Zenabis, a leading global firm, employs staff on a coast-to-coast basis, which is a significant licensed cultivator for medical and leisure cannabis. In addition to the advanced technology of plant propagation, Zenabis now offers 3.5 million cubic feet of plant space to be used to fully convert cannabis production facilities with the recent addition of state-of-the-art greenhouses in Langley.
Zenabis announced the immediate effective nomination of Andrew Grieve recently as CEO. The co-founder and former CEO of Zenabis Rick Brar will continue to contribute as a special advisor and join the other co-founder Mark Catroppa. Zenabis shareholders holding 10 percent of the ordinary shares have, in addition, entered into the existing Pooling Agreement resulting in a 67 percent disposal restriction under the Pooling Agreement. Finally, Zenabis also signed a loan agreement for $51 million with a major Canadian chartered bank. The completion of Zenabis’ Topgro acquisition will be funded at $12 million.
As the co-founder of Agentis Capital, Grieve has advised Agentis Capital on more than $20 billion in transactions completed in procurements, funding, and project development across a broad range of sectors, from infrastructure to technology and industry. These financial advisory transactions include multiple billion dollars in construction projects or infrastructure with counterparts like the Transport Ministries of Maryland and Colorado, as well as clients such as the Pension Plan Investment Board of Canada, the Pension Plan for the Public Service of Canada and the leading international construction companies. Grieve has managed many of the 18 major investments of Agentis Capital, including investments that he has assumed an important function. He is now a Major and Commander of the Batteries of 68 Batteries, the 15th Field Artillery Regiment, and the Royal Regiment of Canadian Artillery, and has been a former Officer in the Canadian Army Reserve for 15 years.
Over the last nine months, Grieve and Brar have been the primary architects behind the transaction and will continue to work together to bring Zenabis into full use. The Zenabis Strategy, vision, and organizational design was worked on by Grieve and Brar as the Zenabis transaction was successfully completed with ZENA debut in TSXV on 10 January 2019.
Zenabis also agreed to include a separate agreement with Agentis Capital Partners in connection with Grieve joining Zenabis as CEO, in order to remain to receive financial consulting services from Agentis. For one year, the financial advisory agreement will contribute to Zenabis’ participation in the industry consolidation expected in the coming year. On completion of financing, acquisitions, and provisions during the term of the agreement, Agentis will receive customary, market-based success payments.