ZENABIS GLOBAL INC., ENTERS INTO A PURCHASE AGREEMENT WITH MPX INTERNATIONAL’S WHOLLY-OWNED SUBSIDARY, CANVEDA INC., FOR THE SUPPLY OF CANNABIS FLOWER
TORONTO, ONTARIO, August 12, 2020 – Zenabis Global Inc. (TSX:ZENA) (“Zenabis” or the “Company”) has announced entering into a one year supply agreement for high-quality cannabis flower with Canveda Inc. (“Canveda”), a wholly-owned subsidiary of MPX International Corporation (“MPX International”, or “MPXI”) ), a multinational diversified cannabis company.
The supply agreement between the parties provides Canveda with a minimum of 300 kg of cannabis flower per calendar quarter, and a maximum of 1,000 kg of cannabis flower per quarter. The first shipment from Zenabis Atholville of 100 kg will be made upon receipt of an export permit from Health Canada. All the required import permits from Israel have been issued to Canveda. These volumes were not included in Zenabis’ estimate of international shipment volumes in the corporate update issued 10 August 2020, and as such are incremental volumes.
“MPX International Corporation is pleased to be able to count on Zenabis Ltd for a continued supply of premium Canadian cannabis as we develop different market opportunities” says Michael Arnkvarn, COO of MPXI Canadian Operations; “ Zenabis has demonstrated their ability to be very pro-active and responsive to our requests.”
Daniel Burns, Chair of the Board of Directors, commented, “We are excited to continue expanding our supply relationships beyond Canada. This incremental supply agreement, and in particular the binding delivery minimums, further demonstrate both the quality of our cannabis cultivation output, and our capacity for international bulk delivery.”
About MPX International Corporation
MPX International Corporation is a multinational diversified cannabis company focused on developing and operating assets across the international cannabis industry with an emphasis on cultivating, manufacturing and marketing products which include cannabinoids as their primary active ingredient. With current operations spanning four continents in Canada, Switzerland, South Africa, Malta and Australia as well as evolving partnership and distribution opportunities in other jurisdictions, MPXI continues to position itself as an emergent global participant in the cannabis industry.
About Zenabis Ltd.
Zenabis (TSX: ZENA) is a significant Canadian licensed cultivator of medical and recreational cannabis, 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 111,200 kg of licensed cannabis cultivation space and 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 non-cannabis propagation and floral business.
Zenabis expects its Zenabis Atholville, Zenabis Stellarton and Zenabis Langley facilities to be 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.
Cautionary Statement Regarding Forward-Looking Information
This news release includes certain “forward-looking statements” under applicable Canadian securities legislation that are not historical facts. Forward-looking statements involve risks, uncertainties, and other factors that could cause actual results, performance, prospects, and opportunities to differ materially from those expressed or implied by such forward-looking statements. Forward-looking statements in this news release include, but are not limited to, MPX International’s objectives and intentions. Forward-looking statements are necessarily based on a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties and other factors which may cause actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to: general business, economic and social uncertainties; litigation, legislative, environmental and other judicial, regulatory, political and competitive developments; delay or failure to receive board, shareholder or regulatory approvals; those additional risks set out in MPX International’s public documents filed on SEDAR at www.sedar.com, including its audited annual consolidated financial statements for the financial years ended September 30, 2019 and 2018 and the corresponding annual management’s discussion and analysis; and other matters discussed in this news release. Although MPX International believes that the assumptions and factors used in preparing the forward-looking statements are reasonable, undue reliance should not be placed on these statements, which only apply as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. Except where required by law, MPX International disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise.
For further information, please contact:
MPX International Corporation
W. Scott Boyes, Chairman, President and CEO
For additional information on MPXI visit our website www.mpxinternationalcorp.com or http://mpxi.tv.