Licensed producer Zenabis Ltd. - which is
merging with Bevo Agro to become
Zenabis Global - signs LOI with Paracanna Foods Inc., a Canadian
company that manufactures dosing kits for use in the medical and
impending adult-use cannabis markets
VANCOUVER, Oct. 26, 2018 /CNW/ - Bevo Agro Inc. (TSXV: BVO)
("Bevo") and Sun Pharm Investments Ltd. "Sun Pharm" are pleased to
announce that Zenabis has signed an LOI with Paracanna Foods Inc.
("Paracanna") to provide high quality cannabis-free dosing kits to
the medical and adult-use markets. A definitive agreement outlining
Zenabis' role in distributing Paracanna's kits and refills is
expected to be entered into shortly.
Paracanna is a Vancouver Island, BC, company that creates
cannabis-free dosing kits that are ideal for consumers looking to
consume cannabis oil (and concentrates once regulated for sale) in
a gummy. Paracanna's kits allow consumers to safely create their
own unique cannabis consumption experience, in their own kitchen,
in under ten minutes. Current products include ready-to-make gummy
kits in four distinct flavours. Paracanna will be releasing other
products shortly.
"Zenabis is pleased to partner with Paracanna as we continue to
diversify our product offerings as part of our go-to-market
strategy," said Rick Brar, CEO of
Zenabis. "These dosing kits represent a significant growth
opportunity for Zenabis and our consumer brands, and we look
forward to bringing our expertise in consumer packaged goods to
this partnership with Paracanna.
"We are happy to work with Zenabis on the distribution of our
products. Their reach, expertise, and position in Canadian and
global markets make them a great fit for us," said Paracanna CEO,
Andrea Butterworth. "Together, with
Zenabis, we will provide Canadians with the opportunity to create
safe experiences with legal cannabis oil products."
With a track record providing Canadians with safe, high quality
medical cannabis, and now adult use cannabis products, Zenabis is
actively engaged in research, education and raising awareness
around the safe consumption of cannabis, including cannabis oil and
future post-extraction classes of cannabis.
As previously announced on announced October 4, 2018, Bevo and
Sun Pharm have entered into an arrangement agreement with
respect to a reverse take-over of Bevo (the "Bevo-Sun Pharm
Transaction"), and announced that the resulting issuer will change
its name to Zenabis Global Inc. ("Zenabis"). Through Sun Pharm's subsidiary licensed producer Zenabis
Ltd. ("Zenabis"), Zenabis Global Inc. will have nearly 3.5 million
square feet of available production space.1 Completion
of the Bevo-Sun Pharm Transaction remains subject to receipt of
shareholder and all required regulatory approvals.
__________________________
|
1
|
After completion of
planned expansions
|
Zenabis Key Milestones
- On October 4, 2018 Bevo and Sun
Pharm announced the RTO and the intent of Bevo to change their name
to Zenabis Global Inc. upon completion of the amalgamation
- On October 5, 2018, Zenabis
released a presentation introducing the combined business
- On October 25, 2018, Bevo resumed
trading under the ticker "BVO"
- As of October 26, 2018, Zenabis
has secured purchase orders from government and third party
retailers/distributors in New
Brunswick, Nova Scotia,
British Columbia, and the
Yukon Territory
About Bevo
Agro
Bevo Agro is
North America's leading supplier
of propagated agricultural plants, operating approximately 53 acres
of state-of-the-art greenhouse facilities on 98 acres of land in
Langley, BC and 20 acres of land
in Pitt Meadows, BC. The company
has entered into a binding agreement to acquire 10.4 acres of
greenhouse space on 50 acres of land in Aldergrove, British Columbia (the "Greenhouse
Acquisition"). The Company's main products have been the
propagation of vegetable plants such as tomatoes, peppers,
cucumbers, and other plants such as bedding plants, flowers and
grasses. The Company markets its products to established
greenhouse growers, nurseries and retail outlets throughout
North America. Zenabis intends to
convert the Bevo Langley greenhouse (2.1 million square feet) by
March 2020. Zenabis will build and/or
acquire additional propagation greenhouse space over the coming
year in order to maintain all of Bevo's current food/floral
propagation capacity while the current Langley facility is being converted.
About Sun
Pharm
Sun Pharm has
significant experience in agriculture, technology, pharmaceutical
sales, consumer packaged goods, international distribution and
brand marketing, with cannabis and cannabis-related purchase orders
from the provinces of New
Brunswick, British
Columbia, Nova Scotia, and
Yukon Territory. Sun Pharm is currently a privately-held cannabis
company which has one of the largest, federally licensed indoor
medical cultivation footprints in Canada, operating two licensed production
facilities in British Columbia and
New Brunswick, with a third
expected to be coming online shortly in Nova Scotia. These facilities encompass
660,000 square feet of indoor pharmaceutical grade cannabis
production space, strategically positioned on Canada's coasts, facilitating national
distribution and access to international markets. Sun Pharm is currently working towards globally
recognized EU GMP certifications. Sun Pharm has a management
team with decades of experience in the industry, with expertise in
retail consumer packaged goods, global pharmaceutical sales and
manufacturing, quality assurance, and commercialized cultivation.
The growing team has more than two decades of experience in organic
cultivation and distribution of herbs and nutraceutical products
throughout the Americas, North
Africa, and the Middle East. Sun Pharm's sales team has
more than two decades in product development, commercialization,
and retail and pharmaceutical sales including international
distribution.
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 Bevo, 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. 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, including the completion of
the Transaction. 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 Bevo's control. These risks,
uncertainties and assumptions include, but are not limited to,
those described Bevo's Management's Discussion & Analysis for
the fiscal year ended June 30, 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. Bevo does not intend,
nor does Bevo 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.
Follow Zenabis on Facebook @zenabismmj or on Twitter and
Instagram @Zenabis
Follow Zenabis' adult-use brand, Namaste, on:
Twitter: @Namaste
Facebook: @NamasteRecreationalCannabis
Instagram: @NamasteDotCom
SOURCE Bevo Agro Inc.