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Cannara Biotech Reports Q1 2020 Financial Results
Cannara Biotech Reports Q1 2020 Financial Results Canada NewsWire VANCOUVER, Jan...
About this update from Cannara Biotech, Inc.
[{"type":"text","content":"\n\n\n\nCannara Biotech Reports Q1 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\nVANCOUVER, Jan. 20, 2020\n\n\n\nVANCOUVER, Jan. 20, 2020 /CNW/ - Cannara Biotech Inc. (\"Cannara\" or the \"Company\") (CSE: LOVE) (OTCQB: LOVFF) (FRA: 8CB), an emerging vertically integrated cannabis company focused on indoor cultivation, processing and sale of premium dried cannabis and cannabis-infused products, today announced financial results for the three-month period ended November 30, 2019. Unless otherwise noted, all dollar amounts are expressed in Canadian dollars.\n\n \n \n\n \nOPERATIONAL HIGHLIGHTS\nSubmitted to Health Canada site evidence package for Phase One of the facility in Farnham, Quebec, to obtain a license to cultivate, process and sell of premium dried cannabis and cannabis-infused products; Secured a first mortgage against the Farnham Facility for $6 million with a Canadian financial institution, resulting in reduced annual interest expense.\"Operationally during the quarter, we have been focused on final, detailed preparations for the Farnham Facility in anticipation of being given the green light to commence cultivation,\" said Barry Laxer, Chief Operating Officer of Cannara. \"The building, with 18 modern and large grow rooms and state-of-the-art technical features, is poised to become a significant factor in Quebec's cannabis landscape, growing what we believe will quickly become the consumer's preferred choice: indoor grown, high THC, robust flowering and crystallization with a rich terpene profile and aroma.\"   \nRESULTS OF OPERATIONSThe Company operates in two segments: 1) Indoor cannabis operations which encompasses the cultivation, processing and sale of premium dried cannabis and cannabis-infused products exclusively for the Canadian market (Canadian operations) and 2) E-commerce retailer of curated selection of top tier U.S. hemp-based CBD products exclusively for the U.S. market. (U.S. operations).\nTHREE-MONTH PERIOD ENDED NOVEMBER 30, 2019 \nCanadian Operations For the thre...