VANCOUVER, May 13, 2019 /CNW/ - Zenabis Global Inc.
(TSXV:ZENA) ("Zenabis" or the "Company")
is pleased to announce the licensing of Phase 2A at its Zenabis
Atholville facility (an additional 3,200kg of cannabis cultivation
capacity) and disclose the date of its next operational update:
May 21, 2019 (for the month of
April 2019).
Phase 2A Licensing Amendment
- Amendment received May 10, 2019
added 3,200 kg of licensed cultivation capacity at its indoor
Zenabis Atholville facility;
- This amendment increases total Zenabis licensed cultivation
capacity by more than 30%, from 10,200 kg to 13,400 kg, and Zenabis
Atholville licensed cultivation capacity from 9,300 kg to 12,500
kg; and
- This amendment increases licensed operating space from the
existing 136,800 square feet at Zenabis Atholville to 174,900
square feet.
"We are pleased to announce this most recent license amendment,
which demonstrates that we are maintaining our timelines from a
construction and licensing standpoint," stated Andrew Grieve, Chief Executive Officer of
Zenabis. "Since the creation of Zenabis in January of 2019, we have
more than doubled our licensed cultivation capacity from
approximately 6,000 kg to 13,400 kg, and we have an additional
9,800 kg of cultivation capacity at Zenabis Atholville submitted
and awaiting licensing approval. We are currently converting
facility space for cultivation and production that will add 108,100
kg of cultivation capacity once licensed. Construction and
conversion completion dates for this cultivation capacity are
scheduled between June and the third quarter of 2019. As always, we
would like to thank our regulatory affairs and production teams for
their rapid progress. As a result of their efforts, we are
currently achieving our target construction and licensing timelines
for both our Zenabis Atholville and Zenabis Langley
facilities."
Date of Next Operational Update
Zenabis will provide its next operational update on May 21, 2019 (for the month of April 2019). This update will include the actual
harvest weight for Zenabis Atholville for April 2019, the monthly Performance Ratio for
Zenabis Atholville for 2019, and an update on construction and
licensing progress for all relevant facilities (Zenabis Atholville,
Zenabis Langley, Zenabis Pitt Meadows, Zenabis Aldergrove, and
Zenabis Delta).
About Zenabis
Zenabis is a significant licensed cannabis cultivator of medical
and recreational cannabis, and a propagator and cultivator of
floral and vegetable products. Zenabis employs staff
coast-to-coast, across facilities in Atholville, New Brunswick; Delta, Aldergrove, Pitt
Meadows, and Langley, British
Columbia.; 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, Pitt
Meadows, and Aldergrove
provides Zenabis with 3.5 million square feet of facility space
that can, upon full conversion, be dedicated to cannabis
production.
If all facility space at Zenabis Atholville, Zenabis Stellarton,
Zenabis Delta, and Zenabis Langley is fully converted 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 cannabis production space at
its Langley facility, with this
production strategically positioned on Canada's coasts. Zenabis expects these
facilities to have production capacity of 131,300 kg of dried
cannabis annually by the third quarter of 2019. These facilities,
if fully built out and converted for cannabis production, would
have a design capacity to yield approximately 479,300 kg 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
produce industrial hemp, and can be converted to cannabis
production at such a time that is beneficial to the strategic
position of the company. The Zenabis brand name is used in the
cannabis medical market, while the Namaste and Blazery brand names
are used in the cannabis adult-use recreational market, and the
True Buch brand name is used for Zenabis' kombucha products.
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 projected kilogram
yield of recently licensed facility space and facility space under,
or scheduled for, construction, the expected timing and completion
of current and planned conversion, expansion and optimization of
our facilities, the licensing of our facilities and projected
timing thereof; the adequacy of our financial resources to achieve
the conversion and expansion of our facilities; and the expected
timing and content of future operational updates. 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
Shelf Prospectus, 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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SOURCE Zenabis Global Inc.