This week, the Canabian cannabis producer Zenabais Global (zena-tsx) received its license for the production of hemp. The CBD market in the United States alone is estimated at more than 1.3 billion in 2022
For CEO Andrew Grieve, this is another big step for the company:
“This is the second cultivation license we have received from Health Canada this year, and is another important step toward realizing our vision of becoming a significant cannabis and cannabinoid producer in Canada,” said Andrew Grieve, Chief Executive Officer of Zenabis. “This license enables the commencement of hemp cultivation and hemp-derived CBD production, and also the testing of our vertical farming system at Zenabis Langley for the cultivation of hemp. This vertical farming system is intended to be used for the production of cannabis upon receipt of the Zenabis Langley cannabis cultivation license. The hemp-derived CBD market is expected to grow exponentially over the next three years. Through this addition, among other strategic hemp-focused initiatives, we are positioning Zenabis to participate in the hemp-derived CBD industry in both Canada and the United States.”
But an even more important step to be recognized by investors is the entry of ZENABIS (zena) on the tsx. Zenabis opened the TSX on June 5 and does not intend to stop there. Zenabis plans to meet on the big market eventually.
INCREASE IN PRODUCTION
Zenabis is present coast-to-coast, across facilities in Atholville, New Brunswick; Delta, Aldergrove, Pitt Meadows and Langley, British Columbia.
Zenabis expects these facilities to have an annual design capacity of 131,300 kg of dried cannabis by the third quarter of 2019 (August). These facilities, if fully built out and converted for cannabis production, would have an annual design capacity to yield approximately 479,300 kg of dried cannabis annually, for both national and international market distribution
For the quarter ended March 31, 2019, Zenabis recorded net revenues of $11.6 million and now ranked 11th in Canada . According to the ceo, the next quarter should give income between $26 and $30 million
Zenabis (zena) remains one of the most underrated companies with a marker cap of only 320 Millions.
This article is written and published by The Cannabis Stock
Disclaimer : The Cannabis Stock wants to promote the cannabis market with the best publication on the market. The Cannabis Stock does not recommend selling or buying any of the company mentioned and is not responsible for any losses that may result.