MJ Biz reports…
Troubled Canadian marijuana company Zenabis Global said it has entered exclusive merger talks with “another significant licensed cannabis producer.”
Zenabis, based in Vancouver, British Columbia, said it wouldn’t disclose further details.
Zenabis’ announcement in a Wednesday morning news release also included a swipe at competing producer Sundial Growers, which made a “strategic investment” on Dec. 30 to buy the senior secured debt of Zenabis subsidiary Zenabis Investments.
In a news release issued 30 minutes before Zenabis’ announcement, Sundial said it had issued a notice of default to Zenabis on that debt, despite receiving a principal repayment on Dec. 31 worth 7 million Canadian dollars ($5.5 million).