Cannara Completes Acquisition of Medican Organic Inc.
MONTREAL, May 06, 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 based in Québec spanning over 1,600,000 sq. ft., today announced the closing of a transaction to acquire all of the shares of Medican Organic Inc. (“Medican”), a wholly owned subsidiary of BZAM Ltd., for an aggregate purchase price of $2.8 million.
This acquisition completes Cannara’s prior acquisition of its Valleyfield cultivation and manufacturing facility, purchased from Medican on June 8, 2021. The acquisition was completed following Medican’s exit from proceedings under the Companies’ Creditors Arrangement Act (“CCAA”) involving Medican’s parent company. Since the initial transaction in 2021, Medican has continued to refine its operating procedures, cultivation practices and post-harvest know-how, including unique extract manufacturing processes, providing Cannara with incremental operational expertise to support its continued growth.
Leadership Appointment
Cannara also announced today that Nicholas Sosiak has been appointed Chief Operating Officer, effective April 23, 2026. Mr. Sosiak, who has served as the Company’s Chief Financial Officer since 2020, will transition fully into his new operational role while Cannara conducts a search for his successor as CFO.
“Nicholas has been an integral part of Cannara’s growth and financial foundation. His deep understanding of cannabis, our products, and ultimately our business, combined with a proven track record of execution, makes him the ideal leader to take on this new role,” said Zohar Krivorot, Founder and Chief Executive Officer. “We are confident this transition positions Cannara well as we continue to execute on our strategic plan.”
The Company has initiated a search for a new Chief Financial Officer, including both internal and external candidates. Mr. Sosiak will continue to act as the Company’s interim CFO throughout the search and will work closely with his successor to ensure a seamless transition of CFO responsibilities.
CONTACT
| Nicholas Sosiak, CPA, CA Chief Operating Officer & Interim CFO nick@cannara.ca | Zohar Krivorot Founder & Chief Executive Officer zohar@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, the Company and its operations, its projections or estimates about its future business operations, its planned acquisition activities and the anticipated benefits thereof, the successful integration of acquired businesses or assets, its planned expansion activities, anticipated product offerings, and the appointment and onboarding of a new Chief Financial Officer.
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.
