MONTREAL, Nov. 30,
2022 /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 the Company filed with the TSX Venture Exchange
("the "TSX-V") a Notice in respect of a normal course issuer bid
(the "NCIB") to be transacted through the facilities of the
TSX-V.
Pursuant to the NCIB, Cannara may purchase up to 15,000,000 of
its common shares (the "Shares") representing approximately 1.7% of
the total 877,481,321 common shares of Cannara issued and
outstanding as at November 30, 2022.
Purchases will be made at prevailing market prices commencing
December 3, 2022 and ending
December 2, 2023.
Cannara believes that the purchase of the Shares would be an
effective use of its funds and that the Company's publicly traded
Shares are currently undervalued in the market. The Company expects
that the purchase of Shares will benefit remaining shareholders by
increasing their equity interest in the Company's assets.
The price which the Company will pay for any Shares under the
NCIB will be the market price at the time of acquisition. During
the period of the NCIB, the Company may make purchases under the
NCIB by means of open market transactions or otherwise as permitted
by the TSX-V. All purchases under the NCIB will be purchased on the
open market through the facilities of the TSX-V at the prevailing
market price at the time of such transaction. Any Shares purchased
by the Company will be cancelled. Raymond
James ltd. will conduct the bid on behalf of the Company.
The actual number of common shares purchased pursuant to the NCIB,
the timing of such purchases and the price at which common shares
are purchased will depend upon future market conditions.
Cannara has not repurchased any of its Shares by way of a normal
course issuer bid in the previous 12 months.
A copy of Cannara's Notice filed with the TSX-V may be obtained
by any shareholder, without charge, by contacting Cannara's
Corporate Secretary at brian.sherman@cannara.ca
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.
View original content to download
multimedia:https://www.prnewswire.com/news-releases/cannara-announces-normal-course-issuer-bid-for-common-shares-of-the-corporation-301690175.html
SOURCE Cannara Biotech Inc.