Zenabis stock is soaring today after Zenabis Global (TSX:ZENA) (OTCPK:ZBISF) announced that December saw the company's largest-ever harvest.
Best Ever Harvest
In its monthly operations update for December, Zenabis said that it had harvested a total of 3,841 kilograms of dried cannabis in December alone at its Atholville facility, bringing the total harvest for 2019 to just under 20,000 kilograms. The amount harvested at the facility outperformed the revised design capacity of the flower rooms by 0.93%, with harvests increasing steadily on a month-to-month basis from just 474 kilograms in January to around the 3,000-kilogram mark in the last three months of the year. Zenabis stock is currently up 8.3%.
This completes a whole year of successful harvests from Zenabis Atholville, since the creation of Zenabis Global Inc. In that time, we have increased Atholville's monthly harvest yields by 800%, which is an amazing achievement by the entire Zenabis team. Of the total 2019 Atholville harvest figure of nearly 20,000 kg, 20% was harvested just in December. This shows us what steady-state cultivation and production at Atholville can deliver," said CEO Kevin Coft. Zenabis stock is currently trading for $0.13.
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Facility Update
Atholville is the only site Zenabis Global completed a harvest at in December; however, Part 1 and Part 2A of its Langley facility are now licensed and operational with Part 2B substantially complete. The company has decided to amend its license application for Part 2B to include more square footage that was originally intended for Part 2C. This includes an increase of approximately 2,500 sq. ft. of flower space and 18,000 sq. ft. of operational space, including drying and packaging rooms.
Zenabis Stock Still Hovering Above Lows
While strong harvests are undoubtedly good news for investors, Zenabis stock is still currently hovering above a low of just $0.11, a far cry from last year's peak valuation of $4.02 a little under 12 months ago. The stock's performance has been hampered by a string of bad press, including news of 40 layoffs and the recall of mislabeled CBD soft gels. However, today's announcement does look like an indicator that the company has put its troubles behind it and could be gearing up for a big year ahead.
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