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Cannara Biotech Enters Into Agreement to Acquire TGOD's State-of-the-art Cultivation and Manufacturing Facility in Valleyfield, Quebec
Cannara Biotech Enters Into Agreement to Acquire TGOD's State-of-the-art Cultivation and ...
About this update from Cannara Biotech, Inc.
[{"type":"text","content":"\n \n \n \n Cannara Biotech Enters Into Agreement to Acquire TGOD's State-of-the-art Cultivation and Manufacturing Facility in Valleyfield, Quebec\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prntac{\nTEXT-ALIGN: CENTER\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n Newly built fully automated one million sq. ft. facility increases Company's capacity of premium-grade cannabis up to 125,000 kg annually\n \n \n \n \n MONTREAL\n \n ,\n \n June 10, 2021\n \n /CNW/ - Cannara Biotech Inc. (\"\n \n Cannara\n \n \" or the \"\n \n Company\n \n \") (TSXV: LOVE) (OTCQB: LOVFF) (FRA: 8CB), a vertically integrated producer of premium-grade cannabis and derivative products with one of the largest indoor cannabis cultivation facilities in\n \n Canada\n \n and the largest in\n \n Quebec\n \n , today announced that it has entered into a definitive agreement (the\n \n \"Transaction\"\n \n ) to acquire a one million square foot licensed cultivation and manufacturing facility in\n \n Valleyfield, Quebec\n \n (\"\n \n Valleyfield Facility\n \n \") from Medican Organic Inc., a wholly-owned subsidiary of The Green Organic Dutchman Holdings Ltd. (the\n \n \"TGOD\"\n \n ) through an all-cash offer of\n \n $27 million\n \n plus the assumption of liabilities of approximately\n \n $5.7 million\n \n .\n \n \n \n \n \n \n \n \n \n \"With this acquisition, Cannara continues to increase its footprint and create more jobs in its home province of\n \n Quebec\n \n ,\" said Zohar Krivorot, President & Chief Executive Officer of Cannara Biotech. \"Today's announcement reinforces our position as one of\n \n Canada's\n \n top leading producer of premium-grade cannabis and cannabis derivative products.\"\n \n \n Located in\n \n Valleyfield, Quebec\n \n , the newly built state-of-the-art facility spans over 1,033,506 sq. ft. providing Cannara the ability to reach an annual cultivation capacity of 125,000 kg of premium-grade cannabis.\n \n \n \"While already marked by a strong balance sheet, we believe that this transaction significantly bolsters our business fundamentals, including annual output, prof...