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Cubicfarm Systems Corp
Symbol CUB
Shares Issued 84,179,714
Close 2019-10-28 C$ 0.45
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Cubicfarm signs licensing deal with Zenabis for ZenCube

2019-10-28 09:23 ET - News Release

Mr. Kimberly Lim reports

CUBICFARM SYSTEMS ANNOUNCES ITS FIRST OPERATIONAL GROWING MACHINE FOR HEMP AND CANNABIS

Cubicfarm Systems Corp.'s vertical farming machine for growing hemp and cannabis, ZenCube, is fully operational at a showcase and research and development facility in Langley, Canada.

The ZenCube project leverages Cubicfarm's patented, undulating-path growing technology to allow hemp and cannabis growers to cultivate significant amounts of product in a smaller footprint by doing so in a completely climate-controlled environment. The ZenCube helps to address challenges faced by traditional growing methods, by providing a solution that requires less space, labour, water and energy, and is expected to result in a more consistent, higher-quality product for farmers and end-users alike.

Cubicfarm has developed a pipeline of sales opportunities for its ZenCube-branded growing machines that is expected to be augmented by an exclusive licence agreement signed with Zenabis Ltd., a subsidiary of Zenabis Global, a leading Canadian licensed cannabis cultivator of medical and recreational cannabis and propagator and cultivator of floral and vegetable products. Under terms of the agreement, Zenabis shall fulfill a minimum sales threshold of 150 ZenCube machines by year 2024 to maintain its exclusive licence to operate, sell and sublicense ZenCube machines globally.

The licence agreement supersedes the joint venture agreement between CubicFarm and Zenabis, announced in a Bevo Agro press release dated Oct. 9, 2018. Bevo Agro is now is Zenabis Global.

Cubicfarm and Zenabis are conducting continuing research and development on crop growth and quality at the Zenabis-owned and Zenabis-licensed Langley facility.

Dave Dinesen, chief executive officer of Cubicfarm, commented: "Cubicfarms is excited to bring on line its first growing machine for the purposes of facilitating yet another vertical in the hemp and cannabis space and to help farmers grow more produce reliably, 12 months a year, wherever they are on earth. Cubicfarms has received numerous enquiries to utilize our technology in this space and we are thrilled to serve this market, in addition to our other verticals, namely fresh produce, animal feed and nutraceuticals."

Leo Benne, chief growing officer of Zenabis, added: "The Zenabis and Cubicfarms partnership on the ZenCube project is a culmination of our joint vision of bringing a robust and reliable solution to the global hemp and cannabis market, to ensure we meet consistency and quality in our crop yields."

About Cubicfarm Systems Corp.

Cubicfarm Systems is an agricultural technology company commercializing large-scale, vertical farming solutions for global industrial markets. Founded in 2015, the company's mission is to provide industries around the world with efficient growing systems capable of producing predictable crop yields. Cubicfarm offers turnkey, commercial-scale, hydroponic, automated vertical farm growing systems that can grow predictably and sustainably for 12 months of the year virtually anywhere on earth.

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