Linneo Health Receives EU-GMP Certification
NAPANEE, ON, Sept. 17, 2019 /CNW/ - VIVO Cannabis Inc. (TSX-V: VIVO, OTCQX: VVCIF) ("VIVO" or the "Company") today announced it has partnered with Linneo Health S.L. ("Linneo Health"), a subsidiary of Alcaliber S.A., to be its European medical cannabis supply partner. Linneo Health, a European leader in the pharmaceutical cannabis industry, recently received its EU-GMP (Good Manufacturing Practices) certification from the Spanish regulatory authorities. The agreement is a multi-year commitment, with increasing supply volumes as VIVO expands in the European medical market.
"Our partnership with Linneo Health is part of our strategic priority to accelerate international market growth," said Barry Fishman, Chief Executive Officer of VIVO. "We are excited to have an EU-GMP certified source of medical cannabis located within Europe. Through this partnership, we expect to be able to supply the European high-growth market with premium medical cannabis products and services. Our European based supply will allow VIVO to contribute to addressing the unmet medical needs of patients in Germany, which is one of our key target markets for international expansion."
In late March 2019, VIVO's German subsidiary, ABcann Germany GmbH ("ABcann Germany"), was granted its pharmaceutical wholesale license and GDP-certificate by the responsible authorities of the state of Brandenburg. VIVO is now pursuing narcotic and import license applications in Germany to facilitate imports from other non-EU countries, including Canada, and expects to have its first products sold in the German market in early 2020.
In early February 2019, VIVO exported three of its proprietary cultivars, covering a broad range of cannabinoid profiles, to Linneo Health in Spain. These cultivars were propagated to form VIVO's genetic basis for commercial cultivation in Europe. The agreement between ABcann Germany and Linneo Health is part of a long-term growth strategy of cooperation, the first step of which is the cultivation of EU-GMP certified cannabis, and represents the foundation on which VIVO and Linneo Health intend to complete the regulatory work required for the launch of medical cannabis in Europe, using a focused and phased approach.
"This agreement with VIVO Cannabis is a significant milestone for Linneo Health, as it strengthens our presence in international markets, consolidates our position as the partner of choice for the pharmaceutical industry, and will help us bring top quality cannabis products to patients in need," said José Antonio de la Puente, Chief Executive Officer of Linneo Health.
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 service. VIVO has a healthy balance sheet and is well-positioned to accelerate its growth in Canada and internationally.
About Linneo Health
Linneo Health, based in Spain, is an EU-GMP certified manufacturer of medical cannabis for the pharmaceutical industry. The company is recognized as a leading supplier to the global pharmaceutical industry for its significant production capacities for flower and industrial derivates. Vertically integrated from seed to sale and backed up by its 50 years of experience with respect to both the agricultural and industrial production, the company produces therapeutic cannabis of high standard, integrating in every step the most innovative techniques. The company brings to the market – through its partners – top quality cannabis products, ensuring access for patients who need it. Its focus on quality and innovation, together with its expertise and experience, makes Linneo Health the partner of choice for the medical cannabis industry.
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 Company's ability to supply the European market with its cannabis products and expected timing in respect thereof; the expected benefits to be derived by the Company from the agreement with Linneo Health, including the expectation that it will be able to supply the European high-growth market with premium medical cannabis products and services; and the expected timing of receipt of German narcotic and import licenses. 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: the ability of the Company and Linneo Health to execute on their partnership to supply the European market with cannabis products and successfully cultivate EU-GMP certified cannabis; potential delays in producing saleable finished products; potential delays in obtaining, or failure to obtain, all applicable regulatory approvals; changes to applicable regulations; the potential size of the German 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, 2018 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. Information about Linneo Health included in this news release has been provided by Linneo Health and has not been independently verified by the Company.
SOURCE VIVO Cannabis Inc.
For further information: VIVO Investor Relations, Michael Bumby, Chief Financial Officer, +1 416-848-9839, [email protected]