NAPANEE, ON, May 21, 2019 /CNW/ - VIVO Cannabis Inc. (TSX-V: VIVO, OTCQX: VVCIF) ("VIVO" or the "Company"), through its wholly-owned subsidiary, Canna Farms Limited ("Canna Farms"), today announced the addition of GTEC Holdings Ltd. (TSX-V:GTEC) (OTC:GGTTF) (FRA:1BUP), sold under the brand GreenTec™, to the list of licensed producers selling product on its medical cannabis platform.
This addition expands the variety of quality products available to medical patients on Canna Farms' newly launched medical cannabis website, which is now the largest on-line platform for medical cannabis users across Canada. Combining the Company's Beacon™, Lumina™ and Canna Farms™ brands, and products from additional third-party cultivators, including Pure Sun Farms™ and GreenTec™, into one store offers a distinct advantage for patients looking for a single location to access a broad selection of medical cannabis products. Based on the most recently available Health Canada statistics, sales on the site represent 9% of the medical market's dried cannabis sales, making Canna Farms' integrated medical cannabis platform the sixth largest medical cannabis supplier in Canada.
"The success of the integrated store has allowed VIVO to partner with quality brands that cater to discerning medical cannabis patients. Discussions continue with additional craft cultivators and LPs wanting to position themselves alongside market leaders but lacking a sales license and/or the required expertise to enter the medical market," said Vice President of Canna Farms, Brian McDonald. "We continue to streamline our processes to support our continual improvement and cost reduction strategies, which is key to ensuring fresh product at competitive prices. We also have the combined resources needed to register patients looking for a broad selection of products in one place extremely efficiently, part of our on-going commitment to the medical cannabis market."
Barry Fishman, CEO of VIVO, stated, "Supplying the medical market with high quality standardized cannabis has always been a primary focus for VIVO. We are proud to say that we now offer the widest range of medical cannabis products in Canada."
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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, as well as a significant customer 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 service. VIVO has a healthy balance sheet and is well-positioned to accelerate its growth in Canada and internationally. For more information visit: www.vivocannabis.com
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.
SOURCE VIVO Cannabis Inc.
For further information: VIVO Investor Relations, Craig MacPhail, +1.416-586-1938, [email protected], NATIONAL Capital Markets; Michael Bumby, Chief Financial Officer, [email protected], VIVO Cannabis Inc.