
Hey, ho
Hey, ho
A little bit, a little bit of love
Goes a pretty long way
Take a look at where you started from
And where you are today
You climbed mountains
Swam oceans
You got knocked down
You kept goin'
In the end you know you got to say
A little bit of love goes a pretty long way
Hey, ho
Hey, ho
Hey, ho
A little bit of love goes a pretty long way
Source: Musixmatch
Songwriters: Wayne Wilkins / Dave Gibson / Rivers Cuomo / Jacqueline Cole Rene Miskanic
A Little Bit of Love lyrics © E O Smith Music, Happy Home Publishing Llc, Blow The Speakers Llc”
Lolo12
2 years ago
---------- Forwarded message ---------
From: Cannara Biotech (TSXV:LOVE) <info@cannara.ca>
Date: Tue, Jan 18, 2022 at 8:14 AM
Subject: Cannara to webcast live at VirtualInvestorConferences.com
To: <
Cannara will be live at the Virtual Investor Conference on January 20th, 2022.
We invite individual and institutional investors, as well as advisors and analysts, to attend a real-time, interactive presentation.
Date: January 20th, 2022
Time: 2:30pm EST
Link: subscribe here
This will be a live, interactive online event where investors are invited to ask the company questions in real-time. If attendees are not able to join the event live on the day of the conference, an archived webcast will also be made available after the event.
It is recommended that investors pre-register and run the online system check to expedite participation and receive event updates.
Recent Company Highlights:
? Cannara Biotech Inc. upsizes CIBC Credit Facility to $22 million;
? Cannara’s Valleyfield Facility Receives Processing and Cultivation License;
? Company Recorded Fiscal 2021 Revenues of $17.3 Million;
? Company had Second Consecutive Quarter of Positive Adjusted EBITDA of $1.4 million in the Fourth Quarter of Fiscal 2021.
ABOUT CANNARA BIOTECH INC.
Cannara Biotech Inc. (TSXV: LOVE) (OTCQB: LOVFF) (FRA: 8CB) is a vertically integrated producer of premium-grade cannabis and cannabis-derivative products for the Quebec and Canadian markets. Cannara owns two mega cultivation facilities based in Quebec spanning over 1,650,000 sq. ft., providing the Company with 125,000kg of potential annualized cultivation output. Leveraging Quebec's low electricity costs, Cannara's facilities produce craft cultivated premium-grade cannabis products at an affordable price. For more information, please visit cannara.ca.
CONTACT
Nicholas Sosiak
Chief Financial Officer
nick@cannara.ca
?Zohar Krivorot
Chairman & Chief Executive Officer
zohar@cannara.ca
?Neither 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.
Cannara Biotech | www.cannara.ca
Facebook ? Twitter ? Instagram ? LinkedIn ?
Cannara Biotech Inc. | 333 Décarie Blvd, Suite 200, Saint-Laurent, QC H4N 3M9 Canada
Unsubscribe yigal80@gmail.com
Update Profile | Our Privacy Policy | Constant Contact Data Notice
Sent by info@cannara.ca
Lolo12
2 years ago
---------- Forwarded message ---------
From: Todos Medical <info@todosmedical.com>
Date: Wed, Jan 12, 2022 at 12:50 PM
Subject: Todos Medical to Announce Topline Results from Tollovir™ Phase 2 Clinical Trial from the Treatment of Hospitalized COVID-19 Patients on January 27th,
Todos Medical Logo
Todos Medical to Announce Topline Results from Tollovir™ Phase 2 Clinical Trial from the Treatment of Hospitalized COVID-19 Patients on
January 27th, 2022
CEO Fox Business Interview discussing COVID testing and solutions to address the crisis now online at: https://video.foxbusiness.com/v/6291325085001#sp=show-clips
New York, NY, and Tel Aviv, ISRAEL – January 12, 2022 - Todos Medical, Ltd. (OTCQB: TOMDF), a comprehensive medical diagnostics and related solutions company, together with its 3CL biology-focused joint venture partner NLC Pharma, today announced that topline results from the Tollovir™ Phase 2 clinical trial for the treatment of hospitalized COVID-19 patients will be announced the morning of January 27th, 2022, with a conference call follow-up that will occur after market close. The Company will provide further details regarding the conference call discussing the data during the week ending January 17, 2022 when it announces the data lock for the trial.
Concurrent with this announcement, Todos CEO Gerald Commissiong appeared on Fox Business’ “The Claman Countdown” on Tuesday, January 12, 2022 to discuss solutions to America’s COVID testing crisis, and the value of the FDA EUA-authorized COVID-19 cPass neutralizing antibody test and its value in convincing the vaccine and/or booster hesitant to go ahead and receive inoculation at the right time when their vaccine or infection-acquired immunity begins to wane based on their individual cPass data. The interview is available online at https://video.foxbusiness.com/v/6291325085001#sp=show-clips .
For more information, please visit www.todosmedical.com. For more information on the Company’s CLIA/CAP certified lab Provista Diagnostics, Inc. please visit www.provistadx.com.
About Todos Medical Ltd.
Founded in Rehovot, Israel with offices in New York City, Todos Medical Ltd. (OTCQB: TOMDF) engineers life-saving diagnostic solutions for the early detection of a variety of cancers. In 2021, Todos completed the acquisition of U.S.-based medical diagnostics company Provista Diagnostics, Inc. to gain rights to its Alpharetta, Georgia-based CLIA/CAP certified lab currently performing PCR COVID testing and Provista's proprietary commercial-stage Videssa® breast cancer blood test. The Company's state-of-the-art and patented Todos Biochemical Infrared Analyses (TBIA) is a proprietary cancer-screening technology using peripheral blood analysis that deploys deep examination into cancer's influence on the immune system, looking for biochemical changes in blood mononuclear cells and plasma. Todos' two internally-developed cancer-screening tests, TMB-1 and TMB-2, have received a CE mark in Europe. Todos is focused on the commercialization of Videssa and will bring the TBIA tests to market thereafter.
Todos has entered into a joint venture with NLC Pharma targeting diagnostic and testing solutions to address the COVID-19 pandemic. The Joint-Venture is pursuing the development of diagnostic tests targeting the 3CL protease, as well as 3CL protease inhibitors that target a fundamental reproductive mechanism of coronaviruses. The Company’s proprietary therapeutic candidate Tollovir™ is currently in a Phase 2 clinical trial to treat hospitalized COVID-19 patients in Israel, and is preparing to initiate Phase 2/3 clinical trials for both hospitalized and non-hospitalized patients in Israel.
Todos is also developing blood tests for the early detection of neurodegenerative disorders, such as Alzheimer's disease. The Lymphocyte Proliferation Test (LymPro Test™) is a diagnostic blood test that determines the ability of peripheral blood lymphocytes (PBLs) and monocytes to withstand an exogenous mitogenic stimulation that induces them to enter the cell cycle. It is believed that certain diseases, most notably Alzheimer's disease, are the result of compromised cellular machinery that leads to aberrant cell cycle re-entry by neurons, which then leads to apoptosis. LymPro is unique in the use of peripheral blood lymphocytes as a surrogate for neuronal cell function, suggesting a common relationship between PBLs and neurons in the brain.
Todos is also distributing certain (COVID-19) testing materials and supplies to CLIA-certified labs in the United States. The products cover multiple suppliers of PCR testing kits, extraction kits, automation materials and supplies, as well as COVID-19 antibody and antigen testing kits.
For more information, please visit https://www.todosmedical.com/.
Forward-looking Statements
Certain statements contained in this press release may constitute forward-looking statements. For example, forward-looking statements are used when discussing our expected clinical development programs and clinical trials. These forward-looking statements are based only on current expectations of management, and are subject to significant risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements, including the risks and uncertainties related to the progress, timing, cost, and results of clinical trials and product development programs; difficulties or delays in obtaining regulatory approval or patent protection for product candidates; competition from other biotechnology companies; and our ability to obtain additional funding required to conduct our research, development and commercialization activities. In addition, the following factors, among others, could cause actual results to differ materially from those described in the forward-looking statements: changes in technology and market requirements; delays or obstacles in launching our clinical trials; changes in legislation; inability to timely develop and introduce new technologies, products and applications; lack of validation of our technology as we progress further and lack of acceptance of our methods by the scientific community; inability to retain or attract key employees whose knowledge is essential to the development of our products; unforeseen scientific difficulties that may develop with our process; greater cost of final product than anticipated; loss of market share and pressure on pricing resulting from competition; and laboratory results that do not translate to equally good results in real settings, all of which could cause the actual results or performance to differ materially from those contemplated in such forward-looking statements. Except as otherwise required by law, Todos Medical does not undertake any obligation to publicly release any revisions to these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. For a more detailed description of the risks and uncertainties affecting Todos Medical, please refer to its reports filed from time to time with the U.S. Securities and Exchange Commission.
Todos Corporate and Investor Contact:
Richard Galterio
Todos Medical
732-642-7770
rich.g@todosmedical.com
READ THE ARTICLE HERE
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Lolo12
2 years ago
Dear David,
The last 12 months have been very exciting for Cannara. Our impressive increase in revenue this quarter and incredible overall results for this year demonstrate a year of sustained growth and profitability, one which continued to drive our net income and Adjusted EBITDA. Our three flagship brands, Tribal, Nugz, and Orchid CBD, carved unique niches in the industry, offering premium quality, hang-dried, and hand-trimmed cannabis at competitive pricing aligned with consumer demand. The consumer response to these products outperformed even our expectations, as we saw a remarkable increase in both new and loyal customers embracing the dynamism of our product portfolio. We are also thrilled by the continued expansion of our Cannara family, as we increasingly rely on purpose-driven leaders whose talent for strategy shape the organization’s competencies. Over the course of the next fiscal, we are well-positioned for national growth and will continue to seek opportunities that support our mission, allocating efforts to existing and new activities.
Full Year 2021 Financial Highlights:
Financial
Delivered a total revenue of $17.3 million, an increase of $14.7 million from the year prior;
Gross profit of $10.5 million or 61%, representing an increase of $9.3 million from the year prior;
Operating expenses down by $2.9 million compared to prior year;
Adjusted EBITDA amounted to $1.5 million, an increase of $9.8 million from the year prior;
Net loss amounted to $1.5 million, a significant decrease of $11.6 million from a net loss of $13.1 million in the prior year;
Cash on hand of $8.2 million, an increase of $0.4 million from year prior. The Company supported the Cannabis operations for the first half of the fiscal year until it commercialized its products. In addition, the Company received financing and invested in the acquisition of the Valleyfield Facility and related capital expenditures;
Working capital of $12.4 million provides the Company with liquidity to execute on its strategy.
Q4 2021 Financial and Operating Highlights:
Financial
Delivered a total revenue of $6.5 million, an increase of $5.9 million from $0.6 million in the fourth quarter of 2020;
Gross profit of $4.5 million or 70%, representing an increase of $4.9 million from the year prior;
Adjusted EBITDA amounted to $1.4 million, an increase of $2.8 million from a negative adjusted EBITDA of $1.4 million in the fourth quarter of 2020;
Net income amounted to $1.1 million, an increase of $5.0 million from a net loss of $3.9 million in the fourth quarter of 2020;
Completed a non-brokered private placement of $24.3 million and convertible debenture raise of $5.7 million to finance the acquisition of the Valleyfield Facility. In addition, the Company converted its $5 million credit facilities bearing interest at 13% into a $5 million convertible debenture bearing interest at 4% and convertible into common shares at a price of $0.18 per share.
Operating Highlights
Acquired the Valleyfield Facility: a 1 million sq. ft. cultivation and manufacturing facility from The Green Organic Holdings Ltd. (“TGOD”), for $27 million plus funding of certain deposit requirements of approximately $5.7 million by a letter of credit The Valleyfield Facility received its cultivation license in September 2021 and propagated its first 9,600 plants in November 2021;
Expanded to the Saskatchewan market during the quarter;
Introduced new SKUs to the Quebec market: Cuban Linx and Do-Si-Dos (Tribal Brand) and CBD Runtz (Orchid CBD brand) in both 3.5 gram dry flower ad 2.5 gram pre-roll formats;
Sold approximately 1,696 kg of cannabis during the fourth quarter of 2021.
Highlights Subsequent to Fourth Quarter:
Secured additional bank credit amounting to $22 million increased from a previous loan of $5.4 million with Canadian Imperial Bank of Commerce (“CIBC”);
Expanded to Ontario market;
Launched two new hash products within the Nugz brand in Quebec retail stores: Old School Hash in a 3-gram bar and Ice Water Hash in a 1-gram temple ball;
Granted an aggregate total of 7,935,000 stock options to certain employees and board members at an exercise price of $0.18 per common share, subject to certain vesting conditions.
Lolo12
2 years ago
Hi David,
We're excited to share that our hash product line is now available on the shelves across several SQDC retail locations in Quebec.
Launched under our Nugz brand, our hash lineup includes two premium-grade concentrates that have been specifically formulated for the Quebec market; Old School Hash, and Ice Water Hash. Both SKUs will be offered in rotating genetics to provide a choice of flavours, terpenes, and cannabinoid concentrations from our library of rare strains.
Our Old School Hash is a traditional hash produced using age-old sieving methods to deliver an authentic experience with enhanced levels of purity and rich flavours. Our first formulation combines Early Lemon Berry and its high terp, high flavour, sativa effects, blended with Cannatonic CBD and its ultra-high CBD potency & indica effects. The result - a soft workable brick, fruity flavours and a mellow high.
Our Ice Water Hash is a premium bubble hash derived from carefully selected THC and CBD genetics, extracted through ice water to deliver the highest levels of purity, true-to-strain terpenes, cannabinoids, and complex profiles. Our first blend combines our Early Lemon Berry strain and Critical Mass CBD in a 1:1 ratio. Early Lemon Berry’s high THC and flavour profile paired with Critical Mass CBD’s sweet and distinctive bubblegum-like aromas produce a strong high, a lemon-candy flavour, and body-numbing effects.
Lolo12
3 years ago
Hi David,
Over the course of the last few months, our team has been hard-working on expanding our current product assortment in order to introduce disruptive products in categories beyond dried flower and pre-rolls. We are excited to announce today that we have received our Licence for Cannabis 2.0 products from Health Canada permitting the sale of cannabis extracts. With this licence in hand, we will be introducing a new line of Hash products to meet growing demand in this category.
Launching this Fall, our Nugz brand will include two premium-grade Hash products that have been specifically formulated for our Quebec market; Old School Hash, and Ice Water Hash. Our Hash products will be offered in rotating genetics to provide a choice of flavours, terpenes, and cannabinoid concentrations from our library of rare strains.
Nugz Old School Hash is a premium quality traditional hash produced using age-old sieving methods to deliver an authentic hash with enhanced levels of purity and rich flavours.
Nugz Ice Water Hash is a premium bubble hash derived from carefully selected single-source THC and CBD genetics, extracted through ice water to deliver the highest levels of purity, true-to-strain terpenes, cannabinoids, and complex profiles.
Cannara expands into Saskatchewan and Ontario
Additionally, we are pleased to share that Cannara brands have expanded to Saskatchewan and Ontario. Tribal and Nugz products are currently available at cannabis retailers across Saskatchewan, and our Tribal and Orchid CBD products are expected to launch in Ontario in the following weeks.
READ PRESS RELEASE ONLINE
We look forward to sharing further milestones and thank you for believing in Cannara and what we do.
Sincerely,
Zohar Krivorot
Chairman and CEO
pual
3 years ago
CANADA NEWSWIRE
Cannara Biotech Inc. Reports Q1 2021 Financial Results - 01/29/2021 4:04:00 PM
Expects to generate revenue from letter of intent with the Société québécoise du cannabis by end of February or early March 2021 -
MONTREAL, Jan. 29, 2021 /CNW/ - Cannara Biotech Inc. ("Cannara" or the "Company") (CSE: LOVE) (OTCQB: LOVFF) (FRA: 8CB) is pleased to announce its financial results for the three-month period ended November 30, 2020. Unless otherwise noted, all dollar amounts are expressed in Canadian dollars.
Q1 2021 OPERATIONAL HIGHLIGHTS
• The Company's primary focus has been on the key items necessary to prepare the Company to begin generating commercial revenue: cultivation and post-harvest activities; building its brand portfolio; and readying inventory to begin shipping its dried flower products across the province of Quebec.
• On November 27, 2020, Cannara signed a one-year wholesale supply agreement under which it agreed to sell 200 kg of cannabis per month to another licensed producer, beginning January 1, 2021.
• During Q1 2021, Cannara met the revenue threshold required to gain access to an additional $4 million in credit under its current facilities. During the quarter, the Company drew down $1 million on its credit facilities and intends to draw down monthly to support cash flows until anticipated revenue from sales operations commences, expected in February or March 2021.
HIGHLIGHTS SUBSEQUENT TO QUARTER END
• On January 8, 2021, Cannara Biotech (Québec) Inc., a wholly owned subsidiary of Cannara, announced it had received its amendment to its licence to allow the Company to sell dried cannabis products to provincial retail distributors. The Company now has the necessary licences to begin the delivery of cannabis products to the Société québécoise du cannabis ("SQDC") under its existing letter of intent.
• During January 2021, the Company completed its first shipment of 201.61kg of dried cannabis to its wholesale partner under a one-year supply agreement.
• Following a lease agreement signed on November 30, 2020, and beginning on January 1, 2021, an existing tenant occupied the last remaining space unutilized by the Company at its Farnham facility. The leasing of unoccupied areas of the facility is a strategy designed to generate additional revenue and to maximize returns on the overall facility.
"Through the end of Q1 2021, we set out to build products and an operational foundation to prepare for both near-term growth in 2021 as well as to support the sustained future growth of our company," said Zohar Krivorot, President and Chief Executive Officer of Cannara. "Based on the great feedback we have received from wholesale customers on our cannabis, we expect to significantly grow revenue this year as we roll our products out across the province of Quebec through the SQDC. Over the past 12 months we have fine-tuned our cultivation, post-harvest and supply-chain processes to ensure we are ready to scale as we begin to ship commercial levels of volume. We are committed to best-in-class operations and are confident that the foundation we have put in place along with our focused cost discipline will carry us to profitability and generate shareholder returns, as revenue grows."
RESULTS OF OPERATIONS
For the three-month period ended November 30, 2020, the Company's cannabis operations segment generated $679,125 in revenue from wholesale transactions and $27,999 in ancillary revenue from the sale of cannabis grown during a period where the Company was still performing research and development activities on its cultivation process. Gross profit from wholesale transactions was $199,663 or 29.4% compared to nil for the same period of the prior year.
As part of the Company's capital management strategy, the Company has leased out a significant portion of the currently unoccupied space in the Farnham Facility. As at November 30, 2020, The Company leased 333,551 (425,480 square feet as of today) of the total 625,000 available square feet to three tenants. For the three-month period ended November 30, 2020, the Company generated lease revenues of $556,932 compared to $527,528 in the same period of the prior year. The increase is attributable to an augmentation of the rental rate charged to tenants. Net income generated by this segment of $458,085 ($497,896 for the period ended November 30, 2019) and is used to support the commercialization of the cannabis operations.
For the three-month period ended November 30, 2020, the Company reported a total comprehensive loss of $3.5 million or a loss per share of $0.01; compared to $2.9 million or a loss per share of $0.01 in the same period of the prior year.
The Company has a working capital of $4,468,234 as at November 30, 2020 (August 31, 2020 - $7,052,904). This includes cash on hand of $4,070,752 (August 31, 2020 - $7,771,177). The Company expects that its existing cash resources as at November 30, 2020 along with cash received subsequent to quarter-end from its sales and credit facilities will enable it to fund its planned operating expenses for at least the next twelve months.
OUTSTANDING SHARES
As at the date of this report, the Company had 737,839,535 common shares and 39,389,502 stock options issued outstanding.
For further information, the complete condensed interim consolidated Financial Statements and Management's Discussion and Analysis for the three-month period ended November 30, 2020, along with additional information about the Company and all of its public filings are available at www.sedar.com and the Company's website, www.cannara.ca.
pual
3 years ago
Cannara Biotech Receives Sales Licence from Health Canada
01/08/2021 7:27:00 AM
Cannara to start delivering cannabis products to the Société québécoise du cannabis (SQDC) under its existing Letter of Intent.
MONTREAL, Jan. 8, 2021 /PRNewswire/ - Cannara Biotech Inc.("Cannara" or the "Company") (CSE: LOVE) (OTCQB: LOVFF) (FRA: 8CB) is pleased to announce that, through its wholly-owned subsidiary, Cannara Biotech (Quebec) Inc., it has received approval from Health Canada to amend its license to permit the sale of dried cannabis products to provincially authorized distributors and retailers nationwide. As revenue steadily grows over the next 12 months, Cannara expects rapid growth in profitability and cashflow given its lean operating structure and production cost advantage.
"Within our home province of Quebec, demand for high quality Quebec-grown cannabis is strong and expanding rapidly," said Zohar Krivorot, President and Chief Executive Officer of Cannara. "The receipt of our sales licence from Health Canada is a significant milestone in our journey and will enable us to continue executing our plan to generate value for consumers and shareholders. We look forward to getting our brand portfolio into the hands of customers across the province of Quebec over the coming months."
Cannara products
Cannara indoor-grown cannabis is produced to the highest quality standards. As a result cannabis is cultivated from a bank of rare genetics, hang-dried, slow-cured, and hand-trimmed. The Company plans to initially launch three product lines:
- THC-dominant: Top-shelf genetics featuring hand-crafted cannabis with elevated THC and rich terpene profiles, available in 3.5 gram and pre-roll formats.
- CBD-dominant: Unique genetics containing less THC and more CBD available in 3.5 gram and pre-roll formats.
High-value: Quality cannabis offered at an accessible price point in a 28 grams bulk format.
Cannara Facility
Cannara's 625,000 square foot indoor facility in Farnham, Quebec is a purpose-built, state of the art cannabis production facility. The fully automated facility has access to 15 megawatts of electricity at some of the lowest rates available anywhere in Canada. The Company has designed its build-out over three initial phases, to grow production in lockstep with revenues and cash flow. It is the largest indoor facility in Quebec, with the ultimate potential to produce up to 100,000 kilos annually at peak capacity.
pual
3 years ago
Cannara Biotech Inc. (CSE: LOVE) announces Year-End and Q4 2020 Results
12/15/2020 7:02:00 PM
- Cannabis Cultivation at Farnham, one of Canada's largest indoor facilities, dialed in and operational-
MONTREAL, Dec. 15, 2020 /PRNewswire/ - Cannara Biotech Inc. ("Cannara") (CSE: LOVE) (OTCQB: LOVFF) (FRA: 8CB) today announced the financial results for the three-month period and year ended August 31, 2020. Unless otherwise noted, all dollar amounts are expressed in Canadian dollars.
FISCAL 2020 OPERATIONAL HIGHLIGHTS
In January 2020, Cannara received its license to cultivate and process cannabis from Health Canada.
Cultivation operations in approximately 130,000 square feet at the Farnham Facility were officially launched on February 3, 2020.
The Company harvested its first crop on April 20, 2020.
In July 2020, the Company signed a non-binding Letter of Intent (LOI) with the SQDC, where Cannara committed a substantial amount of its supply of premium quality cannabis to its home market of Que´bec.
The Company completed its first wholesale cannabis transaction in July 2020.
Cannabis operations are now at full capacity, with 18 flowering rooms in operations. Two harvests per week are occurring in-line with the production forecasts.
In July 2020, the Company signed a $5 million credit facility with a related-party lender.
Subsequent to year-end, the Company underwent a verification process with Health Canada to review its operations in order to obtain a license amendment in order for the Company to sell directly to provincial distributors. Management expects that the amended sales license will be awarded in early 2021.
Subsequent to year-end, on November 27, 2020, the Company entered into a one-year wholesale supply agreement with a licensed producer for which the Company agreed to sell 200 kg of cannabis per month commencing January 1, 2021.
Subsequent to year-end, on November 30, 2020, the Company entered into an additional lease agreement for the last remaining space available for lease at its Farnham Facility.
"The whole team has done an excellent job in 2020 advancing our cultivation program, resulting in a robust portfolio of key genetics that will be imminently launched throughout Québec and beyond," said Zohar Krivorot, President and Chief Executive Officer of Cannara. "Based on the positive feedback and more importantly, the re-orders and a material supply agreement from our wholesale partners, we are confident our products will resonate with cannabis consumers. This next chapter in our Company's progress - brands, consumer acceptance and ultimately market share - will be key themes for us in 2021."
RESULTS OF OPERATIONS
For the year ended August 31, 2020, the Company's Cannabis operations segment did not generate cannabis-related revenues from its main cultivation activities as the Company had not yet received its amended sales license. First harvest occurred on April 20, 2020 and since then, harvests have been occurring every week. All lots currently in the cultivation phase are growing for commercialization and will be offered on the wholesale or retail market. It is expected that the amended sales license will be obtained early in the new year.
As part of the Company's capital management strategy, the Company has leased out a significant portion of the currently unoccupied space in the Farnham Facility. As at August 31, 2020, The Company leased 423,551 square feet of the total 625,000 available square feet to three tenants. For the three-month period and the year ended August 31, 2020, the Company generated lease revenues of $515,695 and $2,394,975 compared to $553,308 and $2,096,974 in the same periods of the prior year. This represents an increase of $298,001 for the year ended, due mainly to the addition of a new tenant during the second and third quarter of 2020.
For the three-month period ended August 31, 2020, the Company reported a total comprehensive loss of $3.9 million or a loss per share of $0.01; compared to $3.8 million or a loss per share of $0.01 in the same period of prior year. For the twelve-month period ended August 31, 2020, the Company reported a total comprehensive loss of $13.0 million or a loss per share of $0.02, similar to the results for the same period of the prior year.
The Company has a working capital of $7,052,904 as at August 31, 2020 (August 31, 2019 - $22,737,628). This includes cash on hand of $7,771,177 (August 31, 2019 - $26,505,992). The Company expects that its existing cash resources as at August 31, 2020 along with cash received subsequent to year end from its credit facilities will enable it to fund its planned operating expenses for at least the next twelve months from August 31, 2020.
OUTSTANDING SHARES
As at the date of this report, the Company had 737,839,535 common shares and 39,600,001 stock options issued outstanding.
For further information, the complete consolidated Financial Statements and Management's Discussion and Analysis for the three-month period and year ended August 31, 2020, along with additional information about the Company and all of its public filings are available at www.sedar.com and the Company's website, www.cannara.ca.
pual
3 years ago
Cannara Biotech Inc. Appoints Donald Olds to Board of Directors
11/05/2020 4:30:00 PM
MONTREAL, Nov. 5, 2020 /CNW Telbec/ - Cannara Biotech Inc. ("Cannara" or the "Company") (CSE: LOVE) (OTCQB: LOVFF) (FRA: 8CB) today announced the appointment of Donald Olds as a Director on the Company's board of directors.
"Don is well recognized within the Montreal business community as a leader both within the life science sector and beyond. We are delighted that he is bringing his experience and integrity to Cannara," said Zohar Krivorot, President and Chief Executive Officer of Cannara. "Don's knowledge regarding how board's create impact beyond governance, and his insights on collaborating with growth companies make him an ideal contributor to Cannara."
Donald Olds is an experienced life sciences executive, entrepreneur and director with significant experience raising capital for private and public technology companies. Most recently, he was President and Chief Executive Officer of Montreal-based NEOMED Institute, a position he held until the successful closing of a merger with Vancouver-based CDRD. He has held multiple executive positions as Chief Executive Officer, Chief Operations Officer and Chief Financial Officer of private and public life science and technology companies and began his business career as a commercial, corporate and investment banker working across a variety of industry verticals. Mr. Olds has significant corporate governance experience as a board member and chair of both for profit and not for profit organizations. He is currently lead director at Goodfood Markets (TSX:FOOD), director of Acasti Pharma (NASDAQ:ACST), Chair of Aifred Health, past Chair of Oxfam Quebec and director of private Presagia Corp. He holds a master's in business administration and a master's in sciences from McGill University.
"We would also like to take this opportunity to announce that Lennie Ryer is departing from the Company and we wish him good fortune in his future endeavors," added Mr. Krivorot. "Lennie will continue to provide transition services to the company for a period of 12 months."
Nicholas Sosiak, Cannara's Senior Vice-President of Finance and Operations, who has been with the Company since April 2019, has been appointed as Interim Chief Financial Officer. Nicholas is a Chartered Professional Accountant and started his career at KPMG in the audit practice, mostly focused on the public sector. Following his tenure as an auditor, he joined Dundee 360 Real Estate Corporation, a subsidiary of Dundee Corporation and a publicly traded company listed on the TSX, as Vice-President of Finance and Accounting where he was responsible for overseeing the company's finance and governance function in addition to managing finances of large-scale real estate development projects like the Queen Elizabeth Hotel and Four Seasons Private Residences. Nicholas has true passion and understanding of the Cannabis industry.
pual
4 years ago
MONTREAL, July 27, 2020 /CNW Telbec/ - Cannara Biotech Inc. ("Cannara" or the "Company") (CSE: LOVE) (OTCQB: LOVFF), (FRA: 8CB), today announced financial results for the three and nine-month periods ended May 31, 2020. Unless otherwise noted, all dollar amounts are expressed in Canadian dollars.
OPERATIONAL HIGHLIGHTS
On April 20, 2020, the Company successfully harvested its first cannabis crop.
The Farnham Facility is now operating at full capacity, with one to two flowering rooms harvested per week.
As at May 31, 2020, there were a total of 48,711 plants in the cultivation cycle, including 26,649 plants in the flowering stage; these biological assets are expected to yield approximately 1,272 kilograms of dried cannabis once harvested.
Mary Durocher joined Cannara's Board of Directors in May.
HIGHLIGHTS SUBSEQUENT THE QUARTER'S END
Finalized a non-binding Letter of Intent (LOI) with the Société québécoise du cannabis (the "SQDC"), which will see Cannara's first year production of premium quality cannabis earmarked for the Québec market.
The Company hired its 100th employee at its Farnham Facility, just outside Montreal.
Samples from the first two lots were sent at the beginning of June 2020 to Health Canada for analysis as part of the Company's efforts to obtain its amended sales license.
"It has been a very eventful and successful period since our last update, with significant progress made in critically important areas of our business. We are now routinely harvesting one to two large flowering rooms every week, carefully drying and curing the product, while inventorying finished product," said Zohar Krivorot, CEO of Cannara. "The LOI with SQDC also represents a significant milestone, bringing us closer to our goal of being a dominant provider of premium cannabis for the Québec market."
RESULTS OF OPERATIONS
For the three and nine-month periods ended May 31, 2020, the Company had not yet generated cannabis-related revenues from its production since the cultivation activities began in February 2020 following the grant of the cultivation license. First harvest occurred on April 20, 2020 and since then, harvests have been occurring every week. All lots currently in the cultivation phase are growing for commercialization and will be offered on the wholesale market. It is estimated that the lots planted in July 2020 will be sold to the retail market once the amended sales license is obtained, which is expected to occur before end of calendar year.
In order to optimize cash flow while the Company has unoccupied space in the Farnham Facility, the Company leased 423,551 square feet of the total 625,000 available square feet to three tenants. For the three and nine-month periods ended May 31, 2020, the Company generated lease revenues of $710,272 and $1,879,280 compared to $506,785 and $1,543,666 in the same period of the prior year. This represents a favourable increase of $203,487 and $335,614, due mainly to the addition of a new tenant.
For the three-month period ended My 31, 2020, the Company reported a total comprehensive loss of $2.5 million or a loss per share of $0.01; compared to $2.8 million or a loss per share of $0.01 in the same period of prior year. For the nine-month period ended May 31, 2020, the Company reported a total comprehensive loss of $9.2 million or a loss per share of $0.01; compared to $9.1 million or a loss per share of $0.02 in the same period of prior year.
As at May 31, 2020, the Company's cash on hand was $11.1 million (August 31, 2019 - $26.5 million). On July 17, 2020, the Company signed a term sheet with a related-party lender providing it access to a credit facility of $5,000,000, that the Company can draw on, to be used for working capital purposes.
The Company believes it has expended most of the required capital required to operationalize Phase 1 of the Farnham Facility. During the year ending August 31, 2020, the Company anticipates to further spend on production equipment related to cannabis packaging. The Company expects that its existing cash resources as at May 31, 2020 will enable it to fund its planned operating expenses for at least the next twelve months from May 31, 2020.
OUTSTANDING SHARES
As at the date of this report, the Company had 737,738,815 common shares and 33,698,169 stock options issued outstanding.
For further information, the complete interim consolidated Financial Statements and Management's Discussion and Analysis for the three and nine-month periods ended May 31, 2020, along with additional information about the Company and all of its public filings are available at www.sedar.com and the Company's website.
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