CAN (BC): Zenabis entered conditional agreement for the sale of its Delta facility

Zenabis Global has entered into a conditional agreement for the sale 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.”

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