Cannara Biotech Announces Expansion of Phase 1 Build-Out and Board of Directors Update
MONTREAL, March 14, 2019 /CNW/ - Cannara Biotech Inc. ("Cannara" or the "Company") (CSE: LOVE) (FRA: 8CB), a vertically integrated cannabis company in the making focused on cultivation and cannabis-infused products, today announced an expansion of the Phase 1 build-out of Cannara's facility from 130,000 to 170,000 square feet. As a result, the license application at Cannara's Farnham, in process with Health Canada, has been modified accordingly. The 40 000-square-foot expansion will provide more flexibility for cultivation and post-harvest operations. The timelines to complete Phase 1 construction of Cannara's facility have not been affected by the expansion.
Separately, Besar Xhelili has resigned from the Company's Board of Directors to pursue other business interests. The Company is actively evaluating alternative independent directors and expects to fill the vacancy in a timely fashion.
We are grateful to Besar for his contributions to Cannara and wish him all the best in his future endeavours,
said Zohar Krivorot, President and CEO of Cannara Biotech.
Cannara Biotech is building one of the largest indoor cannabis cultivation facilities (625,000 square feet) in Canada and the largest in Quebec. Leveraging Quebec's low electricity costs, Cannara Biotech's facility will produce high-grade indoor cannabis and cannabis-infused products for the Canadian and international markets. Global shopCBD.com, a subsidiary of Cannara Biotech, has entered the U.S. CBD-hemp market with an online e-commerce platform called ShopCBD.com, which will act as an aggregator of U.S. CBD-hemp product in the U.S.
For more information concerning Cannara Biotech, visit our website: www.cannara.ca
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Cautionary Statement Regarding "Forward-Looking" Information
This information release contains certain forward-looking information. Such information involves known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from those implied by statements herein, and therefore these statements should not be read as guarantees of future performance or results. All forward-looking statements are based on the Company's current beliefs as well as assumptions made by and information currently available to it as well as other factors. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Due to risks and uncertainties, including the risks and uncertainties identified by the Company in its public securities filings, actual events may differ materially from current expectations. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.