Zenabis Global To Sell Delta Cannabis Facility For C$6.65 MlnPosted by On

Zenabis Global Inc., a Canadian licensed cultivator of medical and recreational cannabis, said it has entered into a conditional agreement for the sale its cannabis facility in Delta, British Columbia. However, the deal value indicates a price that is half the original listing price of the property.

Zenabis noted that the agreement, for the sale of land and buildings only, is for a gross purchase price of C$6.65 million. The company expects the transaction to close no later than December 30, 2020.

In a regulatory filing earlier this year, Zenabis had said that through a third-party appraisal, the fair value less cost of disposal of the Delta property was determined to be C$12.30 million.

“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,” said Shai Altman, Chief Executive Officer of Zenabis.

Altman added that redeployment of the testing equipment to Zenabis Atholville will enable the company to fulfil a significant amount of its testing requirements in-house. This will allow the company to realize substantial cost savings and reduce testing lead times, compared to its currently out-sourced testing…

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