Topics : Benefits, MAT
VANCOUVER, April 29, 2011 / CNW / -Cannara Biotech (Cannara or the Company) (CSE: LOVE) (FRA: 8CB), a vertically integrated, emerging cannabis business focused on the cultivation and sale of cannabis schs and cannabis infuss in Canadian and international markets, today announced its financial results for the three and six month periods ended February 28, 1919.
- Amount of $ 37,375,268 raised by private placement in foreign exchange of 207,640,375 common shares of the Company;
- Negotiations start on January 14, 2019 Canadian Securities Exchange (CSE), under the symbol LOVE;
- Investment of more than $ 10,500,000 to date in the construction costs of the Phase 1 expansion project for its facilities;
- Expansion of Cannara's Phase 1 Expansion Project from 130,000 to 170,000 square feet;
- Enter the CBD hemp market in the United States via a subsidiary that will offer an online eCommerce platform called shopCBD.com;
- Signature of a letter of intent with a first-class Quebec microbrewery to develop cannabinoe-infused beverages.
During the quarter, each of the main components of our business plan was highlighted; We are actively seeking to play a leading role in the growing hemp-CBD market by leveraging our electronic trading platform, shopCBD.com. The agreement with a microbrewery is indicative of our intention to partner with other experts in the industry, in anticipation of even greater legalization of cannabis. The construction of our state-of-the-art facility is progressing without delay, even though we have added 40,000 square feet of additional square footage to provide more flexibility for post-harvest culture and activities, "said ZoharKrivorot, President and CEO of Cannara. .
On the financial side, Cannara has a solid base, with all costs associated with the fully funded Phase 1 construction, while the majority of stable operating costs are neutralized by rental revenues, added Lennie Ryer, Chief Financial Officer of Cannara.Our facilities are built for the long term. The next few months will be exciting as we complete the work and move toward our goal of generating revenue from production and processing at our state-of-the-art facilities.
PRIORITY OF THREE MONTHS CLOSED ON 28 FEBRUARY2019
During the three-month period ended February 28, 1919, the Company realized all of its lease income of $ 518,438 from two tenants who currently occupy a portion of the unoccupied Farnhamwhile the Company builds and completes phase 1 of the project. Current leases expire on 31 May2019 and 30 September2022 and may be renewed at the Company. The Company will manage the leases in a manner consistent with its development plans for the remainder of Phase 2 and Phase 3 construction. Farnham. The Company incurred $ 81836 in rental operating expenses to realize rental income.
Operating expenses include $ 711,131 in professional fees, which includes amounts paid to various consultants and lawyers for the development and registration of certain patents, the establishment of municipal relations, and the costs of developing practices. copies of the Company, the initial costs of development incurred for the ShopCBD.com e-commerce platform and for the costs of the Company's general operating activities. In addition, operating expenses included $ 53,9060 in salaries and benefits, $ 29,3067 in administrative expenses, $ 42,163 in share-based compensation and $ 1,922,224 in marketing costs.
During the three-month period ended February 28, 1919, the Company recorded an operating loss of $ 195,774.99. In addition, the Company recorded a non-recurring loss of $ 1,875,243 relating to reverse take-over (of which $ 170,1282 was non-cash) and net financial expenses of $ 179,184. As a result, the Company recorded a net loss of $ 40,11926 or a loss of $ 0.01 per share.
PSIX-MONTH PERIOD CLOSED ON 28 FEBRUARY2019
During the six-month period ended February 28, 1919, the Company realized all of its rental income of $ 1,036,881 from its two tenants. She has committed $ 13,475 in rental operating expenses to realize rental income.
Operating expenses included $ 150,2035 for professional fees for the above activities, $ 1280,827 in salaries and benefits, $ 67,592 in administrative expenses, $ 560,686 in share-based compensation and $ 46,769 in marketing expenses. in order to establish the presence of the Company's trademark.
During the six-month period ended February 28, 1919, the Company recorded an operating loss of $ 3949,499. In addition, the Company recognized a non-recurring loss of $ 1,875,243 relating to reverse take-over (of which $ 170,1282 was non-cash) and a net finance charge of $ 49,240. As a result, the Company recorded a net loss of $ 6317152 or a loss per share of $ 0.01.
LIQUIDITY AND CAPITAL RESOURCES
The Company has recognized a net working capital of $ 33719827 ($ 12320832 on August 31, 2013). It expects that its cash position on February 28, 2010 will allow it to finance its construction projects and operating expenses for at least the next twelve months.
For the three and six month periods ended February 28, 2011, cash flows from operating activities were $ 210,2171 and $ 40,27,967 respectively. Cash flow from operating activities was primarily attributable to staff salaries, professional fees, marketing expenses, and administrative, relocation and promotional expenses.
For the three and six months ended February 28, 2011, cash flows from financing activities were $ 36,775,617 and $ 36,441,931 respectively. During the three months ended February 28, 2019, the Company raised $ 37375268 through the Company's 207640375 ordinary shares and committed $ 2019670 in share mission expenses. In addition, 868,000 warrants were exercised, resulting in an additional cash injection of $ 86,800. In addition, the Company's subsidiary, Global ShopCBD.com Inc., contributed 55,100,000 ordinary shares for a total consideration of $ 1102,000 and incurred $ 23,937 in related mission expenses.
For the three- and six-month periods ended February 28, 2011, cash outflows related to the Company's investment activities were $ 487,179 and $ 936,119. The investment activities of these periods are mainly related to the costs of construction incurred at Farnham, the purchase of production equipment, computers and furniture as well as capital deposits.
On March 11, 2010, Global shopCBD.com Inc. entered into another series of subscription agreements and made a total of 37,256,560 common shares for gross proceeds of $ 559,2849.
the date of this report, the Company had 694770705 ordinary shares outstanding. There were 14948710 warrants and 29275424 options wagered.
CannaraBiotech (CSE: LOVE) is building one of the largest indoor cannabis facilities in the world. Canada and the largest in Qubec (625000 square feet). Taking advantage of low electricity costs in Qubec, the CannaraBiotech facility will produce indoor cannabis, as well as higher quality cannabis infusions for Canadian and international markets.
The Canadian stock market and its regulator are not responsible for the adequacy or accuracy of this release.
Caution regarding forward-looking information
This release contains certain forward-looking information. Such information involves known and unknown risks, uncertainties and other factors that could cause actual results, performance or achievements to differ materially from those implied in the statements herein. Therefore, these statements should not be viewed as guarantees of future returns or results. All forward-looking statements are based on the Company's current beliefs, assumptions and information currently available, as well as other factors. Readers are cautioned not to place undue reliance on these forward-looking statements, which are relevant only as of the date of publication of this press release. Due to the risks and uncertainties, including those identified by the Company in its public filings, actual events may differ materially from current expectations. The Company assumes no obligation or intention to update or revise any forward-looking statements, whether in the light of new information, future events or otherwise.
SOURCE Cannara Biotech Inc.
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Here’s what you need to know before visiting your regional medical dispensary:You will need a physician’s recommendation, medical cannabis certification, or whatever proper documentation is required by your state. Typically, you must be 18 or older to be eligible for a medical consent, but exceptions may be made in some states for minors with particularly debilitating conditions. You will often enroll with a medicinal dispensary. This is to maintain your medical cannabis recommendation or certification on file for legal and regulatory purposes. There’ll be a waiting space. This is to control the circulation of patients and product, but a straightforward dividing wall also gives patients solitude and direct one-on-one contact using a budtender to candidly discuss medical issues. This procedure can assist budtenders and patients track effective medicine in addition to have a living record of producers and goods for future reference and follow-up. Medicinal dispensaries usually permit you to smell and analyze the buds prior to purchase. This might vary from state-to-state.
DOES AN APPLICANT NEED MUNICIPAL APPROVAL BEFORE RECEIVING A RETAIL CANNABIS LICENSE? Yes, municipal approval is necessary before the AGLC will issue a retail cannabis license. Applicants should get in touch with their intended municipality to find out requirements regarding municipal retail cannabis legislation, zoning requirements, land-use limitations, and location requirements concerning how close a retail shop is into a provincial medical care facility, college, or parcel of property designated as a college reserve.
Keep non-medical cannabis legal Adults who are 19 years or older are able to:Possess up to 30 gram of authorized dried cannabis or the equivalent in their person. Share up to 30 gram of legal cannabis with other adults in Canada. Buy cannabis goods from a Yukon Liquor Corporation licensed merchant. Grow up to four plants per household. It’s illegal to present non-medical cannabis to anyone below the age of 19 and for anyone under the age of 19 to have any quantity of non-medical cannabis in Yukon.It is illegal and dangerous to drive while under the influence of cannabis or other intoxicants.