Cannabis Operator Zenabis Global Scales Rapidly by Relying Upon Innovative Financing Techniques - RICH TV LIVE - SEPTEMBER 13, 2019 In January, Zenabis Global (TSX: ZENA) (OTC: ZBISF) was formed as the result of the reverse takeover of Bevo Agro by Sun Pharm Investments. In less than a year, the company has increased its licensed production capacity from five tons to more than 50 tons. CEO Andrew Grieve spoke with New Cannabis Ventures about the company’s values, growth strategy, and approach to funding. The audio of the entire conversation is available at the end of this written summary.
Grieve has a background in finance and technology ventures, as well as the military. Before becoming CEO of Zenabis, Grieve worked with the Benne family, the majority owners of Bevo Agro. When the family first considered entering the cannabis space, they asked for his perspective. Grieve helped orchestrate the RTO that formed Zenabis, and the board of directors asked him to fill the role of CEO.
The TEAM
The company and its team are built around a shared set of values: compliance, responsibility, excellence, and delivery. Grieve is joined on the management team by other leaders like Chief Growing Officer Leo Benne, Chief Revenue Officer David Lluncor, and CFO Mike Smyth. Benne helped build Bevo Agro from 2.5 acres to more than 50 acres. Lluncor has a depth of experience in the CPG and grocery space. Smyth served as CFO of a company that later sold to Canopy, according to Grieve.
Rapid Growth
Zenabis started as a relatively small producer with just five tons of capacity. The company increased that capacity to 50 tons at a rapid pace, and it aims to reach 140 tons of licensed capacity by the end of the year. The company’s business model combines that high level of growth with a low cost of cultivation and production. For example, the company’s cash cost of cultivation at its Atholville, New Brunswick facility in the second quarter was $0.78 per gram.
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