HOPE, BC, May 10, 2019 /CNW/ – VIVO Cannabis Inc. (TSX-V: VIVO, OTCQB: VVCIF) (“VIVO” or the “Company”) is pleased to announce that its wholly-owned subsidiary, Canna Farms Limited (“Canna Farms”), has completed registration with Alberta Gaming, Liquor & Cannabis (“AGLC”) to supply the Province of Alberta with its well-recognized premium cannabis products. Canna Farms is preparing its first shipments for immediate delivery to AGLC.
We are very excited to bring our premium products to the Alberta consumer market, one of the strongest in Canada, and fill some of the current industry supply gaps while continuing to expand our distribution channels.
Daniel Laflamme, President of Canna Farms
Following Health Canada’s approval of our facility expansion, allowing us to double our current production capacity, we are eager to expand our customer base in Alberta, where the Canna Farms brand is well-known, and look forward to shipping to all Canadian provinces and territories in 2019 in connection with our production ramp-up.
“To facilitate efficient shipping, we have invested in automated packaging and labelling equipment to address some of the downstream challenges faced by producers in getting their products to market,” added Brian McDonald, Vice-President of Canna Farms. “We are also actively working on developing different concentrates and edible products, and using automation to expedite the production process. Having Alberta as a long-term partner, and continuing to invest in premium quality indoor production, will help us to continue to differentiate Canna Farms as a true premium cannabis company and a market leader in quality and reliable supply.”
According to research firms BDS Analytics and Arcview Market Research, the Alberta consumer cannabis market is expected to grow to become the second largest in Canada by 2024, with estimated annual sales of $940 million.
“Alberta is a very important partner to us as our premium products are already well established in the medical market, through our approximately 18,000 registered medical clients and VIVO’s wholly owned subsidiary, Harvest Medicine, which operates across the country and has approximately 27,000 patients,” stated Mr. Laflamme. “Recent Health Canada data indicates that fewer recreational users are buying cannabis oils, as compared to flower products. As our premium flower products are of superior quality to the mid-grade products that make up much of the recreational market, we believe Canna Farms is strongly positioned to offer an enhanced user experience to our customers.”
About VIVO Cannabis™
VIVO, based in Napanee, Ontario, is recognized for trusted, high-quality products and services. It holds production and sales licences 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 Canna Farms™, Beacon Medical™, FIRESIDE™ and Lumina™. 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.