Cannara Biotech completes sales of non-core building for $5.5M in proceeds

Cannara Biotech (LOVFF) announced the completion of the sale of a non-core building under construction and a related parcel of land located at its Valleyfield site for total proceeds of $5.5 million. This transaction represents a meaningful milestone in the Company’s ongoing focus on capital discipline and operational efficiency. As part of Cannara’s previously announced asset optimization plan, management had committed in January 2024 to divest a parcel of unused land and an adjacent building under construction that was initially intended for lease. As previously disclosed in the Company’s interim condensed consolidated financial statements for the three and nine-month periods ended May 31, 2025, the building under construction and the land on which it is being constructed had been actively marketed for sale and were classified as “held for sale” as at May 31, 2025, with a carrying value of $4,951,165. As a result of the transaction, the net proceeds of $5.45 million will be applied toward reducing the principal balance of Cannara’s existing term loan, effectively decreasing the Company’s long-term debt. There will be no other changes to the terms of the Company’s existing credit facilities.