Cannara Biotech Inc. Reports Q3 2020 Financial Results

About this update from Cannara Biotech, Inc.

[{"type":"text","content":"\n\n\n\nCannara Biotech Inc. Reports Q3 2020 Financial Results\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\n\n\n\n\n\n\nCanada NewsWire\nMONTREAL, July 27, 2020\n\n\n\nMONTREAL, 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.\n\n \n \n \n \n \n \n\n \nOPERATIONAL HIGHLIGHTS\nOn 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 \nFinalized 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.\"\nRESULTS OF OPERATIONS Fo...

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