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.
