Possible reason for the delay Zenabis is currently in court (Mar29 and again today) to finalize the buyout terms. I went online and purchased the filings fo(for $6) which are publicly available on the BC govt website. In the filings it reports that Zena did $14.9M in fourth quarter net cannabis revenue. This is a 40% increase over Q4-2019 yet a decrease from Q3-2020 and below low end guidance of $16M. Since this information is hearsay I can not confirm the actual yet since it is in a legal document it should be given at least a little more probability of accuracy.
This performance is certainly understandable given changes to shipments to Israel and Covid resurgence let alone all the turmoil of Q3/Q4. New CEO/refinancing/cost controls....
My overall read is positive on Qtr and my forecast for Q1 is expected off the charts -- $23-25M. This bodes very well for the merger with Hexo.
As for the above noted court proceeding -- my guess is we hear by end of today with fins and it will be the final item that opens the door for the merger with Zena to be completed in mid May.
My low end forecast is Hexo at $11.5 by mid June meaning Zena = $0.20 which is a 300% return for those lucky folks who chose to purchase at $0.05 in Q$-2020.