MONTREAL — Cannara Biotech Inc., a vertically integrated producer of cannabis products, was honored with two awards at the 6th Annual Grow Up Awards Gala held in Toronto May 28. The Company’s Tribal brand was named Brand of the Year, and its Nugz Happle product was awarded the Accessory of the Year prize. The Grow Up Awards Gala is a nationally recognized event celebrating outstanding achievement in the Canadian cannabis industry.
“We are tremendously honored to announce our recognition of Brand of the Year and Accessory of the Year at the 2025 Grow Up Awards. These awards highlight our strong and growing brand presence, our leading genetic strategy, and our focus on delivering premium-quality consumer experiences across our product portfolio,” said Zohar Krivorot, President and CEO of Cannara Biotech. “We’re proud to represent Quebec’s cannabis industry with Tribal, Canada’s leading mass market premium 3.5g cannabis brand.”
“Being awarded Brand of the Year reflects our commitment to delivering premium cannabis at disruptive pricing while building a leading national brand. This recognition comes as we continue to strengthen our financial position through the partial repayment of our Olymbec convertible debenture and a reduced interest rate on our credit facility—demonstrating disciplined execution across both operations and capital management,” said Nicholas Sosiak, CFO of Cannara Biotech.
Olymbec Convertible Debenture Repayment
The Company made a $1 million repayment against the outstanding convertible debenture originally issued on June 21, 2021, as amended on August 31, 2023, January 30, 2024, and February 21, 2025, to Olymbec. This repayment aligns with Cannara’s disciplined approach to capital management and reflects its commitment to reducing leverage while maintaining financial flexibility.
Reduced Interest Rate on Credit Facility
The Company realized a total reduction of 50 basis points in the interest rate spread on its BMO Credit Facility. This reduction was achieved in two stages: an initial 25 basis point decrease secured through an amendment to the credit agreement, followed by an additional 25 basis point reduction triggered by the Company’s achievement of certain covenant thresholds as of Q2 2025 (ended February 28, 2025). As a result, Cannara’s overall cost of debt is now below 6%.
All other original terms and conditions of the BMO credit facility remain in full force and effect.
ABOUT CANNARA
Cannara Biotech Inc. (TSXV: LOVE) (OTCQB: LOVFF) (FRA: 8CB0), is a vertically integrated producer of cannabis and cannabis-derivative products for the Canadian markets. Cannara owns two mega facilities based in Québec spanning over 1,650,000 sq. ft., providing the Company with 100,000 kg of potential annualized cultivation output. Leveraging Québec’s low electricity costs, Cannara’s facilities produce premium-grade cannabis products at an affordable price.
