VIVO Cannabis™ Announces Closing of $8 Million Overnight Marketed Public Offering Including Full Exercise of Over-Allotment Option


TORONTO, Feb. 26, 2021 /CNW/ – VIVO Cannabis Inc. (TSX: VIVO) ("VIVO" or the "Company") announced today the closing of its previously announced overnight marketed public offering (the "Offering") of 38,333,334 units of the Company (each, a "Unit" and, collectively, the "Units") for aggregate gross proceeds of approximately $8 million, including the full exercise of the over-allotment option granted to the underwriters in connection with the Offering.

Each Unit was sold for $0.21 and was comprised of one common share of the Company (each, a "Common Share") and one half of one Common Share purchase warrant of the Company (each whole Common Share purchase warrant, a "Warrant"). Each Warrant will be exercisable to acquire one Common Share (a "Warrant Share") until February 26, 2024 at an exercise price of $0.26 per Warrant Share, subject to adjustment in certain events.

The Company expects the Warrants to commence trading on the Toronto Stock Exchange today under the symbol VIVO.WT.

The Offering was conducted by a syndicate of underwriters led by ATB Capital Markets Inc., as lead underwriter and sole bookrunner, and including Clarus Securities Inc., Echelon Wealth Partners and Eight Capital.

VIVO intends to use the net proceeds of the Offering to (i) drive sales growth and for corresponding working capital requirements; (ii) drive sales through an expanded product offering; (iii) identify and pursue strategic opportunities to scale its Canadian footprint and (iv) fund international growth.

The Units were offered in each of the provinces of Canada, except Quebec, pursuant to a prospectus supplement dated February 23, 2021 to the Company’s short form base shelf prospectus dated October 2, 2020, and elsewhere on a private placement basis.

No securities regulatory authority has either approved or disapproved of the contents of this news release.  The securities offered have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), or any state securities laws. Accordingly, the Units may not be offered or sold to, or for the account or benefit of, persons in the United States or "U.S. persons" (as such term is defined in Regulation S under the U.S. Securities Act) absent registration or an applicable exemption from registration requirements. This news release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any province, state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such province, state or jurisdiction.

About VIVO Cannabis™

VIVO Cannabis™ is recognized for trusted, premium cannabis products and services. It holds production and sales licences from Health Canada and operates world-class indoor and seasonal airhouse cultivation facilities with proprietary plant-growing technology in Hope, British Columbia and Napanee, Ontario. VIVO has a collection of premium brands, each targeting different customer segments, including Canna Farms™, Beacon Medical™, Fireside™, Fireside-X™, Lumina™ and Canadian Bud Collection™. The Company is expanding its production capabilities and distribution network. Harvest Medicine, VIVO’s patient-centric, scalable network of medical cannabis clinics, has serviced over 100,000 patient visits. VIVO is pursuing several partnership and product development opportunities and is focusing its international efforts on Germany and Australia. For more information visit:

Disclaimer for Forward-Looking Information:

All dollar amounts in this news release are in Canadian dollars. Certain statements in this news release are forward-looking statements, which are statements that are not purely historical, including statements regarding the beliefs, plans, expectations or intentions of VIVO and its management regarding the future. Forward-looking statements in this news release include statements regarding the proposed use of the net proceeds from the Offering and the listing of the Warrants on the Toronto Stock Exchange. 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. No assurance can be given that any of the events anticipated by the forward-looking statements will occur or, if they do occur, what benefits the Company will obtain from them. Readers are urged to consider these factors, and the more extensive risk factors included in the Company’s management’s discussion and analysis for the three months ended September 30, 2020, which is available on SEDAR, carefully in evaluating the forward-looking statements contained in this news release, and are cautioned not to place undue reliance on such forward-looking statements, which are qualified in their entirety by these cautionary statements. The forward-looking statements in this news release are made as of the date hereof and the Company disclaims any intent or obligation to update publicly any such forward-looking statements, whether as a result of new information, future events or results or otherwise, except as required by applicable securities laws.

SOURCE VIVO Cannabis Inc.

VIVO is a family of premium brands and businesses, building a world-class cannabis company through the acquisition and development of specialty brands.