NAPANEE, ON, July 30, 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 approval from Health Canada to commence extraction operations using its on-site super-critical CO2 extraction system.
We are extremely excited to commence CO2 extraction operations at our Napanee facility. We are now capable of producing cannabis oils and concentrates to our exact specifications, which is important for meeting our stated production targets to support the sales of our premium brands and customized offerings, including Canna Farms™, Fireside™, Lumina™ and Beacon Medical as well as providing extraction services to third parties.
Gary McMullen, Vice-President, Napanee Operations
Upon receipt of EU-GMP certification for its Napanee facility, the Company is expected to be able to ship extracted cannabis products to Europe and other countries for scientific and medical purposes, subject to receipt of all necessary import and export permits, in addition to selling domestically.
The launch of our extraction operation in Napanee reinforces our commitment to innovation as we pivot our Napanee facility into a high caliber and efficient producer of value-added cannabis-based products.
Barry Fishman, CEO of VIVO
Additionally, a larger scale ethanol extraction system arrived in Napanee on July 26, 2019. Distillation systems will be installed in the Napanee facility in the third quarter of 2019. Once these systems are fully operational, the Napanee facility is expected to be capable of processing more than 50,000 kgs of cannabis per year, which will be used to produce high quality oils, distillates, concentrates and more advanced formulations for VIVO’s current and anticipated portfolio of medical products, as well as edibles, beverages and topicals for the recreational market. This processing capacity is in-line with the Company’s 2020 production capacity estimates. VIVO also intends to provide extraction services to partner-licensed producers and cannabis processing companies that require high grade extracts and distillates for their edibles and beverage programs.
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