2. TSXV: ZENA
1
Disclaimers
IMPORTANT: YOU MUST READ THE FOLLOWING BEFORE CONTINUING. The information contained in this document has been prepared by Zenabis Global Inc. (“Zenabis” or the “Company”). The information contained in this
document (a) is provided as at the date hereof and is subject to change without notice, (b) does not purport to contain all the information that may be necessary or desirable to fully and accurately evaluate an investment in the Company,
including important disclosures relating to the terms of an investment and risk factors associated with an investment in the Company and (c) is not to be considered as a recommendation by the Company that any person make an
investment in the Company.
This presentation, and the information contained herein, is not for release, distribution or publication into or in the United States or any other jurisdiction where applicable laws prohibit its release, distribution or publication. This
presentation (“Presentation”) is being issued by the Company for information purposes only. It is information in a summary form and does not purport to be complete. It is not intended to be relied upon as advice to investors or potential
investors and does not take into account the investment objectives, financial situation or needs of any particular investor. Reliance on this Presentation for the purpose of engaging in any investment activity may expose an individual to
significant risk of losing all of the property or other assets invested
This Presentation is not a prospectus, offering memorandum or an advertisement and is being provided for information purposes only and does not constitute or form part of, and should not be construed as, an offer or invitation to sell or
any solicitation of any offer to purchase or subscribe for any securities in Canada, the United States or any other jurisdiction. Neither this Presentation, nor any part of it, nor anything contained or referred to in it, nor the fact of its
distribution, should form the basis of or be relied on in connection with or act as an inducement in relation to a decision to purchase or subscribe for or enter into any contract or make any other commitment whatsoever in relation to any
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Presentation but are referred to the entire body of publicly disclosed information regarding the Company. This Presentation is qualified in its entirety by reference to, and must be in read in conjunction with, the Company’s publicly
disclosed information.
Certain information contained herein includes market and industry data that has been obtained from or is based upon estimates derived from third party sources, including industry publications, reports and websites. Third party sources
generally state that the information contained therein has been obtained from sources believed to be reliable, but there is no assurance or guarantee as to the accuracy or completeness of included data. Although the data is believed to be
reliable, neither the Company nor its agents have independently verified the accuracy, currency or completeness of any of the information from third party sources referred to in this presentation or ascertained from the underlying
economic assumptions relied upon by such sources. The Company and its agents hereby disclaim any responsibility or liability whatsoever in respect of any third party sources of market and industry data or information. This Presentation
has not been independently verified and the information contained within may be subject to updating, revision, verification and further amendment. While the information contained herein has been prepared in good faith, except as
otherwise provided for herein, neither the Company, its directors, officers, shareholders, agents, employees or advisors give, has given or has authority to give, any representations or warranties (express or implied) as to, or in relation to,
the accuracy, reliability or completeness of the information in this Presentation, or any revision thereof, or of any other written or oral information made or to be made available to any interested party or its advisers and liability therefore is
expressly disclaimed for any loss howsoever arising, directly or indirectly, from any use of such information or opinions or otherwise arising in connection therewith. Except as may be required by applicable law, in furnishing this
Presentation, the Company does not undertake or agree to any obligation to provide the recipient with access to any additional information or to update this Presentation or to correct any inaccuracies or omissions. Information contained
in this Presentation is the property of the Company and it is made available strictly for the purposes referred to above.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING INFORMATION: This document includes information, statements, beliefs and opinions which are forward-looking, and which reflect current estimates, expectations and
projections about future events, including, but not limited to, the anticipated costs per gram of the Company, the intended conversion, expansion and optimization of the Company’s facilities, the anticipated production capacity of the
Company and its competitors, the receipt of all required licenses to operate, future sales, supply chains and partnerships of the Company, proposed laws relating to cannabis; and the anticipated legalization thereof in various jurisdictions;
the growth of market efficiencies; the projected size of the cannabis market; the forecasted results of the Company; an increase in competition in the cannabis market; and other statements that contain words such as "believe," "expect,"
"project," "should," "seek," "anticipate," "will," "intend," "positioned," "risk," "plan," "may," "estimate" or, in each case, their negative and words of similar meaning. By their nature, forward-looking statements involve a number of risks,
uncertainties and assumptions that could cause actual results or events to differ materially from those expressed or implied by the forward-looking statements. These risks, uncertainties and assumptions could adversely affect the
outcome and financial effects of the plans and events described herein. Such forward-looking information is provided for the purpose of providing information about management's current expectations and plans relating to the future.
Investors are cautioned that reliance on such information may not be appropriate for other purposes, such as making investment decisions. These factors and risks include, without limitation: general economic, market and business
conditions and industry growth rates; changes in the competitive environment in the markets in which the Company operate and from the development of new markets for emerging technologies; industry trends, technological
developments, and other changing conditions in the Company’ industries; the Company’s ability to execute its strategic plans; technology, cyber security and reputational risks; opportunities that may be presented to and pursued by the
Company; and changes in laws, regulations and decisions by regulators that affect the Company or the markets in which it operates. In addition, even if the outcome and financial effects of the plans and events described herein are
consistent with the forward-looking statements contained in this document, those results or developments may not be indicative of results or developments in subsequent periods. Forward-looking information contained in this presentation
is based on our current estimates, expectations and projections, which we believe are reasonable as of the current date and/or management's good-faith belief with respect to future events and are subject to known or unknown risks,
uncertainties, assumptions and other unpredictable factors, many of which are beyond the Company’s control. You should not place undue reliance on forward-looking statements, which are based on the information available as of the
date of this document. Any forward-looking statements speak only as of the date on which such statement is made and the Company disclaims any intention or obligation to update or revise any forward-looking information contained in
this document, whether as a result of new information, future events or otherwise, unless required by applicable law. The forward-looking information included in this Presentation is expressly qualified in its entirety by this cautionary
statement. The Company cautions that the foregoing lists of assumptions, risks and uncertainties is not exhaustive.
Historical statements contained in this document regarding past trends or activities should not be taken as a representation that such trends or activities will continue in the future. In this regard, certain financial information contained
herein has been extracted from, or based upon, information available in the public domain and/or provided by the Company. In particular historical results of the Company should not be taken as a representation that such trends will be
replicated in the future. No statement in this document is intended to be nor may be construed as a profit forecast.
ELECTRONIC DISTRIBUTION: This document may have been sent to you in an electronic form. You are reminded that documents transmitted via this medium may be altered or changed during the process of electronic transmission.
You are responsible for protecting against viruses and other destructive items. Your receipt of this document by electronic transmission is at your own risk and it is your responsibility to take precautions to ensure that it is free from viruses
and other items of a destructive nature. As a consequence of the above, neither the Company nor any director, officer, employee or agent of any of them or any affiliate of any such person accepts any liability or responsibility whatsoever
in respect of any difference between the document distributed to you in electronic format and the hard copy version that is available to you.
3. TSXV: ZENA
1986 2019
2
Zenabis was formed in January 2019 after the reverse-takeover of
Bevo Agro Inc. by Sun Pharm Investments Ltd.
WHERE WE CAME FROM…
▪ Successful 30+ year growing history in British Columbia, Canada
▪ Specialized in the propagation of hundreds of unique crops at an industrial scale
▪ EBITDA grew at a compounded annual rate of ~20% from FY2011 to FY20182
▪ EBITDA margins of ~24% in FY2018; strong margins in a competitive industry
1986
Purchased first 26
acres of land
Notes: 1) Based on square footage of indoor facility space. 2) FY means the fiscal year ended June 30 of Bevo Agro Inc..
▪ Founded in 2014 and became Canada’s largest privately held licensed cannabis producer1
▪ 100+ years combined experience in pharmaceuticals and agricultural consumer packaged goods
▪ Key products included the Zenabis brand for the medicinal market
2000
Became a public
company
1987
First 2.5 acre
greenhouse was
built
1999
Purchased
adjoining 72 acres
of land
2014
Purchased a five
acre greenhouse in
Pitt Meadows
2014
Business formed
as Zenabis Limited
Partnership
2016
Received
investments from
NB Government
and the Listuguj
First Nation
2016
Acquired Zenabis
Stellarton and
Zenabis Atholville
2017
Obtained
cultivation and
processing
licenses in Delta
and Atholville
2019
Completed reverse
take-over to form
Zenabis Global Inc.
Bevo
Sun Pharm
Zenabis
4. TSXV: ZENA
WHO WE ARE TODAY
Cultivation Expertise & Low-Cost
Production
Existing cultivation cost of $1.10 per gram at
Zenabis Atholville, and forecast cultivation
cost of $0.75 per gram at Zenabis Langley
Facility Footprint & Licensing
expertise
Designed to produce up to 479,300kg1 of
cannabis over four cannabis facilities with
three licensed and one undergoing
conversion.
Domestic Recreational Distribution
Supply agreements and arrangements2 with
eight provinces and one territory;
Products and Brands
Domestic Medical Distribution
Medical distribution through Shoppers and
Pharmasave
Notes: 1) All production estimates are based on the assumptions outlined in the Zenabis Global Inc. Final Base Shelf Prospectus dated April 10, 2019 and filed on SEDAR and documents incorporated by reference therein. 2) Supply
arrangements do not contain purchase commitments or otherwise obligate the purchaser to buy a minimum volume of products from Zenabis.
Zenabis is a licensed cannabis producer with three existing licensed production facilities, significant
existing capacity and domestic distribution, and a management team committed to completing facility
conversion and developing an international business.
OUR VALUES:
Excellence
Responsibility
Compliance
Delivery of Stakeholder Value
3
Management Expertise
100+ years of combined experience in
cultivation, pharmaceuticals, procurement,
sales, distribution, and research and
development
Growing International Platform
Conditional approval to develop production
and processing facility in Malta; non-binding
plans for distribution in the EU and South
America
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OUR FACILITIES
Notes: 1) The greenhouse to the right of the Zenabis Langley photo is not part of Zenabis Langley. 2) All production estimates are annual and based on the qualifications and assumptions outlined in the Zenabis Global Inc. Final Base
Shelf Prospectus dated April 10, 2019 and filed on SEDAR and documents incorporated by reference therein.
▪ 25,000 sq. ft. indoor facility
▪ 100kg capacity by Q3 20192
▪ 500kg design capacity2
▪ Licensed for cultivation,
processing, and sales
4. Zenabis Delta
Delta, British Columbia
2. Zenabis Atholville
Atholville, New Brunswick
▪ 2,100,000 sq. ft. greenhouse
▪ 96,100kg capacity by Q3 20192
▪ 426,000kg design capacity2
▪ Cultivation license application
submitted
1. Zenabis Langley1
Langley, British Columbia
▪ 380,000 sq. ft. indoor facility
▪ 34,300kg capacity by Q3 20192
▪ Licensed for cultivation,
processing, and sales
3. Zenabis Stellarton
Stellarton, Nova Scotia
▪ 255,000 sq. ft. indoor facility
▪ 800kg capacity by Q3 20192
▪ 18,500kg design capacity2
▪ Licensed for cultivation
Zenabis currently has run-rate cannabis
production capacity of 10,200kg and expects
this to increase to 131,300kg by early Q3 2019
▪ 218,000 sq. ft. greenhouse
▪ Used for propagation/floral
business
▪ Application for industrial hemp
license submitted
Zenabis Pitt Meadows
Pitt Meadows, British Columbia
▪ 453,000 sq. ft. greenhouse
▪ Used for propagation/floral
business
▪ Application for industrial hemp
license submitted
Zenabis Aldergrove
Aldergrove, British Columbia
4
1
2
3
6. TSXV: ZENA
-
20
40
60
80
100
120
140
Jan-19
Feb-19
Mar-19
Apr-19
May-19
Jun-19
Jul-19
Aug-19
(000kg)
Indoor Greenhouse
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INCREASING FUNDED PRODUCTION CAPACITY PROFILE
Q1 2019 Q2 2019 Q3 2019
March 2019
10,200kg Capacity
April 2019
13,400kg Expected
Capacity
Zenabis Atholville
Expansion (+3,200kg)
May 2019
23,200kg Expected
Capacity
Zenabis Atholville
Expansion (+9,800kg)
June 2019
83,250kg Expected
Capacity
Zenabis Atholville
Complete (+12,000kg)
Portion of Zenabis
Langley Operational
(+48,050kg)
Early Q3 2019
131,300kg Expected
Capacity
Zenabis Langley First 10
Acres Complete
(+48,050kg)
Note: 1) All production estimates are annual and based on the qualifications and assumptions outlined in the Zenabis Global Inc. Final Base Shelf Prospectus dated April 10, 2019 and filed on SEDAR and documents incorporated by reference therein. 2)
Assuming all 48 acres of greenhouse is fully converted for cannabis production at Zenabis Langley.
Indoor
Greenhouse
7. TSXV: ZENA
Zenabis
Langley
Langley, BC
Zenabis
Atholville
Atholville, NB
Zenabis
Stellarton
Stellarton, NS
Zenabis
Delta
Delta, BC
Zenabis Pitt
Meadows
Pitt Meadows, BC
Zenabis
Aldergrove
Aldergrove, BC
Parcel Size 4,279,000 sq. ft. 871,000 sq. ft. 547,000 sq. ft. 51,000 sq. ft. 871,000 sq. ft. 2,180,000 sq. ft.
Total Facility Space 2,100,000 sq. ft.1 380,000 sq. ft. 255,000 sq. ft. 25,000 sq. ft. 218,000 sq. ft. 453,000 sq. ft.
Design Capacity2 426,000kg3 34,300kg 18,500kg 500kg N/A N/A
Extraction Design Capacity4 N/A 18,000kg N/A 165,600kg N/A N/A
Production Cost $0.75/gram5 $1.10/gram6 $1.60/gram5 $2.80/gram6 N/A N/A
Utilization
Cannabis7 +
Hemp8 +
Propagation
Cannabis Cannabis Cannabis
Propagation +
Floral + Hemp8
Propagation +
Floral + Hemp8
Cultivation Format
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PRODUCTION FOOTPRINT
G H Indoor Indoor Indoor
8.8m sq. ft.
(2.4m sq. ft. available for hemp
cultivation)
Total Available Land
0.7m / 2.8m / 3.5m sq. ft.
Total Max Development
Indoor / GH / Total
479,300kg
(excluding hemp production and
0.7m sq. ft. of greenhouse space
for propagation)
Total Maximum Design
Capacity
Total Extraction Design
Capacity
183,600kg
Notes: 1) 450,000 sq. ft. of Bevo’s existing greenhouses is expected to be initially converted to cannabis production space. The remainder is expected to continue to be used for Bevo’s propagation business, and may be converted into cannabis cultivation
space on an as needed basis. 2) All production estimates are annual and based on the qualifications and assumptions outlined in the Zenabis Global Inc. Final Base Shelf Prospectus dated April 10, 2019 and filed on SEDAR and documents incorporated
by reference therein. 3) Assuming full conversion of the 2.1m sq. ft. of available space. The design capacity of the 450,000 sq. ft. to be initially converted is 96,100kg per annum. 4) Extraction estimates are annual, based on 24 hours of operations per day
and based on kilograms of input material. 5) Estimated cost per gram. 6) Historical average cost per gram. 7) Intended utilization after conversion to cannabis production. 8) Potential utilization subject to receipt of applicable licenses.
G H Outdoor G H Outdoor
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BRANDS
Existing Brands
Type: Recreational brand
Sales Channels: Online and brick-and-
mortar
Current Products: Dried cannabis
Near-Term Products: Pre-rolls and oils
Future Products: Food products,
beverages
Type: Medical brand
Sales Channels: Online
Current Products: Dried cannabis
Near-Term Products: Pre-rolls and oils
Future Products: Food products, hemp
products
Type: Premium recreational brand
Sales Channels: Online and brick-and-
mortar
Current Products: Dried cannabis
Near-Term Products: TBD
Future Products: TBD
Brands in Development
Type: Niche recreational brand
Sales Channels: Online and brick-and-
mortar
Current Products: N/A1
Near-Term Products: Pre-rolls1
Future Products: Concentrates
Type: Recreational brand
Channels: Online and brick-and-mortar
Expected Products: Dried cannabis, pre-rolls,
oils, sprays, food products and beverages
Type: Niche recreational brand
Channels: Online and brick-and-mortar
Expected Products: Dried cannabis, pre-rolls,
concentrates, food products
Note: 1) Blazery pre-roll products are expected to be available April 20, 2019.
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PRODUCT PORTFOLIO
Current and Near-Term Products
Oils
Status: Expected this quarter
Dried Flower
Status: Currently offered
Gel Caps
Status: Expected this quarter
Tinctures and Sprays
Status: Expected this quarter
Future Products1
Edibles
Status: Working with strategic partner to
develop
Topicals
Status: Being developed internally
Health and Beauty
Status: Intend to develop internally or
with strategic partner
Other Non-Alcoholic Beverages
Status: Intend to develop internally or
with strategic partner
Kombucha
Status: Developing with True Buch
DIY Kits
Status: Working with strategic partner to
develop
Vapes and Concentrates
Status: Being developed internally
Pre-Rolls
Status: Expected this quarter
Flavoured and Sparkling Water
Status: Intend to develop internally or
with strategic partner
Note: 1) Subject to Health Canada regulation.
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DOMESTIC PARTNERSHIPS AND DISTRIBUTION CHANNELS
Zenabis has developed a diverse set of partnerships and relationships with provinces, distributors, pharmacies and First Nations.
Supply Arrangement
BC Liquor
Distribution
Branch
(“BCLDB”)
Supply Agreement
Alberta Gaming,
Liquor &
Cannabis
(“AGLC”)
Supply
Arrangement
Saskatchewan
Wholesale
Distributor Supply
Arrangement
Manitoba Liquor
and Lotteries
(“MBLL”)
Canada-wide Partnerships and Distribution Channels
Definitive
Agreement
Primarily for Oil
Supply Agreement
for medical
cannabis products
Supply Arrangement
Yukon Liquor
Corporation
(“YLC”)
LOI Executed and
Purchase Orders
Received
Société
québécoise du
cannabis
(“SQDC”)
Supply Agreement
Alcool New
Brunswick Liquor
(“ANBL”)
Supply Arrangement
Nova Scotia Liquor
Corporation
(“NSLC”)
Supply Arrangement
PEI Cannabis
Management
Corporation
Investment
Investor
Investor
Opportunities NB Investor
Investor
Songhees Nation
Listuguj Mi’gmaq
Government
Millbrook First
Nation
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GROWING INTERNATIONAL DISTRIBUTION
Malta
Zenabis has signed a non-binding letter of intent to
supply cannabis to a chain of 15 pharmacies in
Malta; Zenabis has also received conditional approval to
develop a production and processing facility in Malta
Europe
Zenabis has signed a non-binding letter of intent with a
European distributor to supply 2,400kg of dried
cannabis equivalent per year with the potential to
provide 6,000kg of dried cannabis equivalent per year
starting in 2020
Germany
Zenabis has signed a non-binding letter of intent with a
German pharmaceutical company towards a definitive
supply arrangement, and has supplied product to
Germany
Panama
Non-binding plans for a joint-venture in Panama to
supply up to 6,000kg of dried cannabis equivalent
per year once cannabis is legalized within the country
Paraguay
Non-binding plans with an entity in Paraguay to supply
up to 180kg of cannabis oil per year, once legalized
12. TSXV: ZENA
Mike McGinty
Chief Administrative Officer
▪ Extensive experience in large-scale
coordination and planning
▪ Formerly a senior officer in the British Army and
served overseas in Iraq and Afghanistan
▪ Remains an active member of the Canadian
Armed Forces
11
Mike Smyth
Chief Financial Officer1
Andrew Grieve
Chief Executive Officer
Leo Benne
Chief Growing Officer
▪ Experienced financial executive, entrepreneur
and principal investor (>18 investments)
▪ Co-Founder and Co-Head of Advisory at
Agentis Capital (>$20bn in deal experience)
▪ Advised on acquisition, financing, and project
development transactions across a wide range
of sectors (from infrastructure to technology)
▪ Officer in the Canadian Armed Forces for 15
years, and is currently a Major
▪ Extensive experience in corporate finance,
treasury, finance administration and business
strategy
▪ Formerly the interim CFO at a BC greenhouse
grower where he initiated a cannabis growing
relationship with a respected cannabis company
▪ Previously a Senior Manager at a global fund
manager Lionhart Canada and the Treasurer for
Bell Canada
▪ Formerly Vice President and Director of Bevo
▪ Gained advanced knowledge of modern
horticultural methods at Rijks Middelbare
Tuinbouwschool in Holland
▪ Oversaw every stage of Bevo's operations, from
planting to shipping
▪ Led Bevo through periods of unprecedented
growth to make Bevo the leading plant
propagator in North America
David Lluncor
Chief Revenue Officer
▪ Has more than 15 years of corporate sales
experience working closely with large, national
multi-chain accounts in the retail and consumer
packaged goods industry
▪ Has helped companies capture market share
and helped them develop their brands into
category leaders
John Kondrosky
Chief Operating Officer
▪ Accomplished senior executive with over 25
years of leadership experience within complex
global medical life sciences organizations in the
US and Canada
▪ Previously served as Vice-President & General
Manager of one of Canada’s largest generic
drug manufacturers
Note: 1) The appointment is effective May 14, 2019.
MANAGEMENT
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MANAGEMENT & KEY SHAREHOLDER ALIGNMENT
Security Holder Name Title Percentage of Basic2
Blue Samurai Medical Partnership Mark Catroppa Co-Founder – Zenabis 17.0%
Bluecore Medical Partnership Monty Sikka Co-Founder, Director, and Chair – Zenabis 17.0%
Brar Bioceutical Corp. Rick Brar Co-Founder – Zenabis 13.5%
C.G.M Ventures Inc. and Benne Family Leo Benne, Jack Benne, John Hoekstra Founders – Bevo Farms 6.7%
Nuovo Enterprises Kevin Coft Chief Facilities Officer – Zenabis 3.6%
Other Shareholders N/A N/A 12.6%
Total 70.6%
Notes: 1) Subject to a downward adjustment for net debt to adjust for the usage of debt to fund earnings.. 2) Zenabis had 190,526,974 shares outstanding as of April 12, 2019.
✓ CEO does not receive cash compensation unless the company:
▪ Achieves $96m in EBITDA1 ($0.42 per share) and $36m in earnings ($0.16 per share) in
2020
▪ Maintains a share price greater than $4.90 over four quarters
✓ Founders and insiders own a total of 58% in Zenabis shares outstanding
✓ Key shareholders have entered into a voluntary pooling agreement covering 71% of Zenabis
shares outstanding
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CORPORATE HIGHLIGHTS
100 Years of Industrial-Scale Cultivation Expertise
Highly Experienced Management Team
Unique Relationship & Partnerships
Low Production Costs
Three Licenced Facilities
Well-received and Highly Recognizable Products
Extensive Domestic Distribution Network
