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MONTREAL, July 22, 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 in Québec spanning over 1,600,000 sq. ft., today announced that the Toronto Stock Exchange ("TSX") has accepted its notice of intention to proceed with a normal course issuer bid ("NCIB").

Pursuant to the NCIB, Cannara may purchase up to 1,975,642 of its common shares ("Shares"), representing 2% of the 98,782,148 Shares issued and outstanding as at July 21, 2026, during the twelve-month period commencing August 4, 2026, and ending August 3, 2027. As at July 21, 2026, the public float consisted of 48,294,079 Shares. Under the NCIB, other than purchases made under block purchase exemptions, Cannara may purchase up to 10,469 Shares on the TSX during any trading day, which represents approximately 25% of the average daily trading volume of the Shares on the TSX. As Cannara's Shares only commenced trading on the TSX on March 2, 2026, following the Company's graduation from the TSX Venture Exchange, the average daily trading volume has been calculated using the period from March 2, 2026, to June 30, 2026 (being 41,879 Shares), rather than the six completed calendar months preceding the TSX's acceptance of the notice of the NCIB. Any Shares purchased under the NCIB will be cancelled.

Cannara's Board of Directors believes that an NCIB represents an appropriate and desirable use of its available cash to increase shareholder value and is in the best interest of Cannara and its shareholders. The Company believes that the underlying value of its common shares may not be reflected in the market price of the shares from time to time. Cannara believes it has sufficient cash flow and financial resources to fund the bid without impairing its ability to pursue growth opportunities, meet its financial obligations, or otherwise operate in the ordinary course, and considers the bid to be a prudent and efficient use of capital.

Any purchases made under the NCIB will be made by Cannara subject to favourable market conditions at the prevailing market price at the time of acquisition through the facilities of the TSX and/or alternative Canadian trading systems.

Although the Company presently intends to purchase Shares under its NCIB, there can be no assurances that any such purchases will be completed. The Company has not repurchased any of its Shares during the twelve months preceding the date hereof. Any purchases made under the NCIB will be made by Cannara at the prevailing market price at the time of acquisition and through the facilities of the TSX, other designated exchanges and/or alternative Canadian trading systems as applicable. The Company may rely on an automatic share purchase plan during the NCIB. The automatic share purchase plan would allow for purchases by the Company of Shares during certain pre-determined blackout periods, subject to certain parameters and preclearance of the TSX.

CONTACT

Nicholas Sosiak, CPA, CA Chief Operating Officer & Interim Chief Financial Officer 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, statements regarding to the Company's NCIB, future purchases of Shares pursuant to the NCIB and, if applicable, an automatic share purchase plan.

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 http://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.