Cannara Biotech, which recently made its name on its tens of millions of dollars project for a cannabis plant in Farnham, Montérégie, has taken steps to register on the Canadian Stock Exchange. organization as an alternative to traditional stock markets.
To this end, Cannara, a company whose principal shareholder is Montreal businessman Zohar Krivorot, filed the long version of its final prospectus with the securities regulator of British Columbia.
“The Prospectus is for the distribution of 988,000 common shares of Cannara that may be issued in connection with the Company’s exercise or deemed exercise of special warrants of the Company […] issued on August 29, 2018 at a price of 0, $ 05 [each], explained the company. Each special warrant entitles the holder to acquire, without additional payment, one common share held in the capital of the company. ”
In a statement Friday, Cannara said she chose “LOVE” as a stock symbol.
In its prospectus, Cannara reports that as of September 30, 2007, Cannara had a total of $ 43.2 million available on a pro forma basis to conduct its current and future operations, including the Farnham project.
Last June, the company entered into a $ 12.5 million transaction to purchase a former plant, an amount payable on or before April 2021. The company plans to grow cannabis there. Renovation and development of Phase 1 of the project is expected to be completed by the first quarter of 2019. Subsequent phases, which will increase plant capacity, will be further developed. depending on the evolution of the market and the operations of the company.
Last month, Le Journal de Montreal reported that Cannara, like many other cannabis producers in the country, “drinks millions of dollars from tax havens to finance its activities.” “In the last six months, nearly $ 4.3 million of investment has been traded through tax havens,” Le Journal wrote on November 26, noting that company boss, Zohar Krivorot, had turned down requests. interview.