VIVO VIVO Cannabis Inc

VIVO Cannabis Inc. (TSX:VIVO) (“VIVO” or the “Company”) is pleased to announce that it has commenced a best efforts fully marketed offering of units of the Company (each, a “Unit” and, collectively, the “Units”) at an issue price per Unit of $0.15, for gross proceeds to the Company of approximately $5,100,000 (the “Offering”). Clarus Securities Inc. and Gravitas Securities Inc. have been engaged by the Company to act as co-lead agents (together, the “Agents”) in respect of the Offering. Each Unit will consist of one common share of the Company (each, a “Common Share”) and one half of one Common Share purchase warrant (each whole Common Share purchase warrant, a “Warrant”) to purchase one common share of the Company at an exercise price of $0.26 for a period of 36 months following the Closing Date (as defined below). The Units will be offered for sale in each of the provinces of Canada, except the Province of Quebec, pursuant to a prospectus supplement to the Company’s base shelf prospectus dated October 5, 2020 (the “Shelf Prospectus”).

VIVO intends to use the net proceeds of the Offering for general working capital and corporate purposes.

The Company has granted to the Agents an option, exercisable in whole or in part, to arrange for the sale of additional Units representing additional gross proceeds of $1,275,000, on the same terms and conditions as the Offering (the “Agent’s Option”). The Agents’ Option shall be exercisable at any time up to 48 hours prior to the Closing Date. There can be no assurance as to whether or when the Offering may be completed, or as to the actual size or terms of the Offering. The Offering is expected to close on or about October 15, 2020 (the “Closing Date”) and will be subject to customary closing conditions, including listing of the Common Shares on the Toronto Stock Exchange.

No securities regulatory authority has either approved or disapproved of the contents of this news release. The Units have not been and will not be registered under the United States Securities Act of 1933, as amended, or any state securities laws. Accordingly, the Units may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements. This news release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any province, state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such province, state or jurisdiction.

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™, Fireside-X™, 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. For more information visit: www.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 potential future offerings by the Company, the potential terms of same, the filing of any prospectus supplement with respect thereto, proposed use of proceeds, assuming completion, the anticipated closing date and the satisfaction of all necessary closing conditions, including the approval of the TSX. 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 there may be no financing available to the Company on satisfactory terms or at all, if and when the Company wishes to draw capital down under the Shelf Prospectus; that the COVID-19 pandemic may last longer and have a more significant impact on the Company's operations, financing abilities, the Canadian cannabis industry, or the global economy generally, than currently 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 management's discussion and analysis for the three months ended June 30, 2020, 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.

For Further Information:

VIVO Investor Relations

Michael Bumby, Chief Financial Officer

+1 416-848-9839

ir@vivocannabis.com

Related Links

https://www.vivocannabis.com/