Cannabis producer Zenabis Global Inc. will commence trading under exchange symbol "ZENA" on the TSXV
VANCOUVER, Jan. 10, 2019 /CNW/ - Zenabis Global Inc. ("Zenabis") is pleased to announce that the trading of its common shares will commence at market open today under exchange symbol "ZENA" on the TSX Venture Exchange ("TSXV").
This event follows the completion of the reverse takeover of Bevo Agro Inc. ("Bevo") (TSXV: BVO) by Sun Pharm Investments Ltd. ("Sun Pharm") on January 8, 2019. As previously announced on October 4, 2018, Bevo and Sun Pharm entered into an arrangement agreement with respect to the spin-out (the "Spin-Out") of Bevo's interest in CubicFarm Systems Corp. ("CubicFarm") and subsequent a reverse take-over of Bevo by Sun Pharm (the "RTO"), with the resulting combined issuer being Zenabis.
While the Spin-Out and RTO were effective at 12:01 a.m. and 12:05 a.m., respectively, on January 8, 2019, Zenabis' understanding is that key timing for investors purchasing Bevo shares on the TSX-V over the last two days was as follows:
January 8, 2019 trading day
January 9, 2019 trading day
January 10, 2019 trading day
The Bevo shares continued to trade on the TSX-V under the Bevo name and symbol: investors that purchased on the TSX-V will acquire Bevo shares with an entitlement to participate in the Spin-Out and receive their pro rata percentage of CubicFarm Shares
The Bevo shares continued to trade on the TSX-V under the Bevo name but investors that purchased on the TSX-V on this trading day did not have an entitlement to participate in the Spin-Out and receive their pro rata percentage of CubicFarm Shares
Bevo shares now no longer trade; Zenabis Shares trade on the TSX-V under the Zenabis name and "ZENA" trading symbol
As these trading and settlement mechanics were not within Zenabis' control, investors that traded or intend to trade in shares of Bevo or Zenabis prior to January 14, 2019 are strongly encouraged to contact their investment advisors with any questions in this regard.
Zenabis Key Milestones
- On September 17, 2018, Zenabis submitted its application package to license the Langley greenhouse, which is currently under active review.
- On October 4, 2018 Bevo and Sun Pharm announced the Bevo-Sun Pharm Transaction and the intent of Bevo to change its name to Zenabis Global Inc. upon completion.
- In October 2018, Zenabis became a founding partner of the Centre for Medicinal Cannabis ("CMC"), a UK based non-profit organisation advocating, educating and lobbying for the implementation of a fair, responsible, and evidence-based medicinal cannabis regime within the National Health System in the United Kingdom.
- On December 22, 2018, Zenabis submitted its cultivation license application for its Stellarton facility, which is currently under active review.
- Since October 2018, three additional flower rooms have been approved by Health Canada and are in operation, with two more in active review.
- On January 9, 2019, Bevo Agro Inc. and Sun Pharm completed the reverse takeover contemplated on October, 4, 2018, to become Zenabis Global Inc.
- As of January 10, 2019, Zenabis has secured purchase orders from government and third-party retailers/distributors in New Brunswick, Nova Scotia, British Columbia, Saskatchewan, and the Yukon Territory.
Zenabis is a significant licensed cannabis cultivator of medical and recreational cannabis, and employs staff coast-to-coast, across facilities in Atholville, New Brunswick; Delta and Langley, B.C.; and Stellarton, Nova Scotia. In addition to gaining technologically advanced knowledge of plant propagation, the recent addition of state of the art greenhouses in Langley provides Zenabis with 3.5 million square feet of facility space that can, upon full conversion, be dedicated to cannabis production space.
If all facility space is dedicated to production, Zenabis will own, and have access to, 660,000 square feet of high quality indoor cannabis production space, as well as 2.1 million square feet of greenhouse space at its Langley facility (an additional 700,000 square feet of greenhouse space will be used to continue the existing propagation business, to be converted at such a time that is beneficial to the strategic position of the company), strategically positioned on Canada's coasts. These facilities would have the design capacity to yield 479,700 kg of dried cannabis annually, for both national and international market distribution. The Zenabis brand name is used among the medical space, while Namaste is used to service the recreational market.
The management team at Zenabis has significant experience in agriculture, technology, pharmaceutical sales, consumer packaged goods, international distribution and brand marketing. Leadership is backed by the expertise of a Chief Growing Officer, a Chief Science Officer and Chief Medical Officer. As evidenced by letters of intent with strategic partners, and purchase orders with governments and distribution partners, Zenabis has been proven as a trusted and innovative cannabis front-runner.
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. 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.