Zenabis Announces Grant of Stock Options
/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/
VANCOUVER, BC, May 2, 2019 – Zenabis Global Inc. (TSX:ZENA) (“Zenabis” or the “Company”) announces that it has granted an aggregate of 3,755,511 incentive stock options (each, an “Option”) to certain independent directors, officers, employees and consultants of the Company in accordance with the Company’s stock option plan on its annual grant cycle. The grant date of these options is May 1, 2019.
Each Option is exercisable into one common share in the capital of the Company (each, a “Share”) at a price of $1.91 per Share, being the closing price of the Shares on the TSX Venture Exchange on April 30, 2019, for a period of three to five years from the date of grant.
No such options were granted to the Chairman of the Board or any director who is also member of management.
Note: 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.
Zenabis is a Canadian publicly listed licensed cultivator of medical and recreational cannabis. The Company was formed in January 2019 through the combination of Bevo Agro Inc., one of the largest propagation businesses in North America; and Sun Pharm Investments Ltd., a large privately held licensed cannabis producer with established medical and recreational cannabis brands and distribution. The Company owns six state-of-the-art indoor and greenhouse facilities across Canada, four of which are intended for cannabis cultivation. If all four such facilities are fully built out and converted to cannabis production, they would have a design capacity to yield approximately 479,300 kg of dried cannabis annually. The remaining two facilities are currently generating revenue in the propagation and floral business and have applied for industrial hemp cultivation licenses.
The Company benefits from a management team that has growing expertise developed over 30 years in one of the largest plant propagation businesses in North America, as well as extensive sales, marketing and distribution experience. These strengths have been key to Zenabis’ success in securing supply agreements and arrangements with eight Canadian provinces and one territory, where the Company’s recreational products are sold both online and in store through government-owned cannabis stores. In addition, the Company has signed agreements with Pharmasave and Shoppers Drug Mart to supply products to their medical customers.
For more information, visit: https://www.zenabis.com.
Chief Executive Officer
Zenabis Global Inc.