The Securities Commission has granted an application by Zenabis Ltd. for the company to cease being a reporting issuer in all Canadian jurisdictions where it held this status. The decision was made under the securities legislation of Alberta and Ontario, with the Alberta Securities Commission acting as the principal regulator and Ontario’s securities regulatory authority concurring with the decision.
The outcome was based on several key representations by Zenabis Ltd.:
1. Zenabis Ltd. is not an OTC reporting issuer under Multilateral Instrument 51-105.
2. The company’s securities are owned by fewer than 15 security holders in each Canadian jurisdiction and less than 51 holders worldwide.
3. Its securities are not traded on any marketplace or facility where trading data is publicly reported, in Canada or elsewhere.
4. Zenabis Ltd. has requested to cease being a reporting issuer in all Canadian jurisdictions where it currently has this status.
5. The company is not in default of any securities legislation in any jurisdiction.
The decision was made in accordance with the relevant legislative provisions, specifically section 1(10)(a)(ii) of the Securities Act (R.S.O. 1990, c. S.5, as amended), and the test set out in the legislation was met. Consequently, the order sought by Zenabis Ltd. was granted, and the company is no longer a reporting issuer.