CubicFarm Systems readies for expansion into cannabis sector as Bevo Agro Inc. prepares to become Zenabis Global. His industrial expertise covers a wide range of functions including navigating Health Canada’s regulatory licensing, team development, facility construction, strategic analysis, import/export operations, logistics, warehousing, customer relationship management, benchmarking, and business systems analysis. I figured, “Hey, if Village Farms is doing so well, maybe Bevo should do the same.” So I reached out to management: The Beginnings of Zenabis.
I never heard back from Jack. Since October 2018, five additional flower rooms and 19 total rooms have been approved by Health Canada for cannabis activities and are in operation; we have also submitted three more flower rooms to Health Canada for approval. The transaction was unanimously approved by the board of directors of Bevo.
Mike McGinty has extensive experience in large-scale coordination and planning. Where applicable, the transaction cannot close until the required shareholder approval is obtained. Zenabis' predecessor company was Bevo Agro Inc. (previously TSXV:BVO), an established 53 acre greenhouse plant propagation business with a successful 30+ year operating history. If all facility space is fully built out and dedicated to production, Zenabis will own, and have access to, 660,000 square feet of high quality indoor cannabis production space, as well as 2.1 million square feet of greenhouse space at its Langley facility (an additional 700,000 square feet of greenhouse space will be used to continue the existing propagation business, to be converted at such a time that is beneficial to the strategic position of the company), strategically positioned on Canada's coasts. The Transaction involves three main elements: the amalgamation of Sun Pharm with a wholly-owned subsidiary of Bevo, with Sun Pharm shareholders receiving Bevo shares representing 86% of the outstanding Bevo shares (the expected exchange ratio being one Bevo share for each Sun Pharm share) and the existing Bevo shareholders continuing to hold Bevo shares representing a 14% interest in Bevo. On completion of the expected expansion of these greenhouse facilities, Zenabis will have 660,000 square feet of indoor space and 2.8 million square feet of state-of-the-art greenhouse space in three provinces – British Columbia, New Brunswick and Nova Scotia. Mr. McGinty was a senior officer in the British Army and served widely overseas, including in Iraq and Afghanistan, where he was responsible for more than 1,000 people with $2 billion in capital assets. Zenabis (ZENA.T) has taken on an additional $25M loan in secured debt financing, bringing their senior secured debt load to $50M.
Completion of the transaction is subject to a number of conditions, including but not limited to, TSXV acceptance and if applicable, disinterested shareholder approval. “This partnership will bring new jobs and economic opportunities to the communities in which we operate, while we continue to support the local and international food and floral markets.”. Zenabis – through its subsidiary Bevo – has completed the acquisition of Topgro, with 10.4 acres of greenhouse on 50 acres of land.
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. This news release contains statements that may constitute "forward-looking information" within the meaning of applicable Canadian securities legislation. Mr. Brar was previously the Chief Executive Officer of International Herbs Limited, where he led one of the largest herb companies in North America for nine years. Combined entity will have 3.5 million square feet of growing space. Accordingly, readers should not place undue reliance on the forward-looking statements and information contained in this news release. On September 17, 2018, Zenabis submitted its application package to license the Langley greenhouse for cannabis production, which is currently under active review. “This is a unique partnership that gives Zenabis a significant advantage among Canadian producers as we continue to grow our business to meet Canadian and international demand.”, “This transaction represents a positive growth opportunity for Bevo Agro, as Zenabis intends to invest up to $100 million to expand our greenhouse facility to provide state-of-the-art cannabis production capacity, while maintaining our existing propagation and floral business,” said Mr. Benne. In this news release, forward-looking statements relate, among other things, to: the proposed acquisition of Topgro; conversion, expansion and optimization of Zenabis' facilities;and advances under and proposed use of funds from the Facilities. This will be steadily converted from its current use – growing baby poinsettias, herbs, cucumbers and tomatoes – to cannabis production over the coming years. 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. $13 million of the Facilities remain available for the conversion of Zenabis Langley and Topro propagation conversion. Mr. Benne gained advanced knowledge of modern horticultural methods at Rijks Middelbare Tuinbouwschool in Holland.
John Hoekstra is the Executive Vice President and Chief Financial Officer of Bevo Agro, where he oversees all finance, administration and accounting activities. The Topgro Acquisition includes 10.4 acres of greenhouse on 50 acres of land in Aldergrove, British Columbia, which Zenabis intends to use for vegetable and floral propagation. Previously, he was a post-graduate tutor in leadership and planning for senior government and military staff from Canada and over 25 allied nations worldwide. Leo Benne gained advanced knowledge of modern horticultural methods at Rijks Middlebare Tuinbouwscholl in Holland.
Shareholders holding approximately 58% of Bevo’s common shares have entered into voting agreements committing to vote their Bevo common shares in favour of the transaction Plug into the Source of Indoor Vertical Farming.
Rick Brar – Chief Executive OfficerMr.
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