NAPANEE, ON, March 22, 2019 /CNW/ - VIVO Cannabis Inc.
(TSX-V: VIVO, OTCQX: VVCIF) ("VIVO" or the
"Company") today announced that the Company's
wholly-owned subsidiary, Canna Farms Ltd. ("Canna Farms"),
has received approval from Health Canada to begin cultivation in
the expansion of its Yale Road facility in Hope, BC, resulting in a doubling of the
Company's cultivation capacity in the province.
The expansion includes production and product development space,
along with automated packaging equipment expected to be
incorporated into the facility and brought on-line mid 2019.
Cultivation in the expanded area is expected to commence in
May 2019.
"Today's approval of the Hope, British
Columbia expansion is in addition to the Napanee, Ontario capacity increase approved by
Health Canada yesterday," said Barry
Fishman, Chief Executive Officer at VIVO. "With the
additional cultivation from Hope,
VIVO's current annual production capacity is now more than 8,000
kilograms with a goal to reach 11,000 kilograms later in 2019."
Dan Laflamme, Canna Farms
President and Chief Operations Officer for VIVO added, "While we
continue to grow production capacity at Canna Farms, we remain
committed to being able to deliver craft quality BC bud. Through
small-batch growing techniques, Canna Farms offers a varied
selection of award-winning, hand-trimmed cannabis for both medical
and adult-use products. As BC's first licensed producer, we are
proud of our legacy and reputation for quality, which remains our
first priority."
About VIVO Cannabis™
VIVO, based in Napanee,
Ontario, is recognized for trusted, high-quality products
and services. It holds production and sales licences from Health
Canada and operates world-class indoor cultivation facilities with
proprietary plant-growing technology. VIVO has a collection of
premium brands targeting unique customer segments, including Beacon
Medical™, FIRESIDE™, Canna Farms™ and Lumina™. In August 2018, VIVO acquired Canna Farms, a premium
cannabis company based in Hope, British
Columbia. Canna Farms was B.C.'s first Licensed Producer and
has several years of craft cultivation experience and expertise, as
well as a significant patient base and positive cash flow. The
Company is significantly expanding its production capacity and
pursuing partnership and product development opportunities
domestically, as well as in select international markets, including
Germany and Australia. VIVO also operates Harvest
Medicine, a patient-centric and highly scalable network of
specialty medical cannabis clinics as well as a free telemedicine
app. VIVO has a healthy balance sheet and is well-positioned to
accelerate its growth in Canada
and internationally.
Neither TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this release.
Disclaimer for Forward-Looking Statements
This news release contains forward-looking statements, which
are statements that are not purely historical, regarding the
beliefs, plans, expectations or intentions of the Company and its
management regarding the future, and should not be read as
guarantees of future performance or results. Forward looking
statements in this news release include statements regarding: the
expected amount and timing of realization of increased production
capacity as a result of the Hope
expansion and the sourcing of product from third party cultivators;
the expected timing of completion of the next phase of the
Hope expansion; and the Company's
international growth plans. Such statements are subject to risks
and uncertainties that may cause actual results, performance or
developments to differ materially from those contained in the
forward-looking statements, including: mechanical or crop failures
at the Hope facility that cause
the Company to fail to attain its expected production targets;
failure of the Company to agree on acceptable terms with third
party cultivators; construction or regulatory delays with respect
to the next phase of the Hope
expansion; potential delays in producing saleable finished products
or bringing new product lines to market; and other factors beyond
the Company's control. A more complete discussion of the risks and
uncertainties facing the Company appears in the Company's Annual
Information Form for the year ended December
31, 2017 and other continuous disclosure filings, which are
available on SEDAR at www.sedar.com. Readers are cautioned not to
place undue reliance on these forward-looking statements, which
speak only as of the date of this news release. The Company
disclaims any intention or obligation to update or revise any
forward-looking statements as a result of new information or future
events, or for any other reason, other than as required by
applicable securities laws.
SOURCE VIVO Cannabis Inc.