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Cannara Biotech (TSXV: LOVE) (OTCQB: LOVFF) announced Monday it extended its credit facility with Bank of Montreal until December 2027 and restructured a key loan, securing longer-term financing for its Quebec operations.

The Montreal-based company said the amended credit agreement provides a C$34.8 million term loan, a C$10 million revolving credit line and a C$5.6 million letter of credit for electricity supply.

“Securing the extension of our credit facility with BMO, one of Canada’s largest and most reputable financial institutions, and Olymbec, one of Cannara’s largest shareholders, highlights their confidence in Cannara’s long-term growth strategy and operational excellence,” Nicholas Sosiak, Cannara’s chief financial officer, said in a statement.

The company also stretched out repayment terms on its convertible debenture with Olymbec Investments. The facility now matures in March 2028 and includes provisions for partial repayments.

As part of the restructuring, Cannara expects to issue a new convertible debenture in September 2025 to Javaa Private Equity, which is owned by the company’s CEO, Zohar Krivorot. This transaction will help satisfy repayment demands from Olymbec.

The company also announced new partnerships with Integral Wealth Securities for market-making services and Impaq Capital for investor relations support.

Cannara operates two large facilities in Quebec spanning more than 1.65 million square feet. It reported in January that its quarterly revenue grew 29% to C$25.1 million versus the previous year.

The company has also been steadily increasing its market share in Quebec, where it reached 4.1% of the Canadian cannabis market. In fiscal 2024, the company reported annual revenue jumped 43% to C$82.2 million.