VIVO Cannabis™ announces Health Canada approval for Hope expansion, doubling production capacity in British Columbia
NAPANEE, ON, March 22, 2019 /CNW/ – VIVO Cannabis Inc. (TSX-V: VIVO, OTCQX: VVCIF) (“VIVO” or the “Company”) today announced that the Company’s wholly-owned subsidiary, Canna Farms Ltd. (“Canna Farms”), has received approval from Health Canada to begin cultivation in the expansion of its Yale Road facility in Hope, BC, resulting in a doubling of the Company’s cultivation capacity in the province.
The expansion includes production and product development space, along with automated packaging equipment expected to be incorporated into the facility and brought on-line mid 2019. Cultivation in the expanded area is expected to commence in May 2019.
Today’s approval of the Hope, British Columbia expansion is in addition to the Napanee, Ontario capacity increase approved by Health Canada yesterday. With the additional cultivation from Hope, VIVO’s current annual production capacity is now more than 8,000 kilograms with a goal to reach 11,000 kilograms later in 2019.
Barry Fishman, Chief Executive Officer at VIVO
Dan Laflamme, Canna Farms President and Chief Operations Officer for VIVO added, “While we continue to grow production capacity at Canna Farms, we remain committed to being able to deliver craft quality BC bud. Through small-batch growing techniques, Canna Farms offers a varied selection of award-winning, hand-trimmed cannabis for both medical and adult-use products. As BC’s first licensed producer, we are proud of our legacy and reputation for quality, which remains our first priority.”
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 app. VIVO has a healthy balance sheet and is well-positioned to accelerate its growth in Canada and internationally.
