Cannara Biotech reports Q4 results

• Cannara Biotech (OTCQB:LOVFF): Q4 GAAP EPS of C$0.01.
• Revenue of C$6.48M (+962.3% Y/Y)
• Press Release

• Looking ahead, the company expects to optimize the additional debt financing from CIBC to finalize the redesign of several zones at the Valleyfield Facility to replicate the indoor cultivation environment, including growing without utilizing the sun and launch the operations at the site.

• The first 25,000 square foot zone was propagated with 9,600 plants in November 2021 and next 25,000 square foot zone is planned to be propagated in January 2022.

• The company also anticipates that its existing cash resources of $8.2 million (as at August 31, 2021), along with the forecasted cashflows and financing that occurred subsequent to year-end, will enable it to fund its planned operating expenses for at least the next twelve months from August 31, 2021.