VIVO Cannabis Inc. (TSX.V: VIVO) (OTCQX: VVCIF) this morning announced receipt of local municipal approval for its wholly-owned subsidiary, Canna Farms Limited, for its phase 5 expansion that will add to its Hope, B.C. facility an incremental 2,500 kilograms of indoor capacity. According to the update, the expansion, originally slated to begin construction in 2020, is now, pending regulatory approval, expected to be completed in late 2019 or early 2020. The expansion, with expected capital costs of $3.5 million, consists of 10,000 square feet of cultivation space and is expected to bring VIVO’s total internal production capacity to 13,500 kilograms by early 2020. “Canna Farms is a cultivator and purveyor of premium quality, award winning, small-batch craft cannabis with widespread recognition and appeal as evidenced by its award for ‘Top Reviewed Licensed Producer of the Year’ at the 2018 Canadian Cannabis Awards,” VIVO CEO Barry Fishman said in the news release. “This expansion will further increase Canna Farms’ production capacity to help meet the significant market demand for premium B.C. dry bud. This project represents a strategic deployment of a minor portion of our strong cash position as the Company continues to invest to drive future growth.”
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About VIVO Cannabis(TM)
VIVO Cannabis(TM), based in Napanee, Ontario, is recognized for trusted, high-quality products and services. It holds production and sales licenses 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(TM), FIRESIDE(TM), Canna Farms(TM) and Lumina(TM). 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. For more information, visit the company’s website at www.VivoCannabis.com.
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