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.
For further information: VIVO Investor Relations, Heidi Christensen Brown, +1.416-848-1389, [email protected], NATIONAL Capital Markets; Michael Bumby, Chief Financial Officer, [email protected], VIVO Cannabis Inc.