Canada’s cannabis industry is projected to reach C$22.6 billion over the coming years, according to Deloitte, driven by the legalization of medical and adult-use cannabis. With concentrates and edibles anticipated later this year, licensed producers could reach new consumers that aren’t interested in smoking cannabis. Investors may want to take a closer look at experienced LPs that are well-positioned in the market.
CFN Media recently spoke with Mr. Leo Benne, Chief Growing Officer of Zenabis Global Inc. (TSX: ZENA), to discuss his unique credentials and the company’s strong growth since becoming a publicly traded company earlier this year.
Mr. Leo Benne, Chief Growing Officer of Zenabis Global Inc.
CFN: Can you provide a brief overview of the company and its unique history for investors new to the company’s story? What sets the company apart from competitors in the space?
Benne: Zenabis is an amalgamation of SunPharm, a startup cannabis company, and Bevo, a 30-year family owned greenhouse propagation company. This combination of acquired knowledge and expertise makes Zenabis a unique partnership.
CFN: Zenabis has an exceptional management team with a diverse background. Mr. Leo Benne, you in particular, bring a significant horticulture knowledge and expertise to the table. Can you describe your background a bit?
Benne: I studied modern horticultural methods in the Netherlands and worked several years in greenhouses honing skills in vegetable propagation. Since I started Bevo in 1993, the company has become one of the most prolific propagators in the world by harnessing new technologies. I have enjoyed applying my years of experience propagating hundreds of different crop types at an industrial scale to the nascent cannabis industry.
CFN: Zenabis recently reported its first quarter financial results. Can you discuss the company’s progress over the past quarter and any upcoming catalysts that investors should watch for over the coming months?
Benne: We have been hitting our milestones at all facilities in terms of both construction plans and production goals. Many more production rooms are coming online in the next few months, increasing our capacity to meet consumer demand. We have also seen continuous improvement in production yields and processes in Atholville. The team is looking forward to the first crop being planted in Langley early in the 3rd quarter and harvested in the 4th quarter.
Zenabis is a significant Canadian licensed cannabis 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. In addition to gaining technologically advanced knowledge of plant propagation, the recent addition of state-of-the-art greenhouses in Langley, Pitt Meadows and Aldergrove provides Zenabis with 3.5 million square feet of facility space that can, upon full conversion, be dedicated to cannabis production.
If all facility space at Zenabis Atholville, Zenabis Stellarton, Zenabis Delta and Zenabis Langley is fully converted 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 cannabis production space at its Langley facility, with this production strategically positioned on Canada’s coasts. Zenabis expects these facilities to have an annual design capacity of 131,300 kg of dried cannabis by the third quarter of 2019. These facilities, if fully built out and converted for cannabis production, would have an annual design capacity to yield approximately 479,300 kg of dried cannabis annually, for both national and international market distribution. An additional 700,000 square feet of greenhouse space will be used to continue the existing propagation business and produce industrial hemp, and can be converted to cannabis production at such a time that is beneficial to the strategic position of the Company. The Zenabis brand name is used in the cannabis medical market, while the Namaste and Blazery brand names are used in the cannabis adult-use recreational market, and the True Büch brand name is used for Zenabis’ kombucha products.
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