Cannara Biotech, a vertically integrated producer of cannabis and derivative product offerings, extended and made related amendments to its existing credit agreement with BMO and convertible debenture originally issued on June 21, 2021, as amended on Aug. 31, 2023, and Jan. 30, 2024, in the total initial principal amount of $5.7 million to Olymbec Investments, designed to optimize the company’s financial position and enhance its ability to execute its long-term strategy.
“Securing the extension of our credit facility with BMO, one of Canada’s largest and most reputable financial institutions, and Olymbec, one of Cannara’s largest shareholders, highlights their confidence in Cannara’s long-term growth strategy and operational excellence,” Nicholas Sosiak, chief financial officer of Cannara, said. “This support provides us with the financial flexibility to continue executing on our strategic objectives while maintaining a disciplined approach to growth.”
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