MONTREAL, Feb. 28,
2023 /CNW/ - 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 one of the largest indoor cannabis
cultivation facilities in Canada
and the largest in Quebec, today
announced that it has entered into an automatic share purchase plan
("ASPP") with Raymond James Ltd. ("Raymond James"), acting as Cannara's broker,
in order to facilitate repurchases of the Company's common shares
("Common Shares") under its previously announced normal
course issuer bid ("NCIB").
Cannara previously announced on November
30, 2022, that it had received approval from the TSX Venture
Exchange (the "TSX-V") to, during the 12-month period
commencing December 3, 2022 and
terminating December 2, 2023,
purchase up to 1,500,000 of its common shares (post-consolidation)
(the "Shares") representing approximately 1.7% of the total
87,748,132 common shares (post-consolidation) of Cannara issued and
outstanding as at November 30, 2022,
by way of a NCIB to be effected by means of open market
transactions or otherwise as permitted by the TSX-V.
During the effective period of Cannara's ASPP, Raymond
James may purchase Common Shares at times when Cannara would
not be active in the market due to insider trading rules and its
own internal trading blackout periods. Purchases will be made by
Raymond James based upon parameters set by Cannara when it is
not in possession of any material non-public information about
itself and its securities, and in accordance with the terms of the
ASPP. Outside of the effective period of the ASPP, Common Shares
may continue to be purchased in accordance with Cannara's
discretion, subject to applicable law. The ASPP has been entered
into in accordance with the requirements of applicable Canadian
securities laws.
About Cannara Biotech
Inc.
Cannara Biotech Inc. (TSXV: LOVE) (OTCQB: LOVFF) (FRA: 8CB)
is a vertically integrated producer of premium-grade cannabis and
cannabis-derivative products for the Québec and Canadian markets.
Cannara owns two mega facilities based in Québec spanning over
1,650,000 sq. ft., providing the Company with 125,000kg of
potential annualized cultivation output. Leveraging Québec's low
electricity costs, Cannara's facilities produce premium-grade
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 policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of
this release.
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SOURCE Cannara Biotech Inc.
