Announcements made during VIVO's Analyst
and Investor Day Held at Napanee Operations
NAPANEE, ON, Oct. 3, 2019 /CNW/ - VIVO Cannabis Inc.
(TSX-V: VIVO, OTCQX: VVCIF) ("VIVO" or the
"Company") today announced it expects to commence first
harvest at its Kimmetts facility in Napanee, Ontario in the fourth quarter of
2019. VIVO also unveiled its 2020 plans for the facility, which
include an accelerated planting schedule and the contemplated use
of five additional acres of land adjacent to the existing
airhouses. The announcements were made during VIVO's analyst and
investor day held in Napanee,
where the Company showcased its airhouse technology, extraction
programs and progress towards achieving EU GMP certification. A
presentation from the analyst and investor day can be found on the
Company's website at www.vivocannabis.com.
"The fact that we expect to be able to commence first harvest
within our stated timelines and budget speaks to the early success
of the airhouses and the talent of our Napanee team," said Barry Fishman, Chief Executive Officer of VIVO.
"Kimmetts is expected to play a significant role in our strategy of
bringing new value-added products to market, as well as
contributing to our existing collection of premium brands,
including Beacon Medical™, Fireside™, Canna Farms™ and Lumina."
VIVO intends to commence planting activities in the spring of
2020 within the existing four airhouses at the Kimmetts facility,
which will be several months earlier than it began planting in 2019
following receipt of its licence for the facility from Health
Canada. These additional months of growth are expected to result in
much larger plants in the airhouses compared to 2019.
In conjunction with VIVO's 2020 plans for the Kimmetts facility,
the Company is contemplating the use of an additional five acres of
land, situated immediately adjacent to the four existing airhouses,
for outdoor cultivation.
"Given the success of the airhouses, we can confidently proceed
with an earlier planting schedule and consider an expanded
footprint of our operation," said Mr. Fishman. "This is especially
important in the current landscape given Canada's imminent entry into the edibles,
beverages, concentrates and topicals market - a market where we
expect to play an important role."
VIVO is the only Canadian licensed producer employing the
innovative airhouse technology used at the Kimmetts facility, which
has been incorporated in several US states to produce high-quality
cannabis at low cost without the significant capital investment
required to build traditional greenhouses or indoor grows.
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.
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:
anticipated timing of the initial harvest at the Kimmetts facility;
future plans and objectives at the Kimmetts facility, including
with respect to accelerated planting schedules, increased outdoor
cultivation space; the expected benefits to be derived by the
Company from its operations at the Kimmetts facility; and the
ability of the Company to successfully enter the cannabis edibles
market and play a key role in same. 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
to execute on its business and operational strategies at the
Kimmetts facility; potential delays in completing the initial
harvest at the Kimmetts facility; 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 cannabis edibles,
beverages, concentrates and topicals 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.
SOURCE VIVO Cannabis Inc.
