Cannara Biotech Reports Q2 2019 Results

About this update from Cannara Biotech, Inc.

[{"type":"text","content":"\n\n\n\nCannara Biotech Reports Q2 2019 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, April 29, 2019\n\n\n\nVANCOUVER, April 29, 2019 /CNW/ - Cannara Biotech (\"Cannara\" or the \"Company\") (CSE: LOVE) (FRA: 8CB), an emerging vertically integrated cannabis company focused on the cultivation and sale of dried cannabis and cannabis-infused products to the Canadian and international markets, today announced financial results for the three month and six month periods ended February 28, 2019.\n\n \n \n\n \nOPERATIONAL HIGHLIGHTS\nRaised $37,375,268 via private placement in exchange for 207,640,375 common shares of the Company; Commenced trading January 14, 2019 on the Canadian Securities Exchange (\"CSE\") under the symbol \"LOVE\"; Has invested over $10,500,000 to date in construction costs relating to its Phase one build-out; Expanded the Phase one build-out of Cannara's facility from 130,000 to 170,000 square feet; Entered the U.S. hemp-CBD market, through a subsidiary, with an online e-commerce platform called shopCBD.com; and Entered into a Letter of Intent with a leading Quebec microbrewery to develop cannabinoid-infused beverages.\"The quarter saw highlights from each key aspect of our business plan; we are aggressively pursuing a prominent role in the growing hemp-CBD market with our e-commerce platform, shopCBD.com; our arrangement with a microbrewery reflects our intention to partner with more domain experts as we prepare for broader legalization of cannabis; and the progress on our state-of-the-art facility proceeds without abatement, even though we have added an additional 40,000 square feet to provide more flexibility for cultivation and post-harvest operations,\" said Zohar Krivorot, President and CEO of Cannara.\n\"Financially, Cannara is very solid, with all costs associated with Phase one construction fully funded and most stabilized operating costs offset by lease revenue,\" said Lennie Ryer, CFO of Cannara. \"Built for the long run, the next few quarters will be eventful as we complete construction and advance toward...

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