Built to Scale: How Cannara Modernized Its Reporting for the TSX

The Challenge

Material began working with Cannara in 2024, as the company prepared to uplist from the TSXV to the TSX. Cannara was growing quickly, and its leadership understood that a senior exchange would demand reporting infrastructure as sophisticated as the business behind it. The first test was its inaugural Annual Information Form (AIF).

The objective was to build a disclosure function that could scale with the company: AI-forward and structured so the finance and legal teams could devote their time to strategic priorities rather than the mechanics of public reporting.

“I deeply value a partner that combines exceptional legal and regulatory expertise with professionalism and a proactive approach. Their ability to efficiently integrate AI solutions has been transformative, significantly streamlining our tedious reporting requirements and enhancing our overall operational effectiveness. It's a pleasure to work with such a forward-thinking and reliable team.”

The Solution

Material delivered a complete, audit-ready AIF on the day of the first meeting, having indexed Cannara’s existing SEDAR+ filings and mapped each regulatory requirement against them in advance. The document arrived with full legal review included. Cannara’s legal and finance team remained closely involved throughout, but the burden shifted decisively. Rather than carrying the filing themselves, they reviewed a finished draft and provided the internal information only they could supply.

The AIF set the precedent. Cannara moved to an annual subscription, and what began as a single filing quickly grew into full coverage of the disclosure cycle: the MD&A, quarterly reporting, the management information circular, AGM documentation, news releases, and more. Each cycle sharpened the next. As Material’s record of Cannara’s disclosure deepened, the work required of Cannara’s team continued to narrow.

The value of this approach became evident through the TSX uplisting process, which began in 2025. Material prepared and managed the full slate of documents required for the move to the TSX, all within Cannara’s existing subscription and with no additional cost or scramble for the team.

Because the underlying filings had been built consistently and mapped to their requirements from the outset, the disclosure record held together as a single, coherent whole. There was no effort spent reconciling inconsistent documents or reconstructing the rationale behind earlier filings. Establishing readiness and satisfying the TSX’s requirements was a controlled process that management barely felt, rather than the disruptive, resource-draining exercise.

The Results

Cannara uplisted to the TSX in March 2026, a milestone that reflects the maturity and strength of the business. The partnership's impact is measurable:

• 30+ hours saved per reporting cycle, returned to the finance and legal team for higher-value work.
• 75% faster turnaround on quarterly and annual filings.
• A heavier TSX reporting load carried with no added headcount, even as the business grew in scale and complexity through the move to a senior exchange.

Over two years, Cannara has grown considerably in scale and complexity. Its ten-person finance team now manages a substantially heavier reporting load at the same headcount, with greater efficiency across every filing, and the partnership continues to expand as the business does.

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 for the Canadian market. Cannara owns two mega facilities in Québec spanning over 1,600,000 sq. ft., providing 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. For more information, visit cannara.ca.

About Material

Material is the AI-native professional services firm built for public companies. We pair elite legal expertise with technology built for public markets, redefining how public companies meet the market, from a single filing to the full disclosure lifecycle. Better filings are the starting point. Stronger, more transparent public markets are the ambition. Learn more at material.legal.