VIVO Commences Extraction Operations in Napanee, Ontario
NAPANEE, ON, July 30, 2019 /CNW/ - VIVO Cannabis Inc. (TSX-V: VIVO, OTCQX: VVCIF) ("VIVO" or the "Company") today announced that the Company's wholly-owned subsidiary, ABcann Medicinals Inc., has received approval from Health Canada to commence extraction operations using its on-site super-critical CO2 extraction system.
"We are extremely excited to commence CO2 extraction operations at our Napanee facility," said Gary McMullen, Vice-President, Napanee Operations. "We are now capable of producing cannabis oils and concentrates to our exact specifications, which is important for meeting our stated production targets to support the sales of our premium brands and customized offerings, including Canna Farms™, Fireside™, Lumina™ and Beacon Medical as well as providing extraction services to third parties."
Upon receipt of EU-GMP certification for its Napanee facility, the Company is expected to be able to ship extracted cannabis products to Europe and other countries for scientific and medical purposes, subject to receipt of all necessary import and export permits, in addition to selling domestically.
"The launch of our extraction operation in Napanee reinforces our commitment to innovation as we pivot our Napanee facility into a high caliber and efficient producer of value-added cannabis-based products," said Barry Fishman, CEO of VIVO.
Additionally, a larger scale ethanol extraction system arrived in Napanee on July 26, 2019. Distillation systems will be installed in the Napanee facility in the third quarter of 2019. Once these systems are fully operational, the Napanee facility is expected to be capable of processing more than 50,000 kgs of cannabis per year, which will be used to produce high quality oils, distillates, concentrates and more advanced formulations for VIVO's current and anticipated portfolio of medical products, as well as edibles, beverages and topicals for the recreational market. This processing capacity is in-line with the Company's 2020 production capacity estimates. VIVO also intends to provide extraction services to partner-licensed producers and cannabis processing companies that require high grade extracts and distillates for their edibles and beverage programs.
About VIVO Cannabis™
VIVO, based in Napanee, Ontario, is recognized for trusted, premium cannabis products and services. It holds production and sales licences from Health Canada and operates world-class indoor cultivation facilities with proprietary plant-growing technology at its Canna Farms facility in Hope, B.C., and at its Vanluven facility in Napanee, Ontario. VIVO has a collection of premium brands targeting unique customer segments, including Beacon Medical™, Fireside™, Canna Farms™ and Lumina™. The Company is significantly expanding its production capacity and distribution channels; growing its domestic medical cannabis platform, including Harvest Medicine, its patient-centric, highly scalable network of specialty medical cannabis clinics and services; promoting production and cultivation innovation and pursuing partnership and product development opportunities; and actively focusing on growth in select international markets, including Germany and Australia. VIVO has a healthy balance sheet and is well-positioned to accelerate its growth in Canada and internationally. For more information visit: www.vivocannabis.com
ON BEHALF OF THE BOARD OF DIRECTORS
Barry Fishman
CEO and Director
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 Information
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 Company's expected timing of reciept of EU-GMP certification; the expected processing capability of the Company's new extraction system; the products the Company will be able to produce from its processed materials; the Company's expectations surrounding providing extraction services to third parties; and the Company's intent to pursue opportunities domestically and internationally. 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: that the Company may not receive EU-GMP certification of the Napanee facility in the time expected or at all; that the Company may not be able to achieve its processing capacity target due to lack of supply, machinery capability or otherwise; that the Company may not be able to launch new products in the time expected or at all; that the Company may not be able to achieve competitive margins; that the Company may not be able to successfully launch new product lines in the time expected or at all; that new products, if launched, may not be accepted by the market or may become subject to product liability claims; that the Company may not be able to obtain necessary licenses; that the Company may not be able to serve larger and broader markets as a result of its production increase; that the Company may be unable to retain its key talent; that the Company may not obtain necessary regulatory approvals; 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, 2018, 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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