Cannabis Industry Leader Zenabis Ltd. signs LOI with Hillsboro Corp Inc., maker of True Buch Kombucha
NEWS PROVIDED BY
Bevo Agro Inc.
Oct 16, 2018, 09:00 ET
Licensed producer Zenabis Ltd. - which is merging with Bevo Agro to become Zenabis Global - signs LOI with Hillsboro Corp Inc., a Canadian cultured tea beverage company known for its True Buch Kombucha.
VANCOUVER, Oct. 16, 2018 /CNW/ - On October 4, 2018, Bevo Agro Inc. (TSXV: BVO) ("Bevo") announced that it had signed an Arrangement Agreement dated October 4, 2018 with Sun Pharm Investments Ltd. ("Sun Pharm") for a reverse take-over of Bevo, and announced its intent to change its name to Zenabis Global Inc ("Zenabis"). Through Sun Pharm'ssubsidiary licensed producer Zenabis Ltd. ("Zenabis"), Zenabis Global Inc. will have nearly 3.5 million square feet of available production space.1
Sun Pharm is pleased to announce that Zenabis has signed an LOI with Hillsboro Corp Inc. ("True Buch") to develop cannabis infused kombucha. Particularly, under the LOI Zenabis intends to work with True Buch to develop and distribute cannabis infused cultured tea beverage products. A definitive agreement is expected to be entered into shortly.
True Buch is a kombucha company with expertise in the creation of cultured tea beverages. True Buch cultured tea beverages are raw, unpasteurized, gluten free and non-GMO, with over 11 distinct flavours. Zenabis and TrueBuch intend to utilize each other's expertise to infuse cannabis into True Buch beverages, creating a cultured tea beverage CBD product.
"Zenabis is emerging as one of the largest cannabis producers in the world according to available growing capacity. We are partnering with best-in-class manufacturers in a variety of sectors, and True Buch Kombucha is no exception," said Rick Brar, CEO of Zenabis. "By bringing together True Buch's expertise in cultured tea beverages with Zenabis' expertise in consumer product development and the science of cannabis, we can offer a high-quality product that taps into growing consumer demand in the beverage category."
"We firmly believe cannabis infused functional beverages, such as kombucha, are the next progressive step forward in this high growth industry," said Conrad Ferrel, CEO of True Buch. "Partnering with Zenabis gives True Buch Kombucha access to the expertise we need to supply the market with high-quality cannabis infused beverages. It's an exciting time and we couldn't be more pleased with the opportunity to partner with Zenabis and their amazing team."
Zenabis Key Milestones
On October 4, 2018 Bevo and Sun Pharm announced the RTO and the intent of Bevo to change their name to Zenabis Global Inc. upon completion of the amalgamation
On October 5, 2018, Zenabis released a presentation introducing the combined business
As of October 15, 2018, Zenabis has secured purchase orders from government and third party retailers/distributors in New Brunswick, Nova Scotia, British Columbia, Yukon, and Europe
About Bevo Agro
Bevo Agro is North America's leading supplier of propagated agricultural plants, operating approximately 53 acres of state-of-the-art greenhouse facilities on 98 acres of land in Langley, BC and 20 acres of land in Pitt Meadows, BC. The company has entered into a binding agreement to acquire 10.4 acres of greenhouse space on 50 acres of land in Aldergrove, British Columbia (the "Greenhouse Acquisition"). The Company's main products have been the propagation of vegetable plants such as tomatoes, peppers, cucumbers, and other plants such as bedding plants, flowers and grasses. The Company markets its products to established greenhouse growers, nurseries and retail outlets throughout North America.
About Sun Pharm
Sun Pharm has significant experience in agriculture, technology, pharmaceutical sales, consumer packaged goods, international distribution and brand marketing, with cannabis and cannabis-related purchase orders from the provinces of New Brunswick, British Columbia, Nova Scotia, and Yukon Territory. Sun Pharm is currently a privately-held cannabis company which has one of the largest, federally licensed indoor medical cultivation footprints in Canada, operating two licensed production facilities in British Columbia and New Brunswick, with a third expected to be coming online shortly in Nova Scotia. These facilities encompass 660,000 square feet of indoor pharmaceutical grade cannabis production space, strategically positioned on Canada's coasts, facilitating national distribution and access to international markets. Sun Pharm is currently working towards globally recognized EU GMP certifications. Sun Pharm has a management team with decades of experience in the industry, with expertise in retail consumer packaged goods, global pharmaceutical sales and manufacturing, quality assurance, and commercialized cultivation. The growing team has more than two decades of experience in organic cultivation and distribution of herbs and nutraceutical products throughout the Americas, North Africa, and the Middle East. Sun Pharm's sales team has more than two decades in product development, commercialization, and retail and pharmaceutical sales including international distribution.
About True Buch
Founded almost a decade ago with the goal of creating beverages to improve gut health, True Buch Kombucha brews raw, unpasteurized, gluten free and non-GMO Kombucha. Based in Alberta, the company distributes small-batch Kombucha and is passionate about sustainability, collaborating with local businesses, supporting employees, and adhering to zero waste principles.
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1 After completion of planned expansions
SOURCE Bevo Agro Inc.
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