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.
