HOPE, BC, May 10, 2019 /CNW/ - VIVO Cannabis
Inc. (TSX-V: VIVO, OTCQB: VVCIF) ("VIVO" or the
"Company") is pleased to announce that its wholly-owned
subsidiary, Canna Farms Limited ("Canna Farms"), has
completed registration with Alberta Gaming, Liquor & Cannabis
("AGLC") to supply the Province of Alberta with its well-recognized premium
cannabis products. Canna Farms is preparing its first shipments for
immediate delivery to AGLC.
"We are very excited to bring our premium products to the
Alberta consumer market, one of
the strongest in Canada, and fill
some of the current industry supply gaps while continuing to expand
our distribution channels," said Daniel Laflamme, President of Canna Farms.
"Following Health Canada's approval of our facility expansion,
allowing us to double our current production capacity, we are eager
to expand our customer base in Alberta, where the Canna Farms brand is
well-known, and look forward to shipping to all Canadian provinces
and territories in 2019 in connection with our production
ramp-up."
"To facilitate efficient shipping, we have invested in automated
packaging and labelling equipment to address some of the downstream
challenges faced by producers in getting their products to market,"
added Brian McDonald, Vice-President
of Canna Farms. "We are also actively working on developing
different concentrates and edible products, and using automation to
expedite the production process. Having Alberta as a long-term partner, and continuing
to invest in premium quality indoor production, will help us to
continue to differentiate Canna Farms as a true premium cannabis
company and a market leader in quality and reliable supply."
According to research firms BDS Analytics and Arcview Market
Research, the Alberta consumer
cannabis market is expected to grow to become the second largest in
Canada by 2024, with estimated
annual sales of $940 million.
"Alberta is a very important
partner to us as our premium products are already well established
in the medical market, through our approximately 18,000 registered
medical clients and VIVO's wholly owned subsidiary, Harvest
Medicine, which operates across the country and has approximately
27,000 patients," stated Mr. Laflamme. "Recent Health Canada data
indicates that fewer recreational users are buying cannabis oils,
as compared to flower products. As our premium flower products are
of superior quality to the mid-grade products that make up much of
the recreational market, we believe Canna Farms is strongly
positioned to offer an enhanced user experience to our
customers."
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 Canna
Farms™, Beacon Medical™, FIRESIDE™ 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
future expected production capacity, production methods and product
lines; timing of shipping of products to other Canadian
jurisdictions; the estimated size of the Alberta cannabis market; that having
Alberta as a long-term partner,
and continuing to invest in premium quality indoor production, will
help the Company to continue to differentiate Canna Farms as a true
premium cannabis company and a market leader in quality and
reliable supply; and the Company's belief that Canna Farms is
strongly positioned to provide an enhanced experience to its
customers. 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: delays in obtaining, or failure to obtain,
necessary regulatory approvals to sell to additional Canadian
provinces and territories; potential delays in producing saleable
finished products or bringing new product lines to market; failure
of Canna Farms products to be purchased in the amounts expected;
distribution and shipping risks; product liability risks; changes
to applicable regulations; and other factors beyond the Company's
control. A more complete discussion of the risks and uncertainties
facing the Company is included 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.