VIVO Cannabis™ Begins Largest Harvest in Company's History
TORONTO, Oct. 5, 2020 /CNW/ - VIVO Cannabis Inc. (TSX: VIVO, OTCQX: VVCIF) ("VIVO" or the "Company") today announced it has begun its 2020 season harvest at its Kimmetts facility in Napanee, Ontario, the largest in the Company's history.
"I am pleased to say that this year's crop has exceeded our expectations, with some of our plants reaching a height of over 12 feet," said Barry Fishman, CEO of VIVO. "As the only Canadian licensed producer currently using airhouse technology, the success of the crop both validates our strategic decision to invest in the airhouses and demonstrates the capabilities of our highly talented Napanee team."
The Kimmetts facility consists of four airhouses with a total of 75,000 square feet of cultivation space, containing approximately 10,000 plants. The harvest, which started one week ahead of schedule due to accelerated plant growth, began with trimming the sections with the largest flowers.
The use of airhouse technology results in more reliable cannabis compared with outdoor growing as it mitigates the risk of weather and pest events that can easily destroy an entire outdoor crop. Its benefits over outdoor grow also include improved light quality, controlled air flow and humidity, and the ability to use supplemental heat to extend the growing season as required. Airhouses are inexpensive to erect, easy to sanitize, and simple to maintain. VIVO has the capacity to install additional airhouses in a short timeframe with relatively low capital requirements on its 50+ acre property.
VIVO expects to yield approximately 4,000 kilograms from the harvest. Some of the harvest will be packaged and sold as dry flower and the remaining biomass will be extracted in the Company's recently commissioned ethanol extraction hub that has a capacity of handling up to 500 kilograms of biomass per week. After extraction, the Company will process the biomass into its diverse portfolio of Cannabis 2.0 products. Currently VIVO has agreements to sell adult-use products in eight provinces across Canada, and holds a market leadership position in the concentrates category.
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™, 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. The Company has a healthy balance sheet and is well-positioned to accelerate its path to profitability. For more information visit: vivocannabis.com
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 amendment to the Debentures. Forward-looking 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: that procedural delays may impact the expected timing of completion thereof, and other factors beyond the Company's control. 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 annual information form for the year ended December 31, 2019, 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 Investor Relations, Michael Bumby, Chief Financial Officer, +1 416-848-9839, [email protected]
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