Zenabis Announces Receipt of License Amendment of Zenabis Langley for an Additional 69% Increase in Total Annual Capacity
Vancouver, British Columbia – December 16, 2019 – Zenabis Global Inc. (TSX:ZENA) (“Zenabis” or the “Company”) is pleased to announce the receipt of the license amendment for Zenabis Langley Part 2A, representing an additional 39,400 kg of licensed annual cultivation capacity.
- The amendment received on December 13, 2019 adds 39,400 kg of licensed annual cultivation capacity at Zenabis Langley;
- This amendment increases Zenabis’ total licensed annual cultivation capacity by 69% from 57,000 kg to 96,400 kg of dried cannabis, and Zenabis Langley licensed annual cultivation capacity from 9,900 kg to 49,300 kg, an increase of approximately 400%;
- This amendment increases licensed operating space from the existing 99,000 square feet at Zenabis Langley to 200,300 square feet; and
- Zenabis has reached substantial completion on Zenabis Langley Part 2B (14,800 kg of annual cultivation capacity) and intends to submit a license amendment for this phase before the end of 2019.
”We are extremely pleased to receive this license amendment for Zenabis Langley,” said Kevin Coft, Chief Executive Officer of Zenabis. “Year to date we have increased our licensed annual cultivation capacity by more than 1,500%, from approximately 6,000 kg in January 2019 to 96,400 kg today. With our first harvest complete at Zenabis Langley, we are excited to have more space licensed at this facility that can be utilized to cultivate additional high-quality cannabis for our customers.”
Zenabis is a significant Canadian licensed 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. Zenabis currently has 96,400 kg of licensed cannabis cultivation space across four licensed facilities. Zenabis has 3.5 million square feet of total facility space dedicated to a mix of cannabis production and cultivation and its propagation and floral business.
Zenabis expects its Zenabis Atholville, Zenabis Stellarton and Zenabis Langley facilities to have a licensed annual production capacity of 143,200 kg of dried cannabis by the second quarter of 2020. The Zenabis brand name is used in the cannabis medical market, the Namaste, Blazery, and Re-Up 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 licensed facility space and facility space in the process of, or scheduled for, construction and/or licensing; the expected submissions of license amendment applications; and the licensing of our facilities and projected timing thereof. 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.
For more information, visit: www.zenabis.com