Zenabis Global Inc. (OTCMKTS:ZBISF) has provided its corporate update after an impressive year in which it continued to increase its sales.
Zenabis Atholville receives CUMCS certification
The company’s Zenabis Atholville received a Good Agricultural and Collecting Practices Certification which offers evidence that the company has met the CUMCS quality and consistency standards. Zenabis becomes the first Canadian company to receive Contro Union Medical Cannabis Standard certification which is necessary for export jurisdiction. The Zenabis Atholville continues in a steady production state in terms of cultivation with 2020 harvest volumes expected to attain design capacity. Equally, extraction operations are running at capacity following the surge in demand for cannabis derivatives including Namaste’s RAX Era and Re-Up 510 vaporizer cartridges. Already the Re-Up cartridges have launched in British Columbia, Ontario, and New Brunswick.
In December, the company completed another export shipment of packaged medical cannabis to Australia. Also, Zenabis currently has there an ongoing bulk supply arrangement for shipping up to 250 kg per month. There are two ongoing arrangements with Israeli counterparties with a combined volume of around 1,000 kg per month.
Zenabis growing sales in all categories
The company’s CEO, Shai Altman said that the company has continued to grow sales in all categories and all channels. Altman said that this is a great testament to the value proposition, quality, and uniqueness of Zenabis’s product lines and brands. He said that this is the foundation that they will continue to grow and expand operations. Altman also said that the entering of a strategic agreement with Echelon will help the company to successfully obtain new debt financing to repay Senior Debentures.
Recreational cannabis sales have continues to grow due to the price competitiveness and quality of Zenabis’s product portfolio. Also, the introduction of new products including three new strains expected to ship to provincial markets in ore-rolls and flower formats will boost sales. The company revised its Q4 2020 consolidated net revenue guidance to between $22 million and $27 million with adjusted EBITDA expected to be between $3 million and $5 million.