VANCOUVER, British Columbia--(BUSINESS WIRE)--As previously announced on June 17, 2022, Zenabis Global Inc. (the “Corporation” or “Zenabis”) and its wholly-owned subsidiaries (collectively, the “Zenabis Group”) were granted protection pursuant to an initial order (as amended, the “Initial Order”) issued under the Companies' Creditors Arrangement Act by the Superior Court of the Province of Québec for the district of Montréal (the “Court”). The Initial Order appointed Ernst & Young Inc. as monitor (the “Monitor”). On July 5, 2022, the Zenabis Group received Court approval for a sale and investment solicitation process (the “SISP”) to be conducted by the Monitor.
The Zenabis Group is a vertically integrated licensed cultivator of high-quality medical and recreational cannabis. The Zenabis Group operates from its non-unionized indoor cultivation and processing facility in Atholville, New Brunswick. Through its proprietary brands – Zenabis (medical cannabis), Namaste (recreational cannabis) and Re-Up (recreational cannabis) – the Zenabis Group has successfully commercialized numerous genetic cannabis strains, tailored to specific consumer needs. Zenabis’ product offering extends to dried flowers, pre-rolled joints, vape cartridges, distillates, soft gels and oral sprays, in a variety of product packaging solutions.
All qualified interested parties will be provided with an opportunity to participate in the SISP. The SISP is intended to solicit interest in and opportunities for (i) one or more sales or partial sales of all, substantially all, or certain portions of the business, and/or (ii) an investment in, restructuring, recapitalization, refinancing or other form of reorganization of the Zenabis Group or its business.
The SISP will be conducted as a two-phased process with the Phase 1 Non-Binding LOI Submission Deadline set for 5:00 p.m. E.T. on August 15, 2022.
Copies of the order approving the SISP and the SISP procedures may be obtained from the Monitor’s website, at www.ey.com/ca/zenabis.
Further news releases in respect of the CCAA process will be provided on an ongoing basis as necessary.