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.
About Zenabis
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.