RE:RE:RE:RE:CubicFarm news License Agreement with Zenabis to expand sales of CubicFarms systems in new vertical
Vancouver, BC – (AccessWire – October 28, 2019) – CubicFarm® Systems Corp. (TSXV: CUB) (“CubicFarms” or the “Company”) is pleased to announce that ZenCube, its vertical-farming machine for growing hemp and cannabis, is fully operational at a showcase and R&D facility in Langley, Canada.
The ZenCube project leverages CubicFarms’ patented, undulating-path growing technology to allow hemp and cannabis growers to cultivate significant amounts of product in a smaller footprint by doing so in a completely climate-controlled environment. The ZenCube helps to address challenges faced by traditional growing methods, by providing a solution that requires less space, labour, water and energy, and is expected to result in a more consistent, higher quality product for farmers and end-users alike.
CubicFarms has developed a pipeline of sales opportunities for its ZenCube-branded growing machines that is expected to be augmented by an exclusive License Agreement signed with Zenabis Ltd. (“Zenabis”), a subsidiary of Zenabis Global, a leading Canadian licensed cannabis cultivator of medical and recreational cannabis, and propagator and cultivator of floral and vegetable products. Under terms of the agreement, Zenabis shall fulfill a minimum sales threshold of 150 ZenCube machines by year 2024 to maintain its exclusive license to operate, sell and sublicense ZenCube machines globally.
The License Agreement supersedes the Joint Venture Agreement between CubicFarms and Zenabis, announced in a Bevo Agro press release dated October 9, 2018. Bevo Agro now is Zenabis Global.
CubicFarms and Zenabis are conducting ongoing R&D on crop growth and quality at the Zenabis-owned-and-licensed Langley facility.