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.
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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.