VANCOUVER, Dec. 14, 2018 /CNW/ - Cannara Biotech Inc. ("Cannara" or the "Company"), a vertically integrated Cannabis company focussed on recreational and wellness consumer products, today announced that it has filed its final long form prospectus (the "Prospectus") with the securities regulatory authority in the Province of British Columbia. Cannara is also pleased to announce that it has obtained conditional approval on December 12, 2018 from the Canadian Securities Exchange (the "CSE") for the listing of its common shares under the ticker symbol "LOVE". Listing remains subject to the Company fulfilling the CSE's listing requirements. There can be no guarantee that the CSE will accept the listing of the Company's common shares.
The Prospectus qualifies the distribution of 988,000 common shares of Cannara issuable upon exercise or deemed exercise of special warrants of the Company (the "Special Warrants"). The Special Warrants were issued on August 29, 2018 at a price of $0.05 per Special Warrant. Each Special Warrant entitles the holder to acquire, without additional payment, one common share in the capital of the Company. A copy of the Prospectus is available on SEDAR at www.sedar.com.
The Special Warrants were issued to purchasers in the provinces of British Columbia and Ontario on a private placement basis pursuant to prospectus exemptions under applicable securities legislation.
About Cannara Biotech Inc.
Cannara is building the largest indoor cannabis cultivation facility in Quebec, a modern and secure 625,000 square foot facility located in Farnham, less than 45 minutes from downtown Montreal. Leveraging Quebec's low electricity costs, Cannara will produce high-grade indoor cannabis for health and wellness consumer products in both Canadian and international markets. Working with partners from various industries, Cannara will generate licensing revenues, rental revenues and revenue streams from joint-venture arrangements leveraging this highly valuable property. For more information, visit our website: www.cannara.ca
CAUTION REGARDING FORWARD-LOOKING INFORMATION
Certain statements in this news release may constitute "forward-looking" statements which involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Cannara and its subsidiary entities or the industry in which they operate, to be materially different from any future results, performance or achievements expressed or implied by such forward looking statements. When used in this news release, such statements use words such as "may", "will", "expect", "believe", "plan" and other similar terminology. These statements reflect management's current expectations regarding future events and operating performance and speak only as of the date of this news release. These forward-looking statements involve a number of risks and uncertainties.
These risk factors are discussed in detail under the heading "Risk Factors" in the. New risk factors may arise from time to time and it is not possible for management of the Company to predict all of those risk factors or the extent to which any factor or combination of factors may cause actual results, performance or achievements of the Company to be materially different from those contained in forward-looking statements. Given these risks and uncertainties, investors should not place undue reliance on forward-looking statements as a prediction of actual results. Although the forward-looking statements contained in this news release are based upon what management believes to be reasonable assumptions, Cannara cannot assure investors that actual results will be consistent with these forward-looking statements. These forward-looking statements are made as at December 14, 2018. Cannara will update these assumptions at each reporting period after going public and will adjust its forward-looking information as necessary.
The CSE has not in any way passed upon the merits of the listing of the common shares of Cannara and has neither approved nor disapproved the contents of this news release. Listing of the common shares of Cannara is subject to satisfaction of the listing requirements of the CSE, including customary deliverables in satisfaction of the conditional approval.
SOURCE Cannara Biotech Inc.