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VANCOUVER, BC, July 24, 2020
VANCOUVER, BC, July 24, 2020 /CNW/ – Zenabis Global Inc. (TSX: ZENA) (“Zenabis” or the “Company“) today announced initial shipments of its Re-Up 510-Threaded Vaporizer line.
This week, Zenabis completed first shipments of this new product line, which is produced at Zenabis Atholville using product cultivated and extracted by Zenabis, with no requirement for third-party processing. Currently, the product offering includes two high THC products and one CBD product. Zenabis currently has listings of this product in five provinces and anticipates listings in an additional three provinces by the end of August.
Zenabis anticipates that its 510-Threaded Vaporizer line will contribute meaningfully to net revenue from August 2020 onward given consumer preference for the Re-Up 510-Threaded Vaporizer line of products. Thus far, all offers made under the Re-Up 510 Threaded Vaporizer line have been accepted by provincial counterparties. Zenabis has focused on achieving differentiation in this product line through:
- A focus on competitive, best-in-class pricing (targeting lowest retail pricing versus competitors in all available provincial markets); and
- Products based on terpene flavour profile, as opposed to cultivar.
Zenabis created this product line with a focus on consumer education and experience. The Re-Up 510-Threaded Vaporizer line of products was developed by our product development team to assist consumers in better understanding the botanical nature of terpenes. Each vaporizer cartridge type was developed with a purposefully curated selection of terpenes with complementary flavour profiles and similar characteristics. The initial launch of the Re-Up 510-Threaded Vaporizer product line will include two high THC vaporizer cartridges: (i) Lemon and Lavender; and (ii) Hops and Spice, as well as one high CBD vaporizer cartridge, Pine and Berry. The Re-Up 510-Threaded Vaporizers product line will be available in two formats, 0.5g and 1.0g, and fit all standard 510 thread vaporizer pens.
Kevin Coft, Chief Executive Officer of Zenabis, stated, “We are very excited to have completed initial shipments under this product line, especially given that this was achieved through full, internalized production of these products at Zenabis Atholville utilizing in-house extraction and filling. We believe that the Re-Up 510-Threaded Vaporizer line is a strong complement to our existing, premium Pax Era line of vaporizer cartridges.” Olen Vanderleeden, Senior Vice President of Zenabis added, “Based on indications from provincial counterparties and considering our competitive pricing, Zenabis anticipates incremental monthly revenue in excess of one million dollars per month once production at Zenabis Atholville rises to a level to meet consumer demand.”
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 anticipates that its 510-Threaded Vaporizer line will contribute meaningfully to net revenue from August 2020 onward given consumer preference for 510-Threaded Vaporizer line of products; and based on indications from provincial counterparties and considering our competitive pricing, Zenabis anticipates incremental monthly revenue in excess of one million dollars per month once production at Zenabis Atholville rises to a level to meet consumer demand. 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.
SOURCE Zenabis Global Inc.
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