- Amendment to production license allows for sale of cannabis oil
- Products to be available through VIVO's Beacon Medical™ and Lumina™ brands
- Significantly expands product line for medical cannabis patients and adult-use consumers
NAPANEE, ON, Feb. 11, 2019 /CNW/ - VIVO Cannabis Inc. (TSX-V: VIVO, OTCQX: VVCIF) ("VIVO" or the "Company"), a licensed cannabis producer offering premium medical and adult-use products and services, today announces that the Company's subsidiary, ABcann Medicinals Inc. ("ABcann"), has received approval from Health Canada for its most recent license amendment request allowing for the sale of cannabis oil.
The cannabis oil sales license allows the Company to significantly expand its product lines for medical cannabis patients and adult-use consumers. ABcann's high-quality oil products are expected to be a core component of the Beacon Medical™ and Lumina™ brands, in addition to the cannabis oil already offered by the Company's Canna Farms™ brand.
"We believe that cannabis oil will be the preferred method of treatment for medical cannabis patients and adult-use consumers with specific wellness objectives," said Barry Fishman, Chief Executive Officer of VIVO. "The addition of cannabis oil products to our premium medical and adult-use brands will provide consumers with medical-grade products of the high quality VIVO customers have come to expect. Looking forward, the sales license is expected to accelerate product innovation, leading to a broader product offering for our customers."
Consisting of THC, CBD and balanced THC/CBD oil products, patients and consumers will be able to find the product that best suits them. The CO-2 extracted oils will feature a pharmaceutical-grade MCT carrier and are expected to be sold in a 20 mL format with a graduated dropper and syringe to make dosing precise and easy. Initial concentrations are expected to be in the 20-25 mg/mL range for THC and CBD products, and 10 mg/mL each of THC and CBD for the balanced products.
Mr. Fishman stated, "We remain committed to providing patients and consumers with safe and effective products that address their health and wellness goals and improve their quality of life. The addition of cannabis oil products to our Beacon Medical™ and Lumina™ brands is an important step towards a complete portfolio of patient and consumer-centric products and treatments."
About VIVO CannabisTM
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 service. 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: that ABcann's oil products are expected to be core components of the Beacon Medical™ and Lumina™ brands; regarding the Company's belief that cannabis oil will be the preferred method of treatment for patients and consumers; that the sales license is expected to accelerate product innovation; and the expected format and content of ABcann's oil products. 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 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.
For further information: VIVO Investor Relations, Heidi Christensen Brown, [email protected], +1.416-848-1389, NATIONAL Capital Markets; Michael Bumby, Chief Financial Officer, [email protected], VIVO Cannabis Inc.