Pot producer Sun Pharm changes name to Zenabis

Pot producer Sun Pharm changes name to Zenabis

The move to create Zenabis Global Inc. is part of a reverse takeover

Medical marijuana producer Sun Pharm Investments Ltd. is moving to create Zenabis Global Inc., a publicly-traded company with growing operations in British Columbia, New Brunswick, and eventually in Nova Scotia.

RELATED: Marijuana roll out will be challenging, new territory for everyone: Horgan

The privately-held cannabis company is merging with a subsidiary of propagated agricultural plants supplier Bevo Agro Inc. via reverse takeover, in which a smaller firm takes over a public company.

Bevo is currently listed on the TSX Venture exchange and after the transaction and amalgamation, the company will change its name to Zenabis, taking after one of Sun Pharm’s cannabis brands.

Sun Pharm says it currently has two licensed production facilities in British Columbia and New Brunswick, with a third due to come online shortly in Nova Scotia, together, encompassing more than 61,000 square metres of growing space.

RELATED: B.C. business makes a mint on cannabis extraction equipment

After the transaction is complete, the companies say Bevo’s greenhouse facilities in Langley are intended to be expanded and retrofitted.

On completion of planned expansions, the companies say the combined entity will have more than 320,000 square metres of indoor and greenhouse space across the three provinces.

The Canadian Press

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