Zenabis Global (TSXV:ZENA) announced a new credit agreement for an aggregate of C$51,000,000 in credit facilities with an undisclosed “major” Canadian bank.
As quoted in the press release:
Zenabis Global is pleased to announce that on January 20, 2019 (the “Closing Date”) Zenabis, through its subsidiary Bevo Farms Ltd. (“Bevo”), entered into a credit agreement for an aggregate of $51,000,000 in credit facilities (the “Facilities”) with a major Canadian chartered bank (the “Lender”). The Facilities are available as a $46,700,000 term loan, $2,000,000 revolving line of credit, $2,000,000 hedging facility, and $300,000 credit card for purposes described below.
- Revolving Facility: $2,000,000 credit facility to be drawn, repaid and redrawn at the discretion of the borrower to fund working capital and general corporate purposes.
- Term Facility Tranche 1: $33,256,958 by way of a single advance for the repayment of current indebtedness provided by FCC, the repayment of existing equipment loans and the intended acquisition of Topgro.
- Term Facility Tranche 2: $13,443,042 for capital expenditures. This includes $12,943,042 towards the conversion of first 435,600 sq. ft. of Zenabis Langley for the purposes of cannabis cultivation and production, available from time to time at the discretion of the borrower in up to five installments, up to and including the Final Advance Date of July 30, 2019. This tranche also includes $500,000 for propagation conversion capital expenditures for Zenabis Topgro.
- Hedging Facility: $2,000,000 credit facility for the purposes of managing interest rate and foreign exchange risks.
- Credit Card Facility: $300,000 for general corporate purposes.
American cannabis sales hit US$17.5 billion in 2020, a research group’s new study shows.
Meanwhile, a Canadian cannabis producer began offering CBD beverages in the US, another move that shows how interested Canadians are in the overall US cannabis market at the moment.
Some pretty important news out of health and wellness; beverage and natural products company BevCanna Enterprises Inc. (CSE:BEV, Q:BVNNF, FSE:7BC) this week. For those of you following the Company with us, stay tuned.
As investors continue to prioritize cannabis opportunities in the US, market watchers expect mergers and acquisitions (M&A) to play a role in the future for Canadian companies.
A consolidation trend has been expected in the Canadian cannabis space for some time now based on the size of the market compared to the number of operations in the country.
BioHarvest Sciences Inc. Unveils the Unique Polyphenolic Content of Its Upcoming Olive-Based Nutraceutical
The product will include polyphenols known to have significant health benefits.
BioHarvest Sciences Inc. (CSE: BHSC) (“BioHarvest” or the “Company”) has reached an important milestone in its development program of additional Nutraceuticals. The olive-based Nutraceutical product scheduled for market availability in the second half of 2022 will contain the following unique matrix of polyphenols: hydroxytyrosol, trosol, and verbascoside. These compounds are the major polyphenols in naturally grown olives and are responsible for the high antioxidant activity of olives and olive oil. Importantly, the BioHarvest olive-based Nutraceutical product will provide all the benefits of olives and olive oil with a low calorie count per serving.
Cresco Labs (CSE:CL) (OTCQX:CRLBF) (“Cresco” or the “Company”), one of the largest vertically integrated multistate cannabis operators in the United States, announced today that it will report financial results for the fourth quarter and full year ended December 31 st , 2020 on Thursday March 25 th , 2021 before the market opens.
The Company will host a conference call and webcast to discuss its financial results and provide investors with key business highlights on Thursday March 25 th , 2021 at 8:30am Eastern Time (7:30am Central Time).