Zenabis Announces Appointment of New Chief Financial Officer

VANCOUVER, Jan. 2, 2020 /CNW/ - Zenabis Global Inc. (TSX:ZENA) ("Zenabis" or the "Company") today announced the appointment of Eric Rasmussen as Chief Financial Officer ("CFO"),  replacing Mike Smyth, who is retiring.

Mr. Rasmussen joins Zenabis with extensive senior management experience in publicly-listed companies, both in North America and Europe. He brings with him strong corporate and operations finance, internal audit, M&A, and strategic investment experience over a 20-year leadership career within Shawcor, a leading integrated energy services company. More recently, Mr. Rasmussen has been a strategic consultant for Canadian large- and mid-size clients, advising on corporate strategic and financial planning, post-merger integration and business process optimization.

"Zenabis is pleased to welcome Eric to the team as CFO," said Kevin Coft, Chief Executive Officer of Zenabis. "His deep and varied experience across the entire finance function – from accounting, reporting, control, costing and audit to large-scale investment, integration, and joint venture projects – makes him well-suited to contribute to Zenabis' business goals in 2020 and beyond. On behalf of the Zenabis management team and Board of Directors, I would like to thank Mike for his commitment to establishing Zenabis as a significant publicly-traded cannabis company in Canada. We wish him a long and happy retirement."

Mr. Rasmussen holds a Master of Science (International Finance) from University of London; as well as Designations as CIA, CPA, CMA.

About Zenabis

Zenabis is a significant Canadian licensed 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. Zenabis currently has 57,000 kg of licensed cannabis cultivation space across four licensed facilities. Zenabis has 3.5 million square feet of total facility space dedicated to a mix of cannabis production and cultivation and its propagation and floral business.

Zenabis expects its Zenabis Atholville, Zenabis Stellarton and Zenabis Langley facilities to have a licensed annual production capacity of 143,200 kg of dried cannabis by the second quarter of 2020. The Zenabis brand name is used in the cannabis medical market, the Namaste, Blazery, and Re-Up brand names are used in the cannabis adult-use recreational market, and the True Büch brand name is used for Zenabis' kombucha products.

Forward Looking Information

This news release contains statements that may constitute "forward-looking information" within the meaning of applicable Canadian securities legislation. Forward-looking information may include, among others, statements regarding the future plans, costs, objectives or performance of Zenabis, or the assumptions underlying any of the foregoing. 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. In this news release, forward-looking statements relate, among other things, to: the projected kilogram yield of licensed facility space and facility space in the process of, or scheduled for, construction and/or licensing. Forward-looking statements should not be read as guarantees of future performance or results, and will not necessarily be accurate indications of whether, or the times at or by which, such future performance will be achieved. No assurance can be given that any events anticipated by the forward-looking information will transpire or occur. Forward-looking information is based on information available at the time and/or management's good-faith belief with respect to future events and are subject to known or unknown risks, uncertainties, assumptions and other unpredictable factors, many of which are beyond Zenabis' control. These risks, uncertainties and assumptions include, but are not limited to, those described in the shelf prospectus dated April 9, 2019, a copy of which is available on SEDAR at www.sedar.com and could cause actual events or results to differ materially from those projected in any forward-looking statements. Furthermore, any forward-looking information with respect to available space for cannabis production is subject to the qualification that management of Zenabis may decide not to use all available space for cannabis production, and the assumptions that any construction or conversion would not be cost prohibitive, required permits will be obtained and the labour, materials and equipment necessary to complete such construction or conversion will be available. Accordingly, readers should not place undue reliance on the forward-looking statements and information contained in this news release. 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

For more information, visit: www.zenabis.com 

SOURCE Zenabis Global Inc.

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