Canna Farms Expands Sales to Alberta
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
said 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.
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 Statements
This news release contains forward-looking statements, which are statements that are not purely historical, regarding the beliefs, plans, expectations or intentions of the Company and its management regarding the future, and should not be read as guarantees of future performance or results. Forward looking statements in this news release include statements: regarding future expected production capacity, production methods and product lines; timing of shipping of products to other Canadian jurisdictions; the estimated size of the Alberta cannabis market; that having Alberta as a long-term partner, and continuing to invest in premium quality indoor production, will help the Company to continue to differentiate Canna Farms as a true premium cannabis company and a market leader in quality and reliable supply; and the Company's belief that Canna Farms is strongly positioned to provide an enhanced experience to its customers. 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: delays in obtaining, or failure to obtain, necessary regulatory approvals to sell to additional Canadian provinces and territories; potential delays in producing saleable finished products or bringing new product lines to market; failure of Canna Farms products to be purchased in the amounts expected; distribution and shipping risks; product liability risks; changes to applicable regulations; and other factors beyond the Company's control. A more complete discussion of the risks and uncertainties facing the Company is included in the Company's Annual Information Form for the year ended December 31, 2018 and other continuous disclosure filings, which are available on SEDAR at www.sedar.com. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this news release. The Company disclaims any intention or obligation to update or revise any forward-looking statements as a result of new information or future events, or for any other reason, other than as required by applicable securities laws.
SOURCE VIVO Cannabis Inc.