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 toHealth 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
RESULTS OF OPERATIONS
For the three and nine-month periods ended
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
For the three-month period ended My 31, 2020, the Company reported a total comprehensive loss of
As at
The Company believes it has expended most of the required capital required to operationalize Phase 1 of the Farnham Facility. During the year ending
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
About Cannara Biotech Inc.
The CSE nor its Regulation Services Provider 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.
SOURCE
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