VANCOUVER, Feb. 26, 2019 /CNW/ - Zenabis Global Inc.
("Zenabis") (TSXV: ZENA) today secured a meaningful new market
opportunity by reaching a letter of intent with the Société
québécoise du cannabis (SQDC). Quebec is a significant cannabis market and is
in close proximity to Zenabis' licensed 380,000 sq. ft. growing
facility in New Brunswick, and its
upcoming 255,000 sq. ft. facility in Nova
Scotia.
Zenabis expects to begin supplying its premium cannabis products
to Quebec in the second quarter of
2019 upon completion of the Autorité des Marchés Publics public
process.
"This letter of intent with the SQDC adds an important component
to our national supply platform, further expanding the market for
our products," said Andrew Grieve,
Chief Executive Officer of Zenabis. "This relationship represents
an additional significant relationship with a provincial
counterparty."
Quebec is the ninth Canadian
jurisdiction in which Zenabis has a distribution relationship.
Zenabis also has distribution arrangements with government and
third-party retailers/distributors in British Columbia, Alberta, Saskatchewan, Manitoba, New
Brunswick, Nova Scotia,
Prince Edward Island, and the
Yukon Territory.
Note: Neither 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 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. Zenabis currently
owns 3.5 million square feet of facility space that can, upon full
conversion, be dedicated to cannabis production.
If all facility space is fully built out and 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 that is intended to be
dedicated to cannabis production, with this cannabis production
capacity strategically located on Canada's East and West coasts. These
facilities, if fully converted for cannabis production, would have
the design capacity to yield 479,300kg of dried cannabis annually,
for both national and international market distribution. An
additional 700,000 square feet of greenhouse space will be used to
continue the existing propagation business, and this will be
converted at such a time that is beneficial to the strategic
position of the company. The Zenabis brand name is used among the
medical market, while Namaste is used to service the recreational
market.
The management team at Zenabis has significant experience in
finance, agriculture, technology, pharmaceutical sales, consumer
packaged goods, international distribution and brand marketing.
Zenabis' leadership is backed by the expertise of a Chief Operating
Officer, Chief Growing Officer, a Chief Science Officer and Chief
Medical Officer.
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: the sale of Zenabis products to
SQDC pursuant to the supply letter of intent; and the conversion,
expansion and optimization of Zenabis' 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
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.
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For more information, visit: https://www.zenabis.com.
SOURCE Zenabis Global Inc.