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Acquisition of Frequent Shares of Cannara Biotech Inc.


MONTREAL, Sept. 1, 2022 /PRNewswire/ – Cannara Biotech Inc. (“Cannara” or the “Firm“) (TSXV: LOVE) (OTCQB: LOVFF) (FRA: 8CB), a vertically built-in producer of premium-grade hashish and by-product merchandise with one of many largest indoor hashish cultivation amenities in Canada and the most important in Quebec, introduced that on August 31, 2022, Derek Stern, a director and precept shareholder proudly owning greater than 10% of the issued and excellent frequent shares (“Frequent Shares“) of Cannara, acquired 720,000 frequent shares (“Bought Shares“) within the capital of Cannara, representing roughly 0.08% of the Frequent Shares within the capital of the Firm (the “Acquisition“).

The Bought Shares had been acquired via regular course purchases via the amenities of the TSX Enterprise Trade for $0.112 Canadian {dollars} per Bought Shares, for an mixture quantity equal to $80,285 Canadian {dollars}.

Previous to the Acquisition, Mr. Stern, via controlling pursuits in Olymbec Investments Inc., straight and not directly, owned 163,650,184 Frequent Shares and 100,000 choices to buy Frequent Shares (“Choices“), representing roughly 18.66% of issued and excellent Frequent Shares on {a partially} diluted foundation. After the Acquisition, Mr. Stern, via controlling pursuits in Olymbec Investments Inc., straight and not directly, owns 164,370,184 Frequent Shares and 100,000 Choices, representing roughly 18.74% of the issued and excellent Frequent Shares on {a partially} diluted foundation.

Mr. Stern acquired the Bought Shares for funding functions. Mr. Stern might now and again purchase extra securities of the Firm, eliminate some or all the current or extra securities or might proceed to carry the securities.

This press launch is being issued pursuant to Nationwide Instrument 62-103 – The Early Warning System and Associated Take-Over Bid and Insider Reporting Points. A replica of the associated early warning report is being filed with the relevant securities commissions and can be made obtainable beneath the Firm’s profile on SEDAR (www.sedar.com). Cannara’s head workplace is positioned at 333 Decarie Blvd, Suite 200, Montreal, Quebec, H4N 3M9. Mr. Stern’s principal workplace tackle is 333 Decarie Blvd, Suite 500, Montreal, Quebec, H4N 3M9.

Cannara Biotech Inc. (TSXV: LOVE) (OTCQB: LOVFF) (FRA: 8CB) is a vertically built-in producer of premium-grade hashish and cannabis-derivative merchandise for the Québec and Canadian markets. Cannara owns two mega amenities primarily based in Québec spanning over 1,650,000 sq. ft., offering the Firm with 125,000kg of potential annualized cultivation output. Leveraging Québec’s low electrical energy prices, Cannara’s amenities produce premium-grade hashish merchandise at an inexpensive value. For extra info, please go to cannara.ca.

Neither the TSX Enterprise Trade nor its Regulation Companies Supplier (as that time period is outlined in insurance policies of the TSX Enterprise Trade) accepts accountability for the adequacy or accuracy of this launch.

SOURCE Cannara Biotech Inc.



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