Acquisition of common shares of Cannara Biotech Inc.

0

MONTREAL, September 1, 2022 /PRNewswire/ – Cannara Biotech Inc. (“Cannara“or the”Company“) (TSXV: LOVE) (OTCQB: LOVFF) (FRA: 8CB), a vertically integrated producer of premium cannabis and derivative products with one of the largest indoor cannabis cultivation facilities in the Canada and the greatest of Quebecannounced that the August 31, 2022, Derek Sterndirector and principal shareholder holding more than 10% of the issued and outstanding common shares (“Ordinary actions“) of Cannara, acquired 720,000 common shares (“Shares purchased“) in the capital of Cannara, representing approximately 0.08% of the ordinary shares of the capital of the Company (the “Acquisition“).

The purchased shares were acquired through normal course purchases through the facilities of the TSX Venture Exchange for $0.112 Canadian dollars per share purchased, for a total amount equal to $80,285 Canadian dollars.

Prior to the acquisition, Mr. Stern, through controlling interests in Placements Olymbec Inc., directly and indirectly held 163,650,184 common shares and 100,000 common stock options (“Choice“), representing approximately 18.66% of the issued and outstanding common shares on a partially diluted basis. Following the acquisition, Mr. Stern, through controlling interests in Investissements Olymbec inc., directly and indirectly owns 164,370 184 common shares and 100,000 options, representing approximately 18.74% of the issued and outstanding common shares on a partially diluted basis.

Mr. Stern acquired the purchased shares for investment purposes. Mr. Stern may from time to time acquire additional securities of the Company, dispose of some or all of the existing or additional securities or may continue to hold the securities.

This press release is issued in accordance with National Instrument 62-103 Early Warning System and Related Matters Relating to Takeover Bids and Insider Reporting. A copy of the related alert statement is being filed with the applicable securities commissions and will be available under the Company’s profile on SEDAR (www.sedar.com). Cannara’s head office is located at 333 Boul. Decarie, Suite 200, Montreal, Quebec, H4N 3M9. The address of Mr. Stern’s main office is 333, boul. Decarie, suite 500, Montreal, QuebecH4N 3M9.

Cannara Biotech Inc. (TSXV: LOVE) (OTCQB: LOVFF) (FR: 8CB) is a vertically integrated producer of premium cannabis and cannabis-derived products for the Quebec and Canadian markets. Cannara has two Quebec-based mega-facilities spanning over 1,650,000 square feet, providing the Company with 125,000 kg of potential annualized production. Taking advantage of Quebec’s low electricity costs, Cannara’s facilities produce premium quality cannabis products at an affordable price. For more information, please visit cannara.ca.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

SOURCE Cannara Biotech Inc.

Share.

Comments are closed.