VANCOUVER, May 24, 2019 /CNW/ - Zenabis Global Inc.
(TSXV:ZENA) ("Zenabis" or the "Company") is
pleased to announce that it has received final approval for the
listing of the Company's common shares ("Common Shares") and
outstanding listed common share purchase warrants
("Warrants") on the Toronto Stock Exchange (the
"TSX"). The Company's Common Shares and Warrants will begin
trading on the TSX effective as of market open on May 27, 2019. The Common Shares will continue to
trade under the symbol "ZENA" and the Warrants will continue to
trade under the symbol "ZENA.WT". In conjunction with listing on
the TSX, the Common Shares and Warrants will be voluntarily
delisted from the TSX Venture Exchange.
Andrew Grieve, Chief Executive
Officer of Zenabis, stated: "We are pleased to announce the
completion of this important milestone for Zenabis, which elevates
our profile as a quality issuer. We believe this will open the door
to a broader range of investors and provide us with improved
liquidity."
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 significant Canadian 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 an annual design capacity of 131,300 kg of dried
cannabis by the third quarter of 2019. These facilities, if fully
built out and converted for cannabis production, would have an
annual 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 Büch 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 date Zenabis
Common Shares and Warrants will commence trading on the TSX.
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 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.
SOURCE Zenabis Global Inc.