Zenabis Announces Appointment of Permanent Chief Executive Officer Announcement is Result of Successful Executive Search Process Initiated in December of 2019
Vancouver, British Columbia – July 27, 2020 – Zenabis Global Inc. (TSX:ZENA) (“Zenabis” or the “Company”) announces the appointment of Shai Altman as President and Chief Executive Officer (“CEO”) of the Company, relieving Kevin Coft, Interim CEO, from that position effective 1 September, 2020.
Mr. Altman has over 20 years of leadership experience in the consumer packaged goods industry across several categories and countries around the globe. He was previously the President of McCain Foods, Canada, where he led the business through a significant turnaround that resulted in year-over-year, record breaking margin improvements and EBITDA growth, as well as the reversal of a decade of topline sales declines. Prior to McCain Foods, Mr Altman built extensive executive experience with Wrigley/Mars across the globe, including as President of Wrigley Canada where he led the business through a significant market-share growth phase that led to market leadership after 100 years of business, as well as launching new product categories and distribution channels. He also previously served as General Manager of Wrigley in India; and General Manager of Wrigley in Israel. He brings with him strong leadership skills with extensive operational, sales and marketing, and strategic planning experience gained over the past 20 years in a variety of management and executive roles. In particular, Mr. Altman has a focus in consumer-packaged-goods businesses, with particular, focused experience over 11 years in the Canadian market. Mr. Altman commented, “I am incredibly excited to be taking over as the CEO of Zenabis. I believe that the fundamental operational core of the business is extremely strong, with incredibly cost-competitive operations and cultivation capacity, and strong relationships with provincial and territorial distributors across Canada. I look forward to transitioning the business to a long-term, consumer-focused mindset as the company emerges from its initial construction and operational establishment phases.”
“Zenabis is pleased to welcome Shai to the team as CEO,” said Daniel Burns, Chair of Zenabis. “His deep and varied experience across the entire spectrum of leadership and operations, and in particular his experience in CPG in Canada and globally, make him incredibly well-suited to contribute to Zenabis’ continued growth.”
Kevin Coft will remain with Zenabis, having most recently been the Chief Facilities Officer prior to his appointment as Interim CEO in December of 2019. Mr. Burns added, “On behalf of the Zenabis management team and Board of Directors, I would like to thank Kevin for his commitment in his role as Interim CEO. We are incredibly pleased with Kevin’s guidance through the operational rationalization that took place as we adjusted to the competitiveness of the Canadian recreational cannabis market.”
Mr. Coft added, “I am thankful for the opportunity I received to serve Zenabis during this interim period. As I enter my sixth year with the business, I am happy to have been able to participate in the operational rationalization required to secure our competitive position in the Canadian marketplace.”
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; Aldergrove, Pitt Meadows and Langley, British Columbia; and Stellarton, Nova Scotia. Zenabis currently has 111,200 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 Zenabis Stellarton and Zenabis Langley facilities to join Zenabis Atholville in steady state production in 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.
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: Zenabis announces the appointment of Shai Altman as President and Chief Executive Officer (“CEO”) of the Company, relieving Kevin Coft, Interim CEO, from that position effective 1 September, 2020; and I look forward to transitioning the business to a long-term, consumer-focused mindset as the company emerges from its initial construction and operational establishment phases. 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 as supplemented by a prospectus supplement dated June 19, 2020 and the annual information form dated March 30, 2020, copies of which are 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. Forward-looking statements or information involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements or information contained in this news release. 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.