Zenabis closes deals that will give it Canada-wide distribution

Zenabis, a cannabis grower with a major operation in Langley, now has distribution deals in all provinces and territories, the company announced on Wednesday, March 24.

Robert Maxwell, Zenabis’ vice president of sales and marketing, said the company has concluded agreements with Cannabis NL, a division of the provincially-owned Newfoundland and Labrador Liquor Corporation, and the government of Nunavut, “completing its goal of extending the availability of its Namaste and Re-Up products to all Canadian provinces and territories.”

Shipments under the new agreements will commence in April.

Maxwell called it “a benchmark moment” for the company.

“We continue to portray what a lean, nimble company that grows really, really good cannabis can achieve,” he commented.

Zenabis operates three licenced Canadian cannabis facilities in Langley, Atholville, New Brunswick and Stellarton, Nova Scotia.

READ ALSO: Zenabis completes sale of Langley’s Bevo, but remains a tenant

It recently completed a deal to sell former partner Bevo, a longtime Langley greenhouse grower, with Langley Propagation and Floral Company taking ownership of the Bevo Farms assets.

The cash proceeds to Zenabis were approximately $8.79 million for the sale, and Langley Propagation will own all of Bevo’s stock shares.

Zenabis’s Langley operation, a sizable greenhouse-based premises off Glover Road in the Milner area, will continue operating under a lease agreement with Bevo.

READ ALSO: Canopy sells Aldergrove and Delta greenhouses at a loss

In February, another cannabis grower with Langley interests, Canopy, announced it had sold it’s Aldergrove and Delta growing facilities at a loss.

The Ontario-based company said it completed the sale of the two B.C. facilities in December and January respectively for $40.7 million.

Canopy said it was recording $400 million in “asset impairment and restructuring costs” as well as a “write-down of inventory in the amount of $15.6 million.”