Zenabis Stock Fails to Sustain at Higher Levels Despite Positive News

Zenabis stock

Zenabis stock has been on a downward spiral for most of the past 12 months. However, there have been some positive recent developments from Zenabis Global (TSX:ZENA) (OTCPK:ZBISF). Let's take a look at some of those developments.

First and foremost, Zenabis Global is making a big move towards the cannabis derivative market and announced its strategy back in February.

To Produce Cannabis-Infused Beverages

On February 19, the company announced that it has signed an agreement with a beverage company in Canada and is soon going to produce cannabis-infused beverages, which could be the saving grace for Zenabis stock if all goes well. Zenabis signed the agreement back in December 2019 with Canadian beverage company HYTN Beverages.

In addition to that, the company is going to produce cannabis-infused sparkling water under the HYTN brand, and Zenabis Global stated that there are indications of strong demand for the product. The company also revealed that the first shipment of the sparkling water product is going to be shipped out at some point in the second quarter of 2020.

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Zenabis stock is down by 5.50% at C$0.085.

While the company’s cannabis 2.0 strategy is certainly positive, it is also important to point out that back in December 2019, Zenabis delivered the biggest harvest in its history.

The company provided its monthly update for its operations in December last month and revealed that it had harvested as much as 3,841 kilos of dried cannabis for the month. The dried cannabis was harvested at the company’s Atholville facility, and the total harvest for 2019 came in at 20,000 kilos.

The performance of the Atholville facility is an important development for Zenabis Global, and the facility is expected to be a key part of the company’s growth going forward. Investors may want to keep an eye on Zenabis stock and track the company's developments in the coming weeks.

>> Read More Zenabis News

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