VANCOUVER, April 22, 2019 /CNW/ - Zenabis Global Inc. (TSXV:ZENA) ("Zenabis" or the "Company") is pleased to announce that it has received conditional approval to graduate its listing from the TSX Venture Exchange (the "TSXV") to the Toronto Stock Exchange (the "TSX").
"Moving to the main board of one of the largest exchanges in the world is a critical milestone for the Company in terms of demonstrating the strength of our business and expanding our investment appeal to a broader and global audience," stated Andrew Grieve, Chief Executive Officer of Zenabis. "On behalf of the Board of Directors, I thank the entire Zenabis team for their dedication and hard work and to our stakeholders and founders for their unwavering support."
"At Zenabis, we will continue to execute on our strategic and operational objectives to achieve further milestones in 2019 and beyond," continued Mr. Grieve. "These objectives include: (i) becoming one of the largest licensed producers of medical and adult-use recreational cannabis in Canada and securing competitive positions in a number of international markets; (ii) achieving industrial scale cultivation of top-quality cannabis at a low cost; and (iii) rolling out a large offering of ultra premium, premium and value cannabis products to the market through our significant distribution networks."
Final approval of the listing is subject to certain customary conditions which the Company intends to fulfill in the coming weeks. The Company is confident it will be able to satisfy all requirements and will release a statement immediately upon issuance of the TSX Bulletin confirming the date on which the listed securities of Zenabis will be delisted from the TSXV and commence trading on the TSX. Upon listing on the TSX, the Company's common shares and outstanding listed common share purchase warrants will continue to trade under the symbols "ZENA" and "ZENA.WT".
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Zenabis is a Canadian publicly listed licensed cultivator of medical and recreational cannabis. The Company was formed in January 2019 through the combination of Bevo Agro Inc., one of the largest propagation businesses in North America; and Sun Pharm Investments Ltd., a large privately held licensed cannabis producer with established medical and recreational cannabis brands and distribution. The Company owns six state-of-the-art indoor and greenhouse facilities across Canada, four of which are intended for cannabis cultivation. If all four such facilities are fully built out and converted to cannabis production, they would have a design capacity to yield approximately 479,300 kg of dried cannabis annually. The remaining two facilities are currently generating revenue in the propagation and floral business and have applied for industrial hemp cultivation licenses.
The Company benefits from a management team that has growing expertise developed over 30 years in one of the largest plant propagation businesses in North America, as well as extensive sales, marketing and distribution experience. These strengths have been key to Zenabis' success in securing supply agreements and arrangements with eight Canadian provinces and one territory, where the Company's recreational products are sold both online and in store through government-owned cannabis stores. In addition, the Company has signed agreements with Pharmasave and Shoppers Drug Mart to supply products to their medical customers.
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: our ability to satisfy TSX listing conditions; our ability to successfully implement our strategy and achieve key milestones achieve; and the design capacity, conversion, expansion and optimization of our facilities. 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 Company's 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: https://www.zenabis.com.
SOURCE Zenabis Global Inc.
For further information: Media Relations: [email protected], 1-844-523-8679; Investor Relations: Shobana Thaya, Zenabis Global Inc., [email protected], 1-844-523-8679; Andrew Grieve, Chief Executive Officer, 1-844-523-8679