A flowering cannabis plant is seen in Langley, B.C., on October 9, 2018. THE CANADIAN PRESS Jonathan Hayward

A flowering cannabis plant is seen in Langley, B.C., on October 9, 2018. THE CANADIAN PRESS Jonathan Hayward

Zenabis completes sale of Langley’s Bevo, but remains a tenant

The cannabis company is still growing in local greenhouses

Zenabis, one of the big new players in commerical cannabis, has completed its sale of former partner sub-division Bevo, a longtime Langley greenhouse grower.

The sale was first announced at the end of December last year. This week, Zenabis announced that the sale had completed as of march 11, with Langley Propagation and Floral Company taking ownership of the Bevo Farms assets.

The cash proceeds to Zenabis are approximately $8.79 million for the sale, and Langley Propagation will own all of Bevo’s stock shares.

READ MORE: Cannabis grower Zenabis sells Langley-based Bevo

The upshot of the deal, according to Zenabis, is that it will keep its core business of cannabis production, while disposing of Bevo’s plant propagating business. Bevo has long been primarily in the business of starting seedlings for other growers, including peppers, tomatoes, cucumbers, lettuce, and flowers.

Zenabis’s Langley operation, a sizable greenhouse-based premises off Glover Road in the Milner area, will continue. Bevo owns the facility and leases it to Zenabis.

Finally, it will improve Zenabis’s financial position and significantly reduce the amount of debt it owes. Zenabis was expected to reduce its debt load by $42.5 million, according to the December announcement.

Zenabis currently has 111,200 kg of licensed cannabis cultivation space across three facilities including the greenhouses in Langley and two centres in New Brunswick and Nova Scotia. It also has a cannabis import, export, and processing joint venture, ZenPharm, operating from Birżebbuġa, Malta.

AgriculturecannabisFarmingLangley

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Just Posted

A horse and driver cruise around the track at Fraser Downs in Cloverdale Sept. 14, 2020 amid smoke from U.S. forest fires. Harness Racing B.C. announced it’s halting the spring season two weeks early because of a lack of money and says racing won’t continue in September without and influx of cash. (Photo: Malin Jordan)
Harness racing suspended at Fraser Downs

Spring season ends early, 135 workers out of jobs

An agreement between the City and the Langley Lions Housing Society would set out income and age requirements for the new Birch replacement building (Langley City image)
Langley Lions housing project gets go-ahead from City council

An eight-storey structure will replace the fire-gutted original Birch building

B.C.’s Court of Appeal in Vancouver. (Black Press Media files)
‘Stereotypes’ not an issue in Langley sex assault ruling, Court of Appeal says

The Court of Appeal upheld a conviction in two attacks on a 17-year-old

The Langley School District issues COVID-19 notifications when cases are discovered at local public school. Fraser Health handles contact tracing and all medical aspects for all local schools. (Langley Schools)
Two Langley schools added to COVID list

Fraser Health posts the names of public and private schools online when there’s been exposure

Florence Song (left), Amy Saya, and Chanhee Park participated in sustainability week at TWU by selling clothes to benefit charities. (TWU’s Winnie Lui/Special to Langley Advance Times)
TWU students turning used clothes and goods into cash

During sustainability week the university fundraises to benefit young entrepreneurs and charities

Rainbow trouts thrashing with life as they’re about to be transferred to the largest lake of their lives, even though it’s pretty small. These rainbows have a blue tinge because they matched the blue of their hatchery pen, but soon they’ll take on the green-browns of their new home at Lookout Lake. (Zoe Ducklow/News Staff)
VIDEO: B.C. lake stocked with hatchery trout to delight of a seniors fishing club

The Cherish Trout Scouts made plans to come back fishing soon

Photo by Metro Creative Connection
New campgrounds, amenities coming to B.C. parks as part of $82M provincial boost

This season alone, 185 campsites are being added to provincial parks, says Minister of Environment and Climate Change

Paper Excellence took over Catalyst Paper operations in B.C. in 2018. (Paper Excellence photo)
Cannabis bought in British Columbia (Ashley Wadhwani/Black Press Media)
Is it time to start thinking about greener ways to package cannabis?

Packaging suppliers are still figuring eco-friendly and affordable packaging options that fit the mandates of Cannabis Regulations

Archibald bowl near Chilliwack. (Submitted)
Cheam First Nation ‘shocked’ over all-season mountain resort proposal near Chilliwack

For five years the band has been working on a gondola project of their own

The plane blasted through an airport fence and down a hill, before stopping before a cement barrier on Highway 5A, right in front of a school bus. Photo submitted.
Student pilot crashes plane onto Highway 5A almost hitting school bus

Aircraft hit pavement right in front of school bus

A driver stopped by Saanich police following a road rage incident on April 15 was found to be impaired, in violation of a license restriction and in a damaged vehicle. They received a 90-day driving prohibition and a 30-day vehicle impound. (Saanich Police Traffic Safety Unit/Twitter)
Road rager fails breathalyzer on busy B.C. highway in vehicle he shouldn’t be driving

Saanich police say man was operating vehicle without required ignition lock

B.C. Premier John Horgan wears a protective face mask to help prevent the spread of COVID-19. THE CANADIAN PRESS/Jonathan Hayward
B.C. Premier John Horgan booked to get AstraZeneca shot Friday

‘Let’s show all British Columbians that the best vaccine is the one that’s available to you now,’ he said

Most Read