VIVO Completes First Canadian Installation of Innovative Airhouses in Napanee
NAPANEE, ON, June 12, 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 notification that its Kimmetts project has now advanced to the second phase of Health Canada's review and approval process. Kimmetts is being developed as a hybrid outdoor cultivation site, which currently houses four Airstream InnovationsTM environmental control shelters with 86,000 square feet of cultivation space.
VIVO is the only Canadian LP employing this innovative technology, which has been incorporated in several US states to produce high-quality cannabis at low cost, without the capital investment required to build traditional greenhouses or indoor grows.
"Our airhouses are expected to capitalize on all the benefits and opportunities associated with growing outdoors (low capital and production costs, environmentally sustainable) with the added benefit of mitigating against the known challenges of producing high-quality cannabis outdoors," said Greg Yuristy, Director of Production for Napanee Operations. "The airhouses are intended to provide protection from the elements and a more consistent cultivation environment, and are expected to result in greater yields and more consistent high quality product than can be produced via outdoor growing. In addition, positive pressure keeps insects and weeds out, eliminating the need for pesticides."
"Subject to receipt of our license for the airhouses from Health Canada, we expect these initial four airhouses to provide annual production capacity of approximately 4,000 kilograms of cannabis, which we expect will be primarily used for VIVO's concentrated products, which includes our premium cannabis brands of Canna Farms, Fireside, Lumina and Beacon, all of which are dedicated to enhancing the quality of life for our customers," commented Gary McMullen, VP Napanee Operations. "Although our development plans are still being finalized, the Kimmetts site in Napanee has the potential to accommodate an additional 10 airhouses should cultivation results prove to be successful."
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 expected capacity expansion from the airhouses; the quality and consistency of the plants grown in the airhouses; and the expected cost and benefits of cultivating in the airhouses. 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 obtain final Health Canada approval for the Kimmetts project; that the Company may not be able to achieve its production capacity targets at the Kimmetts project; that the airhouses may not perform as expected; that the quality of the product obtained from the airhouses, and the cost thereof, may not be as expected; 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, Craig MacPhail, +1 416-848-9839, [email protected], NATIONAL Capital Markets; Michael Bumby, Chief Financial Officer, [email protected], VIVO Cannabis Inc.
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