Cannara Biotech announced the successful 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.
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.
"This transaction reflects our disciplined execution of Cannara's long-term strategy to unlock value from underutilized assets while preserving financial flexibility," said Zohar Krivorot, President and Chief Executive Officer of Cannara. "By streamlining our real estate footprint, we are not only strengthening our balance sheet but also sharpening our focus on scalable, profitable growth within our core cannabis operations."
"Reducing our debt by $5.45 million further enhances Cannara's capital structure and supports future margin expansion," added Nicholas Sosiak, Chief Financial Officer of Cannara. "This transaction underscores our commitment to strategic asset management and operational efficiency as we continue to drive sustainable profitability."
For more information:
Cannara Biotech
www.cannara.ca
