Zenabis Global Inc. announced that it has entered into a credit agreement (the "Credit Agreement") with a Canadian private debt fund (the "Agent"), as agent on behalf of certain lenders, in respect of a committed revolving credit facility in a principal amount of up to $60 million, subject to borrowing base requirements based on eligible receivables, inventory and real estate (the "Facility"). The proceeds of the Facility will be used to repay the Company's outstanding secured debenture, which is currently held by an affiliate of Sundial Growers and currently bears interest at a rate of 14% per annum, and for general corporate purposes, including to finance working capital requirements. This refinancing of the secured debenture will substantially reduce the Company's interest costs. Pursuant to the Credit Agreement, the Company has agreed to pay customary financing review and commitment fees. An additional customary commitment fee is payable upon any extension of the term of the facility. Any undrawn amounts of the Facility will bear a non-utilization fee at a rate of 2.40% per annum. The obligation of the lenders to make advances under the Facility, including the initial advance, is subject to the satisfaction of a number of conditions precedent. In addition to conditions to funding, the Credit Agreement contains customary affirmative, negative and financial covenants and customary events of default.