Cannara Biotech Inc. (CSE: LOVE) announces Year-End and Q4 2020 Results

About this update from Cannara Biotech, Inc.

[{"type":"text","content":"\n \n \n \n Cannara Biotech Inc. (CSE: LOVE) announces Year-End and Q4 2020 Results\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 \n - Cannabis Cultivation at\n \n Farnham\n \n , one of\n \n Canada's\n \n largest indoor facilities, dialed in and operational-\n \n \n \n \n \n MONTREAL\n \n ,\n \n Dec. 15, 2020\n \n /CNW/ - Cannara Biotech Inc. (\"\n \n Cannara\n \n \") (CSE: LOVE) (OTCQB: LOVFF) (FRA: 8CB) today announced the financial results for the three-month period and year ended\n \n August 31, 2020\n \n . Unless otherwise noted, all dollar amounts are expressed in Canadian dollars.\n \n \n \n \n \n \n \n \n \n \n FISCAL 2020 OPERATIONAL HIGHLIGHTS\n \n \n \n \n In\n \n January 2020\n \n , Cannara received its license to cultivate and process cannabis from Health Canada.\n \n \n Cultivation operations in approximately 130,000 square feet at the Farnham Facility were officially launched on\n \n February 3, 2020\n \n .\n \n \n The Company harvested its first crop on\n \n April 20, 2020\n \n .\n \n \n In\n \n July 2020\n \n , 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 Québec.\n \n \n The Company completed its first wholesale cannabis transaction in\n \n July 2020\n \n .\n \n \n 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.\n \n \n In\n \n July 2020\n \n , the Company signed a\n \n $5 million\n \n credit facility with a related-party lender.\n \n \n 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.\n \n \n Subsequent to year-end, on\n \n November 27, 2020\n \n , the Company entered into a one-year wholesale supply agreeme...

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