MONTREAL, Sept. 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 one of the
largest indoor cannabis cultivation facilities in Canada and the largest in Quebec, announced that on August 31, 2022, Derek
Stern, a director and principle shareholder owning more than
10% of the issued and outstanding common shares ("Common
Shares") of Cannara, acquired 720,000 common shares
("Purchased Shares") in the capital of Cannara, representing
approximately 0.08% of the Common Shares in 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 Purchased
Shares, for an aggregate amount equal to $80,285 Canadian dollars.
Prior to the Acquisition, Mr. Stern, through controlling
interests in Olymbec Investments Inc., directly and indirectly,
owned 163,650,184 Common Shares and 100,000 options to purchase
Common Shares ("Options"), representing approximately 18.66%
of issued and outstanding Common Shares on a partially diluted
basis. After the Acquisition, Mr. Stern, through controlling
interests in Olymbec Investments 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 being issued pursuant to National
Instrument 62-103 – The Early Warning System and Related Take-Over
Bid and Insider Reporting Issues. A copy of the related early
warning report is being filed with the applicable securities
commissions and will be made available under the Company's profile
on SEDAR (www.sedar.com). Cannara's head office is located at 333
Decarie Blvd, Suite 200, Montreal,
Quebec, H4N 3M9. Mr. Stern's principal office address is 333
Decarie Blvd, Suite 500, Montreal,
Quebec, H4N 3M9.
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.