VIVO Cannabis Inc (OTCMKTS: VVCIF) is currently trading at the bottom of its trading range around $0.5o per share. Investors are hoping the MJ market heats up again and VIVO returns to previous highs.
On June 12 VIVO announced 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.
VIVO Cannabis Inc. (TSX-V: VIVO, OTCQB:VVCIF) is recognized for trusted, high-quality products and services. It holds production and sales licenses from Health Canada, and its world-class indoor cultivation facility in Napanee, Ontario contains proprietary plant-growing technology. VIVO is expanding its production capacity and pursuing partnership and product development opportunities domestically, as well as in select international markets, including Germany, Australia and Israel.
The Company’s wholly-owned subsidiary, ABcann Medicals, Inc. is a licensed producer of medical cannabis under the access to cannabis for medical purposes regulations (ACMPR) and its principal business activity is the manufacturing and distribution of medical cannabis under a license by Health Canada. VIVO’s registered office is located at 126 Vnluven Road, Napanee, Ontario K&R 3L2.
VIVO recently completed the acquisition of Canna Farms Limited located in Hope, British Columbia, a premium Licensed Producer of medical cannabis under the Access to Cannabis for Medical Purposes Regulations, and the first Licensed Producer in British Columbia.
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VIVO production capacity is growing: Napanee, ON 1,500 kilograms; Hope, BC 2,700 kilograms; End of 2018 expected capacity: Napanee, ON 5,500 kilograms; Hope, BC 6,900 kilograms; Estimated mid-2020 expected capacity: Napanee, ON 32,500 kilograms, Hope, BC 24,500 kilograms.
On May 29, 2019 VIVO announced Q1 2019 financial results reporting Net revenue of $5.1 million, compared to $5.8 million in Q4 2018 – Q4 2018 sales benefited from initial product stocking by provincial distributors.
Barry Fishman, President and Chief Executive Officer of VIVO stated:
“The first half of 2019 has been focused on increasing VIVO’s production capacity. With the recent doubling of capacity at both our Canna Farms and Vanluven facilities, we have been very successful in that regard. Our goal has always been to increase long-term shareholder value by establishing ourselves as a premium provider of cannabis products and services. We are lowering our cost per kilogram through increased production capacity, thereby realizing economies of scale.”
In Q1 2019, VIVO doubled its annual production capacity at both its Canna Farms facility in Hope, B.C., and its Vanluven facility in Napanee, Ontario, and commenced construction on Phase 5 of the Canna Farms facility. VIVO has also acquired additional properties to further expand – 2 acres in Hope, B.C., adjacent to the Canna Farms facility, and 16 acres zoned for cannabis cultivation within 15 minutes of the Canna Farms facility. This is in addition to the 65 acres already owned by the Company minutes from the Vanluven facility in Napanee, Ontario, where VIVO is completing the construction of its new Kimmett facility.
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Currently trading at a $131 million market valuation VIVO has $50 million (CAD) in the treasury, manageable debt and significant sales reporting Net revenue of $5.1 million in Q1 2019, compared to $5.8 million in Q4 2018 – Q4 2018 sales benefited from initial product stocking by provincial distributors. VIVO is quickly establishing itself as a leading cannabis company in Canada with annual fully funded production capacity of 57,000 kilograms which is growing fast and multiple provincial supply agreements already secured. There is currently huge demand for VIVO stock and the next few weeks should be very exciting as we get closer to legal recreational cannabis on October 17. We will be updating on VIVO when more details emerge so make sure you are subscribed to Microcapdaily so you know what’s going on with VIVO.
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Disclosure: we hold no position in VIVO either long or short and we have not been compensated for this article.