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Canada-listed cultivator of medical and recreational cannabis company Zenabis Global said Tuesday it entered into a new supply agreement with Tilray Inc (NASDAQ:TLRY).
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Zenabis LTD, a wholly-owned subsidiary of Zenabis Global, said it entered into an agreement with High Park Holdings, a fully-owned subsidiary of Tilray. As part of the agreement, High Park will advance CA$30 million ($22.8 million USD) to Zenabis in return for a supply of dried cannabis.
Zenabis said it doesn't expect the new agreement to have any impact on existing customers.
See Also: The Secret Sauce Behind The Best Performing Cannabis ETF In Canada
Why It's Important
Zenabis CEO Andrew Grieve said the new agreement "significantly reduces" the potential for the company to withdraw capital from its $60 million unsecured convertible debenture facility. He also said the agreement validates its ability to produce consistent and premium cannabis products.
Zenabis will deliver each month dried cannabis to High Park with the first delivery scheduled for October. The prepaid amount will vary as it is dependent on the product type and format High Park orders.
Zenabis Global's Toronto-listed stock was higher by more than 10%, while Tilray shares traded lower by 2.6% to $48 at time of publication.
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Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.