SANTA BARBARA, Calif., May 18, 2022 /PRNewswire/ — Bloomios, Inc. (OTCQB: BLMS), a leading hemp and nutraceutical manufacturer specializing in full service product development, R&D and compliance solutions, has completed a major expansion of the company’s manufacturing and fulfillment systems at its new state-of-the-art 50,000 sf. manufacturing facility in Daytona Beach, Florida.

We continue to see strong growth and market share expansion in 2022

The expansion increased manufacturing and fulfillment capacity by approximately 300%, as well as lowered operating expense. It now supports more than 80 turnkey products across seven popular format categories, as well as the company’s plans to enter new market verticals.

Bloomios estimates the new equipment has increased overall capacity by about 300%, while enabling many process improvements. By the third quarter of 2022, the company expects to increase its infused gummy output capacity to exceed more than 1 million gummies per day or a 5x increase in output capacity from current levels.

“Our first quarter was a transitional period where we completed the first phase of our expansion and retooling of our manufacturing facility in preparation for strong growth this year,” stated Bloomios CEO, Michael Hill. “While the downtime resulted in lower revenues in the recent period, we anticipate making up for this substantially over the coming quarters as we bring our greater manufacturing capabilities online.”

Bloomios is currently in the process of adding two new stand-alone fully automated filling systems to increase its filling capacity to more than 30,000 containers per day with 10 operators. By the third quarter, it expects to increase its output capacity to more than 45,000 containers daily.

“We do not see these additions requiring any further downtime or affecting our current output,” noted Hill. “In fact, we are already seeing our strengthened production capacity and greater efficiencies positively affecting our revenue and gross margins. These improvements and Bloomios’ one-stop ‘concept-to-creation’ suite of capabilities make us the ideal turnkey solution provider for brands looking to take advantage of today’s booming market in hemp-derived products.”

Near the end of the first quarter, Bloomios announced its entry into the fast-growing sports nutrition and performance market. It has also been actively pursuing potential acquisitions in what it sees as a target-rich M&A environment.

Bloomios is addressing a North American CBD market that is projected to grow at a 33% CAGR to reach $61.3 billion by 2027. The market for alternative cannabinoids is also growing fast at a 20% CAGR, and is expected to hit $26.2 billion by 2028.

Hill concluded: “Given our expanded manufacturing capacity, which extends our ability to rapidly create and launch products into these high growth markets, we continue to see strong growth and market share expansion in 2022.”

About Bloomios
Bloomios, Inc. manufactures, markets and distributes U.S. hemp-derived supplements and nutraceutical products through wholesale distribution channels and its wholly owned subsidiary, Bloomios Private Label. The company provides custom formulation, brand development, manufacturing and order fulfillment to a wide variety of customers, including small and major brands, chain stores, vape shops and distributors. It offers private- and white-label customers a wide selection of more than 80 customizable hemp products across seven categories. Bloomios is headquartered in Santa Barbara, California, with manufacturing and distribution in Daytona Beach, Florida. To learn more, visit bloomios.com.

Safe Harbor Statement
Matters discussed in this press release contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. When used in this press release, the words “anticipate,” “believe,” “estimate,” “may,” “intend,” “expect” and similar expressions identify such forward-looking statements. Actual results, performance or achievements could differ materially from those contemplated, expressed or implied by the forward-looking statements contained herein. These forward-looking statements are based largely on the expectations of the Company and are subject to a number of risks and uncertainties. These include, but are not limited to, risks and uncertainties associated with: the sales of the company’s identity protection software products into various channels and market sectors, the issuance of the Company’s pending patent applications, COVID-19, and the impact of economic, competitive and other factors affecting the Company and its operations, markets, product, and distributor performance, the impact on the national and local economies resulting from terrorist actions, and U.S. actions subsequently; and other factors detailed in reports filed by the company.

Investor Relations Contact:
Ronald Both or Justin Lumley
CMA Investor Relations
Tel (949) 432-7566
Email contact

Media Contact:
Tim Randall
CMA Media Relations
Tel (949) 432-7572
Email Contact

This article was published by CFN Enterprises Inc. (OTCQB: CNFN), owner and operator of CFN Media, the industry’s leading agency and digital financial media network dedicated to the burgeoning CBD and legal cannabis industries. Call +1 (833) 420-CNFN for more information.

About Ryan Allway

Mr. Allway has over a decade of experience in the financial markets as both a private investor and financial journalist. He has been actively involved in the cannabis industry since its inception, covering public and private companies.

NORWOOD, Mass., May 05, 2022 (GLOBE NEWSWIRE) — MariMed, Inc. (OTCQX: MRMD) (“MariMed” or the “Company”), a leading multi-state cannabis operator focused on improving lives every day, today announced it has closed its acquisition of Green Growth Group, Inc. (“Green Growth”).

The close of this transaction enables MariMed to add cultivation, manufacturing, and distribution to its existing retail cannabis operations in Illinois.   MariMed will bring its full product portfolio of award-winning and top-selling brands, genetics, and products to one of the top cannabis markets in the United States. The Company has commenced development of a state-of-the-art cultivation and processing facility in Mt. Vernon, IL and anticipates commencing operations in the fourth quarter of 2022.

“In this new licensed manufacturing facility, we will produce cannabis flowers and products that will be sold in our four Thrive retail dispensaries as well as into the robust Illinois wholesale marketplace,” said Bob Fireman, Chief Executive Officer of MariMed. “Being vertically integrated in Illinois will improve our margins in our retail stores and create new wholesale revenue. We are exploring adding an additional six dispensaries in the state as Illinois allows up to 10 for a single owner.”

“I am happy to complete this transaction with a leading cannabis company in the U.S.,” said Simone Grimes, Board Chair of Green Growth, “We have fulfilled our environmental, social and governance (ESG) commitments, making this transaction a win for the state of Illinois and the cannabis industry.”

The Mt. Vernon cultivation and processing facility currently under construction will house up to 14,000 square feet of canopy, an extraction lab to produce concentrates, and a production kitchen for the manufacture of edibles and other derivative products.

MariMed intends to manufacture and distribute its proprietary brands and products throughout Illinois. That includes its Betty’s Eddies fruit chews, which was the top-selling edible in the state until 2019 through a third-party licensing agreement, its award-winning Nature’s Heritage flower and concentrates, its Bubby’s Baked soft and chewy baked edibles, and more.

“Being vertical in Illinois will improve our gross margins at our retail stores and allow us to wholesale our branded products to other dispensaries,” added Jon Levine, Chief Financial Officer of MariMed. “The completion of this transaction, in addition to the recently announced acquisition of a Maryland cannabis business, are both important steps in the execution of MariMed’s strategic growth plan.”

According to the Illinois Department of Financial and Professional Regulation, Illinois reported $1.8 billion in total legal cannabis sales in 2021, which was up more than 100% versus 2020 when adult-use cannabis was first legalized in the state. With a population of nearly 13 million, approximately 110 operational dispensaries, and $1.8 billion in legal cannabis sales, Illinois is one of the largest, fastest-growing cannabis markets in the U.S.

About MariMed
MariMed Inc., a multi-state cannabis operator, is dedicated to improving lives every day through its high-quality products, its actions, and its values. The Company develops, owns, and manages seed to sale state-licensed cannabis facilities, which are models of excellence in horticultural principles, cannabis cultivation, cannabis-infused products, and dispensary operations. MariMed has an experienced management team that has produced consistent growth and success for the Company and its managed business units. Proprietary formulations created by the Company’s technicians are embedded in its top-selling and award-winning products and brands, including Betty’s Eddies, Nature’s Heritage, Bubby’s Baked, K Fusion, Kalm Fusion, and Vibations: High + Energy. For additional information, visit www.marimedinc.com.

Investor Relations Contact:
Steve West
Vice President, Investor Relations
Email: [email protected]

Media Contact:
Trailblaze PR
Email: [email protected]

Company Contact:
Howard Schacter
Chief Communications Officer
Email: [email protected]

This article was published by CFN Enterprises Inc. (OTCQB: CNFN), owner and operator of CFN Media, the industry’s leading agency and digital financial media network dedicated to the burgeoning CBD and legal cannabis industries. Call +1 (833) 420-CNFN for more information.

About Ryan Allway

Mr. Allway has over a decade of experience in the financial markets as both a private investor and financial journalist. He has been actively involved in the cannabis industry since its inception, covering public and private companies.

TACOMA, WA / ACCESSWIRE / June 28, 2021 / IONIC BRANDS CORP. (CSE:IONC)(OTC PINK:IONKF)(FRA:IB3A) (“IONIC BRANDS” or the “Company”) is a regional manufacturer of innovative cannabis consumables and concentrate extract products. The Company is pleased today to be reporting its proforma, unaudited financial results for the three months ended March 31, 2021. All currency references used in this press release are in U.S. dollars unless otherwise noted. The Company intends to file the condensed consolidated interim financial statements and the management discussion and analysis for the three-month period ended March 31, 2021 no later than July 5, 2021.

Financial Highlights for the quarter ended March 31, 2021 (proforma, unaudited, expressed in US Dollars)¹:

* See “Non-IFRS Financial Measures” below for more information regarding Ionic Brands ‘s use of Non-IFRS financial measures and other reconciliations.

** Q1 2021 including results from Cowlitz County Cannabis asset acquisition, effective March 8, 2021.

***Adjusted EBITDA from operations, excludes corporate financing and M&A fees associated with the Cowlitz asset acquisition.

Revenue increased to $4.182 million in the first quarter of 2021, as compared to $1.657 million in the fourth quarter of 2020, representing a 153% increase. This strong quarter over quarter sales growth was driven primarily by the closing of the Cowlitz County Cannabis (“Cowlitz”) asset acquisition in March of this year. The Company acquired an additional 6 brands, increasing our total portfolio size to 10 brands in the Washington and Oregon markets.

Gross margin was 17.3% in the first quarter of 2021 compared to 18.2% in the fourth quarter of 2020. The 0.9 basis point reduction quarter over quarter is due to the mix of revenue earned in the quarter. New, lower margin streams of revenue came online during Q1 from the Cowlitz asset acquisition and brokerage sales. The Company anticipates gross margin will increase in Q2 and beyond as higher margin sales from retail locations via Ionic Brands’ dedicated wholesale partners are expected, while realizing lower input costs from the use of contract raw material partners. Furthermore, quarter-on-quarter margin improvement is expected as biomass yields increase at the Company’s manufacturing partners.

John Gorst, CEO of Ionic Brands commented, “After Ionic Brands’ strong growth this quarter with total revenue of over $4 million, the Company is on track to have our first half of 2021 revenues exceed the full fiscal year 2020 revenue of $9.0 million. We are rapidly growing sales due to the substantial investments we recently made in infrastructure. Working capital and inventory have started to deliver operating leverage, while our team continues to meet the evolving needs of our customers, retail partners and communities.”

Mr. Gorst continued, “Demand for Ionic Brands’ products in the Washington and Oregon markets is robust as cannabis continues to behave like a consumer staple. We have established a 46,000 square foot manufacturing facility in Washington, allowing our manufacturing partners to increase their annual production capacity by 6x. This new facility, solely dedicated to our brands, also contains multiple indoor grow rooms that enables us to fully integrate the supply chain in the Washington market and expands our partners existing growing capacity in our southern Washington facility, located at the Cowlitz manufacturing site.

Furthermore, we recently closed the “OPS” acquisition of a fully licensed and equipped manufacturing facility in Estacada, Oregon, which now gives Ionic Brands full operating control over the manufacturing and distribution of our products in the Oregon market. The acquisition of the Oregon facility will allow us to produce up to an average of 1.4 million units per year, which is expected to result in annual increased revenues of $15 million and a projected positive increase of 8% to 10% on gross margin due to operating efficiencies.

Moreover, Ionic Brands now has over 60,000 square feet of combined manufacturing space, versus just 9,000 sq feet in Q4-2020, which should be a strong initial production platform to serve a national market when federal legalization happens. This is all made possible by the hard-working and dedicated team members we have at all levels of the organization.”

Mr. Gorst concluded, “Overall, we continue to execute on our growth strategy in 2021. We are excited to build on our momentum and are already seeing great performance evidenced by continued expansion of our retail distribution network and production and manufacturing footprint.”

Q1-2021 Operational Updates and Highlights

1. Ionic Brands extended its brand portfolio to the Massachusetts market through its partners M2 and local licensed operator The Pass. We expect our products to be available on retail shelves in Massachusetts in July 2021 and continue to pursue similar licensing agreements in other limited-license states.
2. Ionic Brands reached an agreement with its secured bondholders to convert $15.1 million of debt into preferred shares with additional debt settlements of over $1.2 million in debt for cash and stock, substantially improving our balance sheet and liquidity.
3. Ionic Brands completed the acquisition of assets of Cowlitz, the 5th largest wholesale operator in the state of Washington with over $18 million in revenue in 2020 (unaudited). This acquisition expanded our brand portfolio to include a full suite of flower brands to complement Ionic Brands’ strong roster of edibles, flower, liquids, and inhalable concentrates. Based on government agency data, when viewed collectively, Ionic Brands manufacturing partners’ amount to the fifth-largest wholesale operator in Washington by revenue for the period of 2020. The acquisition of Cowlitz does not include the I-502 license as the state of Washington has limited ownership restrictions. Ionic Brands does own an irrevocable option to purchase the license when state ownership rules are relaxed or changed.
4. Ionic Brands completed a capital raise of CAD $14.7 million, which netted approximately USD $7.8 million in working capital after transaction and professional fees and funded the $1.75 million cash payment on the Cowlitz asset acquisition. The Company’s cash balance at the end of March 31, 2021 is approximately $4.9 million.
5. Ionic Brands entered the wholesale-brokerage arena, including a licensing agreement with Dutchman’s Trading Services to build and provide an electronic commodities exchange platform for supply chain materials in the Pacific Northwest. The Company is quickly expanding this service into multiple markets in 2021 to secure supply chains and introduce our brands into those markets through manufacturing and licensing arrangements. Unaudited revenues generated from these services during Q1-2021were $838,244 representing over 4 million units sold.
6. Ionic Brands combined entities sold 804,607 units into its retail distribution network in the Pacific Northwest markets in Q1-2021, an increase of 530,016 units or 293% from 274,228 units sold in Q4-2020.

Fiscal 2021 Outlook ¹

While the Company is not providing full-year revenue guidance, management anticipates that top-line revenues in Q2-2021 from its operations will increase 50-60% compared to 2020 reported financial results, primarily due to the acquisition of the assets of Cowlitz. In addition, management expects gross margin improvements to continue throughout 2021, including a significant increase in Q2-2021 gross margin versus Q1-2021 due to improved output/scale from its manufacturing facilities, and improved input costs from volume-based purchasing capability. Furthermore, Management anticipates the Company will achieve positive cash flows in Q3-2021.

Notes:

1. These preliminary and unaudited financial results are subject to customary financial statement procedures by the Company. Actual results could be affected by subsequent events or determinations. While the Company believes there is a reasonable basis for these preliminary financial results, the results involve known and unknown risks and uncertainties that may cause actual results to differ materially. These preliminary fiscal results represent forward-looking information. See “Cautionary Note Regarding Forward-Looking Information and Statements” and “Financial Outlook”.

About Ionic Brands Corp.

The Company is dedicated to building a regionally based multi-state consumer packaged goods company with a highly respected cannabis concentrate brand portfolio with strong roots in the premium and luxury segments of vape, concentrates, flower and consumables. The cornerstone Brand of the portfolio, IONIC, is a top concentrates brand in Washington State along with its economy brand Dabulous and has aggressively expanded throughout the Pacific Northwest of the United States. The brand is currently operating in Washington and Oregon. IONIC BRANDS’ strategy is to be the leader of the highest-value segments of the cannabis market.

On behalf of IONIC BRANDS CORP.

John Gorst
Chairman & Chief Executive Officer

For more information visit www.ionicbrands.com or contact:
[email protected]
+1.253.248.7927

To stay better informed on the current events of the company, you can join our investor community at https://www.ionicbrands.com/investor-community

Explanatory Note Regarding the Company’s Operations

References in this news release to the Company and its operations and assets are inclusive of the operations and assets of certain licensed cannabis operators that operate under the Ionic Brands brand pursuant to contractual arrangements with the Company. For additional information, please refer to the Company’s disclosure documents available on the Company’s profile at www.sedar.com.

Non-IFRS Financial Measures

The Company has provided certain non-IFRS financial measures including “Gross Margin” and Adjusted EBITDA. These non-IFRS financial measures do not have a standardized definition under IFRS, nor are they calculated or presented in accordance with IFRS and may not be comparable to similar measures presented by other companies. The Company defines “Gross Margin” as Gross divided by Revenue. The Company calculates Adjusted EBITDA as net income as reported adjusted to exclude the impact of the following items: fair value adjustment of sale of inventory, provision for income taxes, foreign exchange (gain)loss, change in fair value of investments, interest expense, share based compensation, depreciation and amortization, costs associated with public listing, impairment loss, loss on financial instruments and gain on sale of fixed assets.

The Company has provided these non-IFRS financial measures as supplemental information and in addition to the financial measures that are calculated and presented in accordance with IFRS. The Company believes that these supplemental non-IFRS financial measures provide a valuable additional measure to use when analyzing the operating performance of the business. As other companies may calculate these non-IFRS measures differently than the Company, these metrics may not be comparable to similarly titled measures reported by other companies. These supplemental non-IFRS financial measures should not be considered superior to, as a substitute for or as an alternative to, and should only be considered in conjunction with, the IFRS financial measures presented herein.

Caution Regarding Cannabis Operations in the United States

Investors should note that there are significant legal restrictions and regulations that govern the cannabis industry in the United States. While legal in certain states, cannabis remains a Schedule I drug under the U.S. Controlled Substances Act, making it illegal under federal law in the United States to, among other things, cultivate, distribute or possess cannabis. Financial transactions involving proceeds generated by, or intended to promote, cannabis-related business activities in the United States may form the basis for prosecution under applicable U.S. federal money laundering legislation. Investors should carefully read the risk factors and disclosures contained in the Company’s Management Discussion and Analysis (“MD&A”) for the year ended December 31, 2020 and other disclosure documents available on the Company’s profile at www.sedar.com.

Caution Regarding Cannabis Operations in Washington State

Holders of marijuana licenses in Washington are subject to significant regulation. Such regulation creates a number of risks unique to such holders, especially when compared to the holders of marijuana licenses in other U.S. states. In addition, the Washington State Liquor and Cannabis Board (“LCB”) has historically taken an aggressive approach to enforcing the applicable regulations. Washington law specifically prohibits out-of-state ownership or control of marijuana licenses and requires that any person or entity who provides financing to the holder of a marijuana license be subject to rigorous scrutiny. These laws significantly limit how out-of-state companies and non-licensed companies may transact with marijuana licensees. What may appear to be a minor violation may result in irreparable harm as the LCB has cancelled marijuana licenses as a punishment for a first offense of a regulatory violation related to ownership and control. While consulting agreements, service arrangements, and intellectual property agreements are generally permissible and appear to be acceptable to the LCB, a licensee who enters into such transactions with an out-of-state or non-licensed company runs the risk of the licensee’s business being suddenly terminated if the LCB perceives any concern about ownership and control of the licensee. Investors in the Company must be aware that the Company faces the risk of total business loss if a Washington licensee the Company relies upon has its license cancelled. There is significant risk and uncertainty regarding an investment in the Company.

Cautionary Note Regarding Forward-Looking Information and Statements

This press release contains certain “forward-looking information” within the meaning of applicable Canadian securities legislation and may also contain statements that may constitute “forward-looking statements” within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. Such forward-looking information and forward-looking statements are not representative of historical facts or information or current condition, but instead represent only Ionic Brands ‘s beliefs regarding future events, plans or objectives, many of which, by their nature, are inherently uncertain and outside of Ionic Brands ‘s control. Generally, such forward-looking information or forward-looking statements can be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or may contain statements that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “will continue”, “will occur” or “will be achieved”. The forward-looking information and forward-looking statements contained herein may include, but are not limited to, statements about the anticipated expansion of the Company’s operations and growing capacity in Washington, projected financial results for the second quarter of 2021, potential acquisitions and the Company’s prospects and the cannabis market generally in the states of Washington.

By identifying such information and statements in this manner, Ionic Brands is alerting the reader that such information and statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results to be materially different from those expressed or implied by such information and statements. In addition, in connection with the forward-looking information and forward-looking statements contained in this press release, Ionic Brands has made certain assumptions. Although Ionic Brands believes that the assumptions and factors used in preparing, and the expectations contained in the forward-looking information and statements are reasonable, undue reliance should not be placed on such information and statements, and no assurance or guarantee can be given that such forward-looking information and statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information and statements. Among others, the key factors that could cause actual results to differ materially from those projected in the forward-looking information and statements are the following: unexpected costs or delays in the completion of the Company’s proposed dispensaries and other operations; negative results experienced by the Company as a result of general economic conditions or the ongoing COVID-19 pandemic; delays in the ability of the Company to obtain certain regulatory approvals; unforeseen delays or costs in the completion of the Company’s construction projects; adverse changes to demand for cannabis products; ongoing projects by competitors that may impact the relative size of the Company’s operations; adverse changes in applicable laws; adverse changes in the application or enforcement of current laws, including those related to taxation; increasing costs of compliance with extensive government regulation; changes in general economic, business and political conditions, including changes in the financial markets; and the other risks disclosed in the Company’s MD&A for the year ended December 31, 2020 and other disclosure documents available on the Company’s profile at www.sedar.com .

The forward-looking information and forward-looking statements contained in this press release are made as of the date of this press release, and Ionic Brands does not undertake to update any forward-looking information and/or forward-looking statements that are contained or referenced herein, except in accordance with applicable securities laws.

Financial Outlook

This news release contains a financial outlook within the meaning of applicable Canadian securities laws. The financial outlook has been prepared by management of the Company to provide an outlook for the second quarter of 2021 and may not be appropriate for any other purpose. The financial outlook has been prepared based on a number of assumptions including the assumptions discussed in this press release and assumptions with respect to market conditions, pricing, and demand. The actual results of the Company’s operations for any period will likely vary from the amounts set forth in these projections and such variations may be material. The Company and its management believe that the financial outlook has been prepared on a reasonable basis. However, because this information is highly subjective and subject to numerous risks, including the risks discussed under the heading “Cautionary Note Regarding Forward-Looking Information and Statements”, it should not be relied on as necessarily indicative of future results.

Third Party Information

This press release includes market and industry data that has been obtained from third party sources, including industry publications. The Company believes that the industry data is accurate and that its estimates and assumptions are reasonable, but there is no assurance as to the accuracy or completeness of this data. Third party sources generally state that the information contained therein has been obtained from sources believed to be reliable, but there is no assurance as to the accuracy or completeness of included information. Although the data is believed to be reliable, the Company has not independently verified any of the data from third party sources referred to in this press release or ascertained the underlying economic assumptions relied upon by such sources.

SOURCE: IONIC Brands Corp.

This article was published by CFN Enterprises Inc. (OTCQB: CNFN), owner and operator of CFN Media, the industry’s leading agency and digital financial media network dedicated to the burgeoning CBD and legal cannabis industries. Call +1 (833) 420-CNFN for more information.

About Ryan Allway

Mr. Allway has over a decade of experience in the financial markets as both a private investor and financial journalist. He has been actively involved in the cannabis industry since its inception, covering public and private companies.

Newly built fully automated one million sq. ft. facility increases Company’s production capacity of premium-grade cannabis up to 125,000 kg annually

MONTREAL, June 23, 2021 /CNW/ – Cannara Biotech Inc. (“Cannara” or the “Company“) (TSXV: LOVE) (OTCQB: LOVFF) (FRA: 8CB), a vertically integrated producer of premium-grade cannabis and derivative products with one of the largest indoor cannabis cultivation facilities in Canada and the largest in Quebec, today announced that it has closed its previously-announced acquisition of the one million square foot licensed cultivation and manufacturing facility in Valleyfield, Quebec from Medican Organic Inc., a wholly-owned subsidiary of The Green Organic Dutchman Holdings Ltd. (“TGOD”) through an all-cash offer of $27 million plus the funding of certain deposit requirements of approximately $5.7 million.

The acquisition was financed through non-brokered private placements of (i) $19.3 million resulting in the issuance of 107,222,222 new common shares in the capital of Cannara at a price of $0.18 per share (the “Equity Raise“) and (ii) $5.7 million in the form of an unsecured convertible debenture bearing interest at 4% per annum(the “Debenture” and, collectively with the Equity Raise, the “Offerings“). The sole subscriber to the Offerings is Olymbec Investments Inc. (“Olymbec“), a company partially owned/controlled by Mr. Derek Stern, currently a member of the board of directors of Cannara, making this part of the transaction a related party transaction.

Following its acquisition of 107,222,222 common shares of Cannara through the Equity Raise, Olymbec now holds 161,131,694 of common shares, representing 18.98% of Cannara’s issued and outstanding common shares. The conversion price of the Debenture is $0.18 per common share and the number of common shares that could be issued to Olymbec upon conversion would be 31,666,667 common shares potentially increasing the total number of shares to be issued under the Offerings to 138,888,889, which combined with Mr. Stern’s current holdings and the common shares acquired through the Equity Raise, would increase the percentage of Cannara common shares owned and controlled by Mr. Stern, post-Offerings to 192,798,361 or 21.89% of Cannara’s common shares. Until such time that a disinterested shareholder approval is obtained with respect to the establishment of the new Control Person, the conversion right provided in the Debenture is suspended.

The common shares issued pursuant to the Equity Raise, the Debenture and the common shares issued pursuant to the conversion of the Debenture are all subject to a statutory hold period of four months and one day from the date of initial issue. As well, Olymbec has agreed to hold the common shares, the Debenture and any common shares issued on the conversion of the Debenture for at least a period of 12 months following the date of initial issue, well in excess of the mandatory statutory hold period of 4 months. The shares issued pursuant to the Offerings were acquired by Olymbec for investment purposes. Olymbec may in the future increase or decrease its ownership of securities in Cannara as circumstances or market conditions warrant.

Parts of this news release are issued pursuant to National Instrument 62-103 – The Early Warning System and Related Take-Over Bid and Insider Reporting Issues. A copy of the early warning report relating to the Offerings will be filed with the applicable securities commissions and made available under Cannara’s profile on www.sedar.com.

About Cannara Biotech Inc.

Cannara Biotech Inc. (TSXV: LOVE) (OTCQB: LOVFF) (FRA: 8CB) is a vertically integrated producer of premium-grade cannabis and cannabis-derivative products for the Quebec and Canadian markets. Cannara owns two Quebec-based mega facilities spanning over 1,650,000 sq. ft., providing the Company with 125,000kg of potential annualized cultivation output. Leveraging Quebec’s low electricity costs, Cannara’s facilities will produce purposefully cultivated premium-grade cannabis products at an affordable price. For more information, please visit cannara.ca.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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.

For further information: Nicholas Sosiak, CPA, CA, Chief Financial Officer, [email protected]; Zohar Krivorot, President & Chief Executive Officer, [email protected]

Related Links

http://cannara.ca/

This article was published by CFN Enterprises Inc. (OTCQB: CNFN), owner and operator of CFN Media, the industry’s leading agency and digital financial media network dedicated to the burgeoning CBD and legal cannabis industries. Call +1 (833) 420-CNFN for more information.

About Ryan Allway

Mr. Allway has over a decade of experience in the financial markets as both a private investor and financial journalist. He has been actively involved in the cannabis industry since its inception, covering public and private companies.

Toronto, Ontario–(Newsfile Corp. – April 22, 2021) – City View Green Holdings Inc. (CSE: CVGR) (OTCQB: CVGRF) (“City View” or the “Company”), trading through the facilities of the Canadian Securities Exchange (“CSE”) under the symbol “CVGR” and on the OTCQB^® under the symbol “CVGRF” is pleased to provide an operational update related to the receipt of chocolate manufacturing equipment as previously announced on November 24, 2020 and January 14, 2021.

On April 21, 2021, City View’s state of the art, scalable Selmi chocolate line arrived at our Brantford, Ontario production facility from Italy. Fit and installation will begin immediately, enabling City View to move to the next stage of edibles development and production planning with our licensed producer clients. Production will commence immediately upon receipt of a processing license from Health Canada under the Cannabis Act which is currently under review. City View is currently awaiting the arrival of gummy equipment as previously announced on January 14, 2021. City View is also pleased to announce that it will secure key bakery equipment to produce baked goods and pet snacks.

City View’s management team is currently completing quality systems and operational procedures to produce the following edibles: filled and solid chocolates, gummies in blister packaging as well as baked goods such as cookies, protein and granola bars, and pet snacks. The anticipated launch of City View’s white label chocolate, gummy and baked goods products remains on track during 2021.

The Company is also pleased to announce the appointment of Mr. Karl Wirtz as a Director of the Company. Mr. Karl Wirtz has been a professional entrepreneur and business owner for over 33 years. Mr. Wirtz built and presently manages a globally recognized bakery and co-packing business with world class food safety certifications carrying an “A” rating under the Global food safety initiative. Mr. Wirtz is currently servicing many household names in the CPG industry from all over the globe. Recently, Mr. Wirtz partnered with an Ontario based bakery and through this relationship he has built Canada’s first cannabis infused bakery, contracted to Ontario’s top licensed producer (“LP”). Mr. Wirtz created and managed the full concept and layout for an onsite cannabis packaging line and delivered excellent scores for that LP’s order fulfilment upon the launch of the LP’s recreational cannabis products.

“Once a processing license is granted by Health Canada, City View expects to commercialize product innovations to enter the Canadian adult recreational and wellness markets with our novel white label CBD and THC infused products for other licensed producers. Upon the receipt of a sales license from Health Canada, City View will produce its own branded chocolate, gummies, and baked goods for the Canadian market. City View’s white label and branded strategy stands out from other companies and we believe these products represent the highest growth segments in the Canadian cannabis market. We are pleased to add Karl Wirtz to the Board of City View and the extensive experience and advice he will provide in consumer packaged goods manufacturing.”, said Rob Fia, CEO and President.

For further information contact:

City View Green Holdings Inc.

Rob Fia, CEO & President
Email: [email protected]

Neither the Canadian Securities Exchange nor its regulations services accept responsibility for the adequacy or accuracy of this release.

About City View

City View is a leading food company focused on the development of cannabis-infused edibles. Upon the anticipated receipt of its Cannabis Act processing and sales licences (“Cannabis Licences”), City View will incorporate cannabis-infused food production at its Brantford, Ontario high-capacity facility. In addition, City View owns a 27.5% stake in Budd Hutt Inc. (“Budd Hutt”), a retail-focused cannabis company with access to cannabis cultivation and production licences in Alberta and other retail opportunities across Canada. Through its relationship with Budd Hutt, the Company anticipates securing shelf space, product placement, and distribution opportunities for our white label partner products. For more information visit www.cityviewgreen.ca

This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States of America. The securities have not been and will not be registered under the United States Securities Act of 1933 (the “1933 Act”) or any state securities laws and may not be offered or sold within the United States or to U.S. Persons (as defined in the 1933 Act) unless registered under the 1933 Act and applicable state securities laws, or an exemption from such registration is available.

Disclaimer for Forward-Looking Information

This press release contains forward-looking statements that are based on the beliefs of management and reflect the Company’s current expectations. By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. There are a number of important factors that could cause the Company’s actual results to differ materially from those indicated or implied by forward-looking statements and information. When relying on the Company’s forward-looking statements and information to make decisions, investors and others should carefully consider the foregoing factors and other uncertainties and potential events.

THE FORWARD-LOOKING INFORMATION CONTAINED IN THIS PRESS RELEASE REPRESENTS THE EXPECTATIONS OF THE COMPANY AS OF THE DATE OF THIS PRESS RELEASE AND, ACCORDINGLY, IS SUBJECT TO CHANGE AFTER SUCH DATE. READERS SHOULD NOT PLACE UNDUE IMPORTANCE ON FORWARD-LOOKING INFORMATION AND SHOULD NOT RELY UPON THIS INFORMATION AS OF ANY OTHER DATE. WHILE THE COMPANY MAY ELECT TO, IT DOES NOT UNDERTAKE TO UPDATE THIS INFORMATION AT ANY PARTICULAR TIME EXCEPT AS REQUIRED IN ACCORDANCE WITH APPLICABLE LAWS.

This article was published by CFN Enterprises Inc. (OTCQB: CNFN), owner and operator of CFN Media, the industry’s leading agency and digital financial media network dedicated to the burgeoning CBD and legal cannabis industries. Call +1 (833) 420-CNFN for more information.

About Ryan Allway

Mr. Allway has over a decade of experience in the financial markets as both a private investor and financial journalist. He has been actively involved in the cannabis industry since its inception, covering public and private companies.