News Release Issued: Mar 14, 2019 (7:30am EDT)
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.
Cannara Biotech Inc. (CNW Group/Cannara Biotech Inc.)
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.
About Cannara Biotech Inc.
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. |