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Cannara Biotech Inc. V.LOVE

Alternate Symbol(s):  LOVFF

Healthcare Cannabis
Cannara Biotech Inc. is a Canada-based vertically integrated producer of premium-grade cannabis and cannabis-derivative products for the Quebec and Canadian markets. It operates through its wholly owned subsidiaries, Cannara Biotech (Quebec) Inc. and Cannara Biotech (Valleyfield) Inc. The Company owns two mega facilities based in Quebec spanning over 1,650,000 square feet, providing the Company with 100,000 kilograms of annualized cultivation output. It operates in two segments: Cannabis operations and Real estate operations. The Cannabis operations, which encompasses the cultivation, processing and sale of dried cannabis and cannabis derivatives for the Canadian market and other cannabis services (Cannabis operations). The Real estate operations, related to the Farnham and Valleyfield building (Real estate operations). The Company’s brand portfolio includes Tribal, Nugz, and Orchid CBD. Orchid CBD is a wellness brand that provides premium CBD-dominant cannabis.


TSXV:LOVE - Post by User

Cannara Biotech Inc. > Cannara Biotech Inc. Closes $50 Million Credit Facility
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Post by Betteryear2on Jun 01, 2022 4:54pm
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Post# 34724594

Cannara Biotech Inc. Closes $50 Million Credit Facility

Cannara Biotech Inc. Closes $50 Million Credit Facility MONTREAL, June 1, 2022 /CNW Telbec/ - Cannara Biotech Inc. ("Cannara" or the "Company") (TSXV: LOVE) (OTCQB: LOVFF) (FRA: 8CB), a vertically integrated producer of premium-grade cannabis and derivative products with two mega facilities based in Quebec spanning over 1,650,000 sq. ft., announced today that it has closed on a $50M credit facility led by BMO Commercial Banking.  The credit facility, effective May 31, 2022, includes a three-year term loan for $45 million with an accordion for up to an additional $10 million and a $5 million line of credit. Additional favorable terms attached to the credit facility include a declining interest rate over time as the Company hits certain covenant thresholds and the ability to repay the facility without penalty at any time. Under the terms of this new credit facility, the Company will not make any principal payments for the first six months.
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