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VANCOUVER, April 23, 2019 /CNW/ - Zenabis Global Inc. (TSXV:ZENA) ("Zenabis" or the "Company") announces that it has expanded its recreational cannabis product offerings for the first time from purely dried flower to include pre-roll products under a new ultra-premium brand called Blazery as well as pre-roll and oil products under its existing recreational brand Namaste.
"We are very excited to announce the rollout of our new recreational products as they represent a tangible milestone in our product expansion strategy, which will contribute to overall revenue growth in 2019," stated Andrew Grieve, Chief Executive Officer of Zenabis. "In particular, the rollout of our oil products in the form of soft gel capsules and sprays starting next month represent a significant value driver for the company moving forward."
The Company's new pre-roll products, initially launched in stores in mid-April, are currently being carried in its key markets of New Brunswick and Nova Scotia. By the end of 2019, Zenabis intends to supply all jurisdictions where it has supply arrangements in place once additional cultivation production capacity comes online over the course of 2019.
Following the receipt of its oil license as announced in news on March 18, 2019, the Company has begun offering cannabis oil products under its recreational Namaste brand. Initially, the Company will be offering cannabis oil products in 30 mL bottles and will offer additional products such as soft gel capsules and sprays starting in May 2019.
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: intended future product categories; the impact of current and future products on revenue growth; the additional markets that the Company intends to supply new products to and the projected additional cultivation capacity that it is intended will generate such supply . 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 Zenabis Management Information Circular dated November 23, 2018, 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: Andrew Grieve, Chief Executive Officer, 1-844-523-8679; Investor Relations, Shobana Thaya, Zenabis Global Inc., [email protected], 1-844-523-8679; Media Relations, [email protected], 1-844-523-8679