Zenabis has appointed Andrew Grieve as Chief Executive Officer, effective immediately.
Rick Brar, Zenabis’ Co-Founder and former CEO, will continue to contribute and join fellow Co-Founder Mark Catroppa as a Special Advisor. In addition, shareholders of Zenabis holding ~10% of the common shares have entered into the existing Pooling Agreement with the result that ~67% of the currently outstanding common shares are subject to Pooling Agreement restrictions on disposition. Finally, Zenabis has also entered into a credit agreement with a major Canadian chartered bank for an aggregate of $51m. ~$12m will be drawn to fund the completion of Zenabis’ Topgro acquisition.
“With the completion of the recent listing and Zenabis’ entering the next phase of its growth, as a publicly traded company, the Board has appointed a CEO with extensive experience in organizational leadership and the execution of complex transactions,” said Zenabis Board Chair Monty Sikka. “Andrew Grieve stood apart as a business and military leader with an extraordinary ability to connect vision, people, and ideas to achieve the intent of our organization. Andrew’s experience as both an entrepreneur and as financial advisor on multi-billion-dollar transactions is exactly what Zenabis requires as we enter this new phase of growth.”
“This is the perfect time for Andrew to become Zenabis’ Chief Executive Officer,” said Mr. Brar, Co-Founder and former CEO. “With Zenabis becoming a public company, Andrew has the experience necessary to translate financial understanding, leadership, and organizational design into world-class execution. Andrew is a champion of the Zenabis culture and has proven his complete commitment to supporting Zenabis’ values. I look forward to continuing to contribute to Zenabis as a Special Advisor.”
“I am grateful to the Board of Directors for putting their faith in me and asking me to serve as CEO,” said Mr. Grieve. “The values of Zenabis are my values: excellence, responsibility, compliance with the law, and delivery of stakeholder value. I am excited to be working with a management team that shares these values, and shares the vision that Rick and I conceived of nine months ago. I look forward to faithfully executing my role serving the shareholders of Zenabis.”
In other news, Zenabis announced a $51,000,000 credit agreement with a major Canadian chartered bank.