Zenabis gets $4M loan to help build medical marijuana facility


August 23rd, 2016

Kevin Coft says the building should be operational by 2017. (CBC)

Kevin Coft says the building should be operational by 2017. (CBC)

Medical marijuana company Zenabis will receive support $4 million from the provincial government to build its facility in Atholville.

That money is a loan, which will need to be paid back, even if Zenabis is unable to get the final production licence from the federal government.

Premier Brian Gallant says the $4 million investment will go towards the construction of the facility. (CBC)

Premier Brian Gallant says the $4 million investment will go towards the construction of the facility. (CBC)

 

“For us it’s a great way to be able to help them make the investment they need to be able to ultimately get the licence to produce, which means they would create hundreds of jobs here in Restigouche, which would be long-lasting and permanent,” said Premier Brian Gallant at a news conference Tuesday.

“It’s a way for us to do that and assist them, but also protect taxpayers’ money.”

Gallant says Zanabis will also pay interest on the loan.

“Over the 10 years there’s the possibility of actually making some money off of this loan,” said Gallant.

Biggest in Canada

Zenabis currently has a licence to construct the facility. That will begin in two weeks at the building which used to house by Atlantic Yarns.

Once the building is complete, Zenabis will be able to request a pre-licence inspection by Health Canada.

“Once construction is complete, we will be Canada’s largest indoor medical marijuana facility,” said Kevin Coft, who is the CEO of International Herbs Medical Marijuana Ltd, which operates Zenabis.

Coft said the building should be operating by 2017.

The province expects the facility it will create more than 200 jobs in northern New Brunswick once it’s operational. The government expexted the plant to contribute $15 million annually to New Brunswick’s gross domestic product.

Read Official News Release