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.
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. 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.