Cannara Biotech raises C$6.3 million in private placement at premium

Cannara Biotech Inc. (TSXV: LOVE) completed a C$6.3 million non-brokered private placement with Phoenician Capital LLC on February 4, 2026, according to a company statement.

The cannabis producer issued 3 million common shares at C$2.10 per share to the New York-based investment firm. The price represents a 16% premium to Cannara's February 3 closing price, the last trading day before the announcement.

Cannara plans to use the proceeds for working capital and investments, including continued capital expenditures at its Valleyfield facility and operational expansion. The transaction requires final approval from the TSX Venture Exchange.

In a separate transaction, Cannara CEO Zohar Krivorot sold 333,333 shares to Phoenician at the same C$2.10 price. The sale was made to offset personal tax losses from recent restricted share unit vesting. Cannara will not receive proceeds from this secondary transaction.

After both transactions, Krivorot's ownership will decrease from 26.99% to 25.83% of outstanding shares. Both share issuances are subject to a four-month hold period under Canadian securities laws.

Cannara also announced voting results from its January 29 annual shareholder meeting. All director nominees were re-elected with over 99% approval, including Krivorot, Derek Stern, Donald Olds, Justin Cohen, and Mary Durocher. Shareholders approved MNP LLP as auditors and amendments to the company's stock option and restricted share unit plans.

The Montreal-based company operates two cannabis facilities in Quebec totaling over 1.6 million square feet with 100,000 kg of potential annual cultivation capacity.

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