VANCOUVER, Sept. 12, 2019 /CNW/ - Cannara Biotech Inc. ("Cannara Biotech" or the "Company") (CSE: LOVE) (OTCQB: LOVFF) (FRA: 8CB), an emerging vertically integrated cannabis company focused on indoor cultivation and sale of premium cannabis and cannabis-infused products, announced it has submitted to Health Canada its site evidence package for Phase One of the Company's cultivation and processing facility in Farnham, Quebec. The submission is the final step required to obtain a license to cultivate and process cannabis at the facility.
With construction recently completed, Phase One consists of 170,000 square feet, of which 110,000 is dedicated to indoor cultivation with a capacity of 20,000 kg of premium dried cannabis once the cultivation license is granted. The remaining finished space is designed to accommodate various processing stages such as manufacturing, extraction and packaging. The facility is situated on 27-acres of land located 45 minutes from Montreal and both the facility and the license are held through wholly owned subsidiaries of Cannara Biotech Inc.
"It has been remarkable to witness the retrofitting of this 625,000-square-foot building evolve into a state-of-the-art cannabis cultivation and processing centre of excellence," said Zohar Krivorot, President and CEO of Cannara. "Our various teams of engineers and horticulturists, our construction partners and advisors have worked seamlessly over the past 12 months to create a facility, on budget and on schedule. With new pending cannabis derivative legislation and a maturing cannabis market, we are extremely well poised to execute on our growth strategy to be a leader in these markets."
About Cannara Biotech
Cannara Biotech (CSE: LOVE) (OTCQB: LOVFF) (FRA: 8CB) 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 premium-grade indoor cannabis and cannabis-infused products for the Canadian and international markets.
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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.
SOURCE Cannara Biotech Inc.