Toronto, Ontario – (Newsfile Corp. – August 25, 2021) – VIVO Cannabis Inc. (TSX: VIVO) (OTCQX: VVCIF) (“VIVO” or the “Company”), a leading provider of premium cannabis products and – Services and license holders under the Cannabis Act through its wholly-owned subsidiaries Canna Farms Limited (“Canna Farms”) and ABcann Medicinals Inc. (“ABcann Medicinals” or “ABcann”), today provides its shareholders with some additional information regarding its future strategic direction the company.
As previously reported on July 5, 2021, the date of VIVO’s final annual general meeting, the company elected a new board and announced the appointment of Ray Laflamme as CEO and chairman of the board. Since then, the board and management of VIVO have been actively reviewing its business strategy. The Board met to review the management’s proposed strategy and evaluate alternative wellness options. This approved strategic direction will be implemented immediately.
As known to shareholders, the company has many assets that currently position it as a strong player in the medical cannabis market, as detailed below. By developing these assets, the company intends to establish itself as the world’s leading medical company focused on improving the lives of its patients.
Canna Farms and ABcann Medicinals
Founded as the first licensed producer in British Columbia in 2013, Canna Farms has established itself deeply in the medical cannabis community and is now a respected and recognized cannabis brand with thousands of positive patient outcomes. Today, Canna Farms is one of the top 5 health and wellness brands in Canada.
Together, Canna Farms and ABcann Medicinals have more than fifteen years of experience helping medical cannabis patients with a variety of conditions and symptoms, and together they have gained a deep understanding of patient motivation.
Canna Farms has many thousands of self-tracked customers who have reported their results using the Strainprint app on 73 different Canna Farms products in over 200,000 sessions. With Canna Farms being the first licensed producer partner of Strainprint, Canna Farms has the largest dataset within the mobile app, and the effectiveness of certain strains used for various medical conditions has been published in several independent academic peer-reviewed articles.
EU GMP certification
It is with great pride that ABcann’s Vanluven facility recently received EU GMP certification and is now approved for the manufacture, handling, storage and packaging of cannabis in accordance with globally recognized EU GMP standards. Beacon Medical’s German office has received its first import permit for product sales in Germany. The EU-GMP certification sets the company apart from its competitors and represents a necessary basis for growth in Europe and other international markets.
The company acquired its Harvest Medicine (“HMED”) operations in 2018 and has since used clinical insights from thousands of HMED patient interactions to examine patient outcomes, publish observational clinical studies, educate health care practitioners, and to improve market access and to guide future product development within its medical channels. Harvest Medicine uses a virtual platform, HMED Connect, and has recently added pharmacy advice as a service to patients as part of their medical cannabis care offering.
Expertise in patient care
The company has served in over 125,000 patient interactions. Canna Farms’ world-class, award-winning patient care team has been providing patient care services since 2014 and has first-hand experience in educational counseling, dosage advice, product ordering and long-term drug management. With patient focus, the company is committed to expanding its product offering and offering world class support programs including Compassionate Care, Veterans, First Responder, so that all patients have access to affordable quality cannabis as medicine.
Australia, Germany and other international markets
The company has currently established a strong medical brand in Australia and is leveraging its Canadian knowledge base to accelerate product effectiveness, cannabis experiences and sales growth in this market. With the recent EU GMP certification, the company is now able to repeat its Australian success in Germany and other global markets, all of which are exclusively medical in nature. The company’s products and brands are first tested in Canada and then replicated in international markets when regulations allow.
VIVO path to profitability and leadership
The story goes on
The company expects to achieve profitability by pursuing the goals received as feedback from its stakeholders in the medical channel, including most importantly its patients; by reducing operating costs wherever possible; and by further integrating its legacy business units and operating systems.
“We have recognized our strengths and strive to add value to our patients and shareholders by leveraging these strengths. We will continue to work with all patients, health professionals, payers, and stakeholders in both countries and address the needs of domestic and international medical markets. With a renewed and increased focus on our core values in the medical channels, we are again committed to helping people as our number one priority, “commented Ray Laflamme, Chief Executive Officer of VIVO Cannabis.
“Canna Farms started as a patient-centric company from the start. This is a natural evolution to realign our efforts in light of the success we’ve had over the past 6 years.”
The company will continue to maintain recreational sales of core products to support health and wellness consumers who purchase through these channels.
Mr. Laflamme is the passionate co-founder of Canna Farms Limited, a very successful and established provider of high quality artisanal medicinal cannabis products and services. He is also the company’s largest shareholder, whose interests very much coincide with those of all VIVO shareholders. Mr. Laflamme brings VIVO a successful track record of focusing on customer satisfaction, quality products and affordability as the path to sales and profitability.
About VIVO Cannabis ™
VIVO Cannabis ™ is known for trusted premium cannabis products and services. It holds cultivation, processing and sales licenses from Health Canada and operates world-class indoor and seasonal grow facilities. VIVO has a collection of premium brands, each targeting different customer segments, including Canna Farms ™, Beacon Medical ™, Fireside ™ and Lumina ™. Harvest Medicine ™, VIVO’s customer-centric, scalable network of medical cannabis clinics, has completed over 150,000 patient visits. VIVO pursues several partnership and product development opportunities and focuses its international efforts on Germany and Australia. Further information can be found at: www.vivocannabis.com.
For more information:
VIVO Investor Relations
Disclaimer for forward-looking information
Certain statements in this press release are forward-looking statements that are not purely historical, including statements regarding the beliefs, plans, expectations, or intentions of VIVO and its management with respect to the future. Forward-looking statements in this press release include statements about: change of company focus, future strategy, focus on medical patient business, implementation of new strategy, international expansion, offering Harvest Medical, expanding patient care product offering, achieving profitability, reduction of operating costs, integration of operating systems. Such statements are subject to risks and uncertainties that could cause actual results, performance or developments to differ materially from those contained in the forward-looking statements, including the fact that the medical cannabis market may not be marketed to the extent, in time or in time for the reasons expected by the company; that the COVID-19 pandemic may last longer and have a greater impact on the Company’s operations, the Canadian cannabis industry, or the global economy in general than currently expected; that the company faces competition from new entrants and entrants; that the company may not be able to get new products to market in the expected time or at all and that patients may not get the expected benefit from them; that the company may not be able to achieve competitive margins; that new products, if they come onto the market, will not be accepted by the market or may be subject to product liability claims; that the company may not be able to obtain the necessary licenses; that demand for the company’s products may not meet management expectations; that the company may not be able to retain its key talent; that the company may not be able to execute its strategic partnerships; that the company may from time to time not obtain any other necessary regulatory approvals; that the company may not be able to protect its intellectual property; and other factors beyond the control of the company. There can be no assurance that any of the events anticipated in the forward-looking statements will occur or what the Company will benefit from. Readers are urged to carefully consider these factors, along with the wider risk factors contained in the most recent discussion and management analysis available on SEDAR, in evaluating the forward-looking statements in this press release, and are cautioned not to consult Inappropriate reliance on such forward-looking statements, which are limited in their entirety by these cautionary statements. The forward-looking statements in this press release speak as of the date of this press release, and the company disclaims any intention or obligation to publicly update such forward-looking statements, whether as a result of new information, future events or results, or for any other reason other than as required by applicable securities laws.
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