Zenabis gets $4M loan to help build medical marijuana facility
Loan by provincial government must be paid back even if Zenabis doesn't get licence
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.
"It's a way for us to do that and assist them, but also protect taxpayers' money."
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Gallant says Zenabis 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
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 will create more than 200 jobs in northern New Brunswick once it's operational and will contribute $15 million annually to New Brunswick's gross domestic product.