This press release is provided by GlobeNewswire and is published as received.
MONTREAL, Sept. 10, 2026 (GLOBE NEWSWIRE) -- Cannara Biotech Inc. (“Cannara”, the “Company”, “us” or “we”) (TSX: LOVE) (OTCQX: LOVFF) (FRA: 8CB0), a vertically integrated producer of premium-grade cannabis products at affordable prices with two mega facilities in Québec spanning over 1,600,000 sq. ft., today announced that its operating subsidiary, Cannara Biotech (OPS) Inc., has entered into an amended and restated syndicated credit agreement (the “Restated Credit Facility”) with Bank of Montreal (“BMO”) and The Toronto-Dominion Bank (“TD”). The Restated Credit Facility provides Cannara with $80 million of total committed borrowing capacity, representing a $30 million increase from the approximately $50 million accessible immediately prior to refinancing. The new structure primarily refinances existing borrowings while providing additional liquidity for working capital and strategic capital investments.
BMO will continue to serve as administrative agent, syndication agent and sole bookrunner and, together with TD, will act as co-lead arranger. TD joins the lending syndicate as part of the expanded financing, broadening Cannara’s banking relationships and institutional lending support.
The Restated Credit Facility refinances Cannara’s existing secured credit facilities, increases the Company’s committed revolving capacity from $10 million to $40 million and extends the maturity date from December 31, 2027, to December 31, 2029. The expanded financing is intended to provide additional liquidity for working capital and general corporate requirements while supporting continued capital investment at Cannara’s Valleyfield facility.
“The establishment of an $80 million syndicated credit facility with two leading Canadian banks is a strong endorsement of the business we have built and the disciplined, profitable growth we continue to deliver,” said Zohar Krivorot, Founder and Chief Executive Officer of Cannara. “Adding TD alongside our longstanding relationship with BMO expands our banking platform and provides Cannara with the financial capacity to execute on our next phase of growth in Canada and internationally.”
“This refinancing meaningfully strengthens our capital structure by increasing our revolving capacity to $40 million, extending our maturity to December 2029 and consolidating our existing facilities into a more flexible financing package,” said Niko Sosiak, Chief Operating Officer of Cannara. “I am pleased to be joining Cannara at this important stage in its growth,” said Nicholas Fozard, Cannara’s recently appointed Acting Chief Financial Officer. “With the Restated Credit Facility now in place, I look forward to working alongside the leadership team as we continue to invest with discipline in the Company’s growth priorities and build upon Cannara’s strong financial foundation.”
RESTATED CREDIT FACILITY HIGHLIGHTS
The key changes represented by the Restated Credit Facility are described below.
CONTACT
Scott Carroll, PhD, MBA
Vice President, Investor Relations & Commercial Strategy
scott.carroll@cannara.ca
ABOUT CANNARA
Cannara Biotech Inc. (TSX: LOVE) (OTCQX: LOVFF) (FRA: 8CB0), is a vertically integrated producer of affordable premium-grade cannabis and cannabis-derivative products. Cannara owns two mega facilities based in Québec spanning over 1,600,000 sq. ft., providing the Company with 100,000 kg of potential annualized cultivation output. Leveraging Québec’s favourable energy costs, Cannara maintains an efficient, low-cost production model. For more information, please visit cannara.ca.
CAUTIONARY STATEMENT REGARDING “FORWARD-LOOKING” INFORMATION
This news release may contain “forward-looking information” within the meaning of Canadian securities legislation (“forward-looking statements”). These forward-looking statements are made as of the date of this press release and the Company does not intend, and does not assume any obligation, to update these forward-looking statements, except as required under applicable securities legislation. Forward-looking statements relate to future events or future performance and reflect Company management’s expectations or beliefs regarding future events and include, but are not limited to, not limited to, statements regarding the intended use of proceeds from the expanded financing, including additional liquidity for working capital and general corporate requirements and continued capital investment at the Valleyfield facility; the advancement of Cannara’s previously announced expansion program at Valleyfield, including the development of the Company’s new post-processing centre and the activation of additional cultivation zones and the Company’s ability to support growing demand. In certain cases, forward-looking statements can be identified by the use of words 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 statements that certain actions, events or results “may,” “could,” “would,” “might” or “will be taken,” “occur” or “be achieved” or the negative of these terms or comparable terminology. In this document, certain forward-looking statements are identified by words including “may,” “future,” “expected,” “intends” and “estimates.” By their very nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance, or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements.
Forward-looking information is based upon a number of assumptions and is subject to a number of risks and uncertainties, many of which are beyond our control, which could cause actual results to differ materially from those that are disclosed in, or implied by, such forward-looking information. These risks and uncertainties include, but are not limited to, the risk factors which are discussed in greater detail under “Risk Factors” in the Company’s AIF available on SEDAR+ at www.sedarplus.ca and under the “Investor Area” section of our website at https://www.cannara.ca/en/investor-area.
Other risks not presently known to the Company or that the Company believes are not significant could also cause actual results to differ materially from those expressed in its forward-looking statements. Although the forward-looking information contained herein is based upon what we believe are reasonable assumptions, readers are cautioned against placing undue reliance on this information since actual results may vary from the forward-looking information. Certain assumptions were made in preparing the forward-looking information concerning the availability of capital resources, business performance, market conditions, as well as customer demand. Consequently, all of the forward-looking information contained herein is qualified by the foregoing cautionary statements, and there can be no guarantee that the results or developments that we anticipate will be realized or, even if substantially realized, that they will have the expected consequences or effects on our business, financial condition or results of operation. Unless otherwise noted or the context otherwise indicates, the forward-looking information contained herein is provided as of the date hereof, and we do not undertake to update or amend such forward-looking information whether as a result of new information, future events or otherwise, except as may be required by applicable law.
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