VANCOUVER, Nov. 21, 2019 /CNW/ - Zenabis Global Inc. (TSX:ZENA) ("Zenabis" or the "Company") today announced the appointment of Vincent Quan as the newest member of its Board of Directors, effective November 21, 2019.
Mr. Quan currently serves as the Vice President of Finance for the Richberry Group of Companies, a national agribusiness enterprise with operations in British Columbia and Quebec, and Canada's largest grower-owner of Ocean Spray Cranberries. With over 17 years of experience providing effective financing structures with engaging mid market companies, he has extensive knowledge of the North American agriculture and greenhouse sectors. Working previously for Farm Credit Canada, Canada's largest agriculture lender, he oversaw a team of lending professionals across British Columbia managing a portfolio in excess of $1 billion.
In conjunction with joining the Board of Directors of Zenabis, Mr. Quan has committed to exercise 258,000 rights under the current rights offering.
"Zenabis is honoured to welcome Vincent as the newest member to our Board of Directors," said Andrew Grieve, Chief Executive Officer of Zenabis. "His previous experience in corporate finance will complement that of our existing board members. I am confident that he will add value in his new capacity as a member of our Board of Directors."
Mr. Quan holds a Bachelor of Science (Honours) degree in Agriculture Economics from the University of British Columbia.
Zenabis is a significant Canadian licensed cultivator of medical and recreational cannabis, and a propagator and cultivator of floral and vegetable products. Zenabis employs staff coast-to-coast, across facilities in Atholville, New Brunswick; Delta, Aldergrove, Pitt Meadows and Langley, British Columbia; and Stellarton, Nova Scotia. Zenabis currently has 57,000 kg of licensed cannabis cultivation space across four licensed facilities. Zenabis has 3.5 million square feet of total facility space dedicated to a mix of cannabis production and cultivation and its propagation and floral business.
Zenabis expects its Zenabis Atholville, Zenabis Stellarton and Zenabis Langley facilities to have a licensed annual production capacity of 143,200 kg of dried cannabis by the second quarter of 2020. The Zenabis brand name is used in the cannabis medical market, the Namaste, Blazery, and Re-Up brand names are used in the cannabis adult-use recreational market, and the True Büch brand name is used for Zenabis' kombucha products.
Forward Looking Information
This news release contains statements that may constitute "forward-looking information" within the meaning of applicable Canadian securities legislation. Forward-looking information may include, among others, statements regarding the future plans, costs, objectives or performance of Zenabis, or the assumptions underlying any of the foregoing. In this news release, words such as "may", "would", "could", "will", "likely", "believe", "expect", "anticipate", "intend", "plan", "estimate" and similar words and the negative form thereof are used to identify forward-looking statements. In this news release, forward-looking statements relate, among other things, to: the projected kilogram yield of licensed facility space and facility space in the process of, or scheduled for, construction and/or licensing. Forward-looking statements should not be read as guarantees of future performance or results, and will not necessarily be accurate indications of whether, or the times at or by which, such future performance will be achieved. No assurance can be given that any events anticipated by the forward-looking information will transpire or occur. Forward-looking information is based on information available at the time and/or management's good-faith belief with respect to future events and are subject to known or unknown risks, uncertainties, assumptions and other unpredictable factors, many of which are beyond Zenabis' control. These risks, uncertainties and assumptions include, but are not limited to, those described in the shelf prospectus dated April 9, 2019, a copy of which is available on SEDAR at www.sedar.com and could cause actual events or results to differ materially from those projected in any forward-looking statements. Furthermore, any forward-looking information with respect to available space for cannabis production is subject to the qualification that management of Zenabis may decide not to use all available space for cannabis production, and the assumptions that any construction or conversion would not be cost prohibitive, required permits will be obtained and the labour, materials and equipment necessary to complete such construction or conversion will be available. Accordingly, readers should not place undue reliance on the forward-looking statements and information contained in this news release. Zenabis does not intend, nor undertake any obligation, to update or revise any forward-looking information contained in this news release to reflect subsequent information, events or circumstances or otherwise, except if required by applicable laws
For more information, visit: www.zenabis.com
SOURCE Zenabis Global Inc.