Zenabis Announces Conditional Agreement for the Sale of Zenabis Delta

VANCOUVER, BC, - Zenabis Global Inc. today announced that it has entered into a conditional agreement for the sale of its facility in Delta, British Columbia.

 

The agreement, for the sale of land and buildings only, provides for a gross purchase price of $6.65 million and is subject to conditions that are typical for a transaction of this nature.  This transaction is expected to close no later than December 30, 2020.

 

Shai Altman, Chief Executive Officer of Zenabis, stated, "we are very pleased to have reached a deal for the sale of our Delta facility.  Now that the Company has reached a commercial deal encompassing only the land and building of the site, we will start the process of redeploying the state-of-the-art analytical testing equipment located in the Delta facility to Zenabis Atholville.  Once completed, this will enable the Company to fulfill a significant amount of its testing requirements in-house, allowing the Company to realize substantial cost savings and reduce testing lead times, versus its currently out-sourced testing arrangements."

Video: Finding a Balance of Innovation and Regulation - Dr. Peter Facchini

Regulations help markets and industry exist on level playing fields, keeping consumers safe and innovation from going too far. However, incredibly strict regulations can stunt innovation and cause entire industries to wither away. Dr. Peter James Facchini brings his perspective on how existing regulations have slowed the advancement of medical developments within Canada. Given the international concern of opium poppy’s illicit potential, Health Canada must abide by this global policy. But with modern technology pushing the development of many pharmaceuticals to being grown via fermentation, is it time to reconsider the rules?

Dr. Peter James Facchini leads research into the metabolic biochemistry in opium poppy at the University of Calgary. For more than 30 years, his work has contributed to the increased availability of benzylisoquinoline alkaloid biosynthetic genes to assist in the creation of morphine for pharmaceutical use. Dr. Facchini completed his B.Sc. and Ph.D. in Biological Sciences at the University of Toronto before completing Postdoctoral Fellowships in Biochemistry at the University of Kentucky in 1992 & Université de Montréal in 1995.