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BIG CHANGE AT THE TOP - News Release Issued: Nov 30, 2020 (7:00am EST)
VIVO Cannabis™ Announces Board and Leadership Changes TORONTO, Nov. 30, 2020 /CNW/ - VIVO Cannabis Inc. (TSX: VIVO) (OTCQX: VVCIF) ("VIVO" or the "Company"), announced today that both Paul Lucas, Chair and Barry Fishman, Chief Executive Officer and Director, will be retiring from the Company effective December 31, 2020.
VIVO Cannabis Logo (CNW Group/VIVO Cannabis Inc.)
Mr. Richard Fitzgerald, a current independent director on the Board and Chair of VIVO's Governance and Nominating Committee, will assume the role of Chair effective January 1, 2021 and, during the process of identifying a permanent CEO, will serve as interim CEO. Mr. Fitzgerald has decades of experience in consumer insights, brand building and marketing and will continue to be instrumental to the Company to transform great products into unrivalled brands.
"I am especially proud of the Company's transformation over the past three years to producing and selling high-quality products in multiple brands (Canna Farms™, Beacon Medical™, Fireside™, Fireside-X™, Lumina™ and Canadian Bud Collection™) and operating Harvest Medicine™, a successful independent clinic network focused on access, education and research," commented Barry Fishman, CEO. "I now believe that with the support of our dedicated and talented team, this is the optimal time to transition to a new CEO to elevate the Company to the next level."
"It has been a truly unique experience being part of a brand-new industry in Canada," said Paul Lucas, Chair of the Board. "Like any new industry the Cannabis business has seen no shortage of excitement and challenges. After six years on the board of VIVO, three as Chair, helping to guide it from start-up to a TSX listed operating company, it is an appropriate time to pass the torch to new leaders. I was very fortunate to have been part of a team of very capable and committed Board members, as well as our CEO, Barry Fishman."
"The entire VIVO family would like to thank Paul and Barry for their strong leadership and commitment to the Company and wish them the best in their future endeavors," commented Richard Fitzgerald, incoming Chair. "They both deserve recognition for their immense contributions, which I believe have strongly positioned VIVO for long-term profitable growth. I am very much looking forward to serving as Chair and interim CEO in the new year as we accelerate the path to positive cash flow."
About VIVO Cannabis™
VIVO Cannabis™ is recognized for trusted, premium cannabis products and services. It holds production and sales licences from Health Canada and operates world-class indoor and seasonal airhouse cultivation facilities. VIVO has a collection of premium brands, each targeting different customer segments, including Canna Farms™, Beacon Medical™, Fireside™, Fireside-X™, Lumina™ and Canadian Bud Collection™. Harvest Medicine, VIVO's patient-centric, scalable network of medical cannabis clinics, has serviced over 150,000 patient visits. VIVO is pursuing several partnership and product development opportunities and is focusing its international efforts on Germany and Australia. For more information visit: vivocannabis.com
Disclaimer for Forward-Looking Information
All dollar amounts in this news release are in Canadian dollars. Certain statements in this news release are forward-looking statements, which are statements that are not purely historical, including statements regarding the beliefs, plans, expectations or intentions of VIVO and its management regarding the future. 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: that the COVID-19 pandemic may last longer and have a more significant impact on the Company's operations, financing abilities, the Canadian cannabis industry, or the global economy generally, than currently expected; and other factors beyond the Company's control. No assurance can be given that any of the events anticipated by the forward-looking statements will occur or, if they do occur, what benefits the Company will obtain from them. Readers are urged to consider these factors, and the more extensive risk factors included in the Company's management's discussion and analysis for the three months ended September 30, 2020, which is available on SEDAR, carefully in evaluating the forward-looking statements contained in this news release, and are cautioned not to place undue reliance on such forward-looking statements, which are qualified in their entirety by these cautionary statements. The forward-looking statements in this news release are made as of the date hereof and the Company disclaims any intent or obligation to update publicly any such forward-looking statements, whether as a result of new information, future events or results or otherwise, except as required by applicable securities laws.
SOURCE VIVO Cannabis Inc.
For further information: VIVO Investor Relations, Michael Bumby, Chief Financial Officer, +1 416-848-9839, ir@vivocannabis.com
Agreed. Doesn’t help to complain about the past. Truth is the company is undervalued but current so called leadership/management is a disaster. They remind me of the Teldar Paper executives in the movie Wall Street aka “Greed is Good” scene.
Barry and his team are a disaster. They allowed Daniel Laflamme to destroy this company and proudly displayed him as a leader of the company. This company needs to be sold.
They are clearly advertising that as soon as the price goes up a tad they are going to do a raise... this is ridiculous! “The Shelf Prospectus will enable the Company to offer common shares, debt securities, convertible securities, subscription receipts, warrants, units or any combination thereof for aggregate gross proceeds of up to $50 million during the 25-month period the Shelf Prospectus is effective.”
And they had an offering planned at .15! So basically they are saying as soon as this hits .15 we are gonna dilute the OS. I feel so deceived. Last time they brought up the idea of a shelf prospectus they promised it would be for accretive acquisitions and that they were well capitalized for the the next 12mths(this was in sept). Now they are just saying they need money to stay afloat!! I lost a whole lot so far... don’t know if I shld just walk away or hold on for a prayer
I wonder in the next ER if we'll see the complete purchase details. Sure seems to me that the F&F transaction is messy if VIVO and 48North weren't previously "taken out". - FUNMAN
VIVO Announces Strategic Investment in Friendly Stranger
NEWS PROVIDED BY VIVO Cannabis Inc. Jun 20, 2019, 07:00 ET
NAPANEE, ON, June 20, 2019 /CNW/ - VIVO Cannabis Inc. (TSX-V: VIVO, OTCQX: VVCIF) ("VIVO" or the "Company") is pleased to announce that it has made a $1.25 million strategic investment in Friendly Stranger Holdings Corp. ("Friendly Stranger"), a longstanding retail champion of cannabis culture. The investment is intended to facilitate Friendly Stranger's aggressive cannabis retail expansion plans, with a goal of bringing multiple retail stores to the Canadian market.
"VIVO is focused on expanding capacity and increasing production capability to help meet the growing demand for cannabis among recreational users," stated Barry Fishman, Chief Executive Officer of VIVO. "Friendly Stranger has been an iconic brand in the Canadian cannabis sector for more than 25 years and we believe trusted retailers are integral to showcasing our premium family of brands, including Canna Farms™, Fireside™, and Lumina™. We have actively sought strategic partnerships with retailers to establish strong relationships with existing and future leaders in the cannabis industry. We look forward to working with Friendly Stranger to advance their premium adult-use cannabis retail strategy in Ontario and throughout Canada."
"We look forward to welcoming VIVO to the Friendly Stranger family," said James Jesty, President, Friendly Stranger Holdings Corp. "With a strategic investment from VIVO, we have additional capital to execute the first phase of our growth strategy to scale and evolve the business. This will include operating several locations fully licenced to sell adult-use cannabis, pending Ontario granting additional licences. VIVO is an ideal partner for us and their line of premium cannabis products aligns well with our brand."
VIVO Strategic Investment
VIVO has agreed to acquire, through a wholly-owned subsidiary: (i) 187,500 Class A common shares in the capital of Friendly Stranger at a price of $4.00 per share for an aggregate purchase price of $750,000, and (ii) an unsecured convertible debenture of Friendly Stranger in the principal amount of $500,000, for a total investment of $1,250,000. The debenture will bear interest at the rate of 6.0% per annum, have a maturity date of June 19, 2021, and be convertible, at the option of VIVO, into Class A common shares of Friendly Stranger at a conversion price of $5.00 per share, subject to adjustment and certain limitations as provided in the debenture certificate.
VIVO and Friendly Stranger have also entered into a preferred partnership agreement pursuant to which, among other things, the parties have agreed to collaborate on obtaining Friendly Stranger's cannabis retail licence, conducting in-store events, and leveraging co-branding opportunities.
About Friendly Stranger Holdings Corp:
Established in 1994, Friendly Stranger is Canada's most iconic cannabis culture shop and is widely revered for its friendly and knowledgeable service. In 2018, after an initial investment from Green Acre Capital, Friendly Stranger established Friendly Stranger Holdings Corp ("FSHC") and announced an expansion plan to open additional retail locations across the country. In 2019, FSHC acquired Happy Dayz and with this merger, FSHC now operates 10 retail locations in Ontario with over 200,000 customer visits per year. www.friendlystranger.com www.happy-dayz.ca Instagram: @the_friendly_stranger @happy.dayz420 Twitter: @friendlystrnger @happy_dayz Facebook: Friendlystranger Happy.dayz.ca
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
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.
ON BEHALF OF THE BOARD OF DIRECTORS
Barry Fishman CEO and Director
Disclaimer for Forward-Looking Statements
Statements regarding Friendly Stranger business, proposed use of proceeds of the financing and future goals are based solely on information provided by Friendly Stranger Holdings Corp. This news release contains forward-looking statements, including statements regarding the expected use of proceeds by Friendly Stranger, Friendly Stranger's proposed strategy to become a premium adult-use cannabis retailer, and VIVO's future opportunities outlook. The forward-looking statements contained in this news release are based on certain assumptions and involve known and unknown risks and uncertainties and other factors that could cause actual events to differ materially from current assumptions and expectations, including that: Friendly Stranger may be unable to obtain necessary regulatory approvals for, or to effectively operate, one or more cannabis retail stores; Friendly Stranger may not become a successful premium adult-use cannabis retailer; regulations may restrict or prohibit the supply of cannabis products by VIVO to Friendly Stranger or other proposed activities by VIVO and/or Friendly Stranger; cannabis marketing regulations may impede the execution of Friendly Stranger's retail strategy; and other factors beyond the Company's control. The forward-looking statements contained in this news release should not be read as guarantees of future performance or results. No assurance can be given that any of the events anticipated by the forward-looking statements will occur or, if they do occur, what benefits the Company will obtain from them. Readers are urged to consider these factors, and the more extensive risk factors included in the Company's annual information form for the year ended December 31, 2018 and its 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 are qualified in their entirety by these cautionary statements. The forward-looking statements in this news release are made as of the date hereof and the Company disclaims any intent or obligation to update publicly any such forward-looking statements, whether as a result of new information, future events or results or otherwise, except as required by applicable securities laws.
SOURCE VIVO Cannabis Inc.
For further information: VIVO Investor Relations: Craig MacPhail, 416-848-9839, ir@vivocannabis.com, NATIONAL Capital Markets; Michael Bumby, Chief Financial Officer, michael.bumby@vivocannabis.com, VIVO Cannabis Inc.; Friendly Stranger Holdings Corp, James Jesty, President, 289-208-3806, James.jesty@friendlystranger.com
TORONTO, July 29, 2019 /CNW/ – Friendly Stranger Holdings Corp (“FSHC” or the “Company”) today announced that it has received investments totalling $5 million from several strategic partners. 48North Cannabis Corp (TSXV: NRTH) (“48North”) and VIVO Cannabis Inc. (TSX-V: VIVO, OTCQX: VVCIF) (“VIVO”) have both made a $1.25 million strategic investment in the Company. Green Acre Capital (“GAC”) has committed an additional $2.5 million investment in addition to its original investment in October 2018.
This investment will provide additional capital to help the Company achieve its aggressive growth strategy, including opening additional cannabis culture accessory stores as well as launching premium adult-use cannabis retail locations across the country.
“For 25 years, Friendly Stranger has been a champion for cannabis, devoted to activism, community and culture. Friendly Stranger has always been more than a store. It’s a home of vision, advocacy, unity and acceptance. We’re on a mission. We want to connect Canadians through cannabis. We want to build a community of togetherness. With the investment from our partners, and the opening of the second Ontario retail lottery, we are able set the stage for many more years of success,” said Robin Ellins, Co-founder of Friendly Stranger.
In addition to the financial investment, 48North, VIVO and Friendly Stranger have entered into a preferred partnership agreement pursuant to which, among other things, the parties have agreed to collaborate on obtaining Friendly Stranger’s cannabis retail licence(s), conducting in-store events, and leveraging co-branding opportunities.
“We are very excited to announce 48North’s strategic investment in the Friendly Stranger. With a focus on high-quality, sun-grown cannabis from Good:Farm, future focused next-generation cannabis products, and premium grown cannabis from its northern facility delshen, 48North looks forward to having its products available for future Friendly Stranger customers. 48North’s partnership with Friendly Stranger takes 48North one step closer to becoming Canada’s most loved, trusted and valued cannabis brand,” said Jeannette VanderMarel, co-CEO of 48North.
“At VIVO we believe that cannabis can help improve the well-beings of individuals and communities and we are proud to accomplish this by providing premium craft cannabis products and service. Our vision aligns with the incredible advocacy and community-building work Friendly Stranger has achieved over the years. We are excited to invest in Friendly Stranger and to establish our preferred partner relationship, which will allow for collaboration to spread our shared belief in the role cannabis can have to help Canadians,” said Barry Fishman, Chief Executive Officer of VIVO. “We believe trusted retailers are integral toward meeting increased demand among recreational adult-users. In conjunction with our medical cannabis business, we have actively sought strategic partnerships with retailers in order to establish strong relationships with leaders in the cannabis industry.”
We look forward to welcoming VIVO and 48North to the Friendly Stranger family.
James Jesty, President, Friendly Stranger Holdings Corp. With these strategic investments, we have additional capital to execute the first phase of our growth strategy to scale and evolve the business. This will include operating several locations fully licenced to sell adult-use cannabis, pending Ontario granting additional licences. Both VIVO and 48North are ideal partners for us based on their commitment to running values-based companies.
To celebrate the 25th anniversary of Friendly Stranger, the iconic cannabis culture shop who is now focusing on breaking down stigmas associated with cannabis use, has launched a new partnership with Cannabis Amnesty with a percentage of proceeds from sales and events this year going towards their great work. Friendly Stranger kicked off their anniversary year with a month-long social media campaign where the company shares memories from the past 25 years. They are also working on releasing a limited-edition wood pipe series (ten total) to commemorate their 25th anniversary by Toronto artisans at Studio Briar along with free commemorative stickers, pins and lighters!
About Friendly Stranger Holdings Corp:
Established in 1994, Friendly Stranger is Canada’s most iconic cannabis culture shop and is widely revered for its friendly and knowledgeable service. In 2018, after an initial investment from Green Acre Capital, Friendly Stranger established Friendly Stranger Holdings Corp (“FSHC”) and announced an expansion plan to open additional retail locations across the country. In 2019, FSHC acquired Happy Dayz and with this merger, FSHC now operates 10 retail locations in Ontario with over 200,000 customer visits per year. www.friendlystranger.com http://www.happy-dayz.ca Instagram: @the_friendly_stranger @happy.dayz420 Twitter: @friendlystrnger @happy_dayz Facebook: Friendlystranger Happy.dayz.ca
About 48North
48North Cannabis Corp. (TSXV: NRTH) is a vertically integrated cannabis company focused on the health and wellness market through cultivation and extraction, as well as the creation of innovative, authentic brands for next-generation cannabis products. 48North is developing formulations and manufacturing capabilities for its own proprietary products, as well as positioning itself to contract manufacture similar products for third parties. 48North operates Good Farm, a 100-acre organic cannabis farm that is expected to produce more than 40,000 kilograms of organic, sun-grown cannabis, securing a significant first-mover advantage in the production of low-cost, next-generation, extract-based cannabis products. In addition, 48North operates two indoor-licensed cannabis production sites in Ontario with more than 86,000 square feet of production capacity. 48North cultivates unique genetics at its wholly owned subsidiaries, DelShen Therapeutics Corp. (“DelShen”) and 2599760 Ontario Corp. dba Good & Green (“Good & Green”), both Licensed Producers under the Cannabis Act. 48North has a growing portfolio of brands that include Latitude, a women’s cannabis platform (explorelatitude.com); Mother & Clone, a rapid-acting sublingual cannabis nanospray (momandclone.com); and Avitas, a single-strain vaporizer cartridge (avitasgrown.com).
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 or Disclaimer for Forward Looking Statements please visit: www.vivocannabis.com
VIVO Cannabis to Host Conference Call for Third Quarter 2020 Results
NAPANEE, ON, Nov. 2, 2020 /CNW/ - VIVO Cannabis Inc. (TSX: VIVO) (OTCQX: VVCIF) ("VIVO" or the "Company") today announced it will release its third quarter 2020 results on Thursday, November 12, 2020, after the close of markets. VIVO will also host a conference call on Friday, November 13, 2020 at 10 a.m. ET to discuss the Company's third quarter 2020 results. Barry Fishman, CEO and Michael Bumby, CFO, will host the call.
I hope they have some good answers for the PPS meltdown, and what they are doing about increasing investor confidence. - FUNMAN
VIVO Cannabis™ is recognized for trusted, premium cannabis products and services. It holds production and sales licences from Health Canada and operates world-class indoor and seasonal airhouse cultivation facilities. VIVO has a collection of premium brands, each targeting different customer segments, including Canna Farms™, Beacon Medical™, Fireside™, Fireside-X™, Lumina™ and Canadian Bud Collection™. Harvest Medicine, VIVO's patient-centric, scalable network of medical cannabis clinics, has serviced over 100,000 patient visits. VIVO is pursuing several partnership and product development opportunities and is focusing its international efforts on Germany and Australia. For more information visit: www.vivocannabis.com
SOURCE VIVO Cannabis Inc.
For further information: VIVO Investor Relations, Michael Bumby, Chief Financial Officer, +1 416-848-9839, ir@vivocannabis.com
IMO Smart Long Overdue Move ... Rightsizing of Napanee Organization
... In much better order than diluting shareholders ... folks, the cat's out of the bag ... we know they want to do it ... but cutting costs should have been the first reality responsible action.
Board and Leadership Changes
TORONTO, Oct. 20, 2020 /CNW/ – VIVO Cannabis Inc. (TSX: VIVO) (OTCQX: VVCIF) ("VIVO" or the "Company") today announced immediate steps to streamline operations and changes to the Board and Leadership Team.
VIVO Cannabis Logo (CNW Group/VIVO Cannabis Inc.)
Organizational Rationalization, including an 18% Reduction in Headcount
The Company is dedicated to delivering differentiated cannabis products and services while carefully managing expenses, with a target of achieving positive adjusted EBITDA during the first half of 2021.
"Our goal is to make VIVO a stronger, more focused company by leveraging synergies between our business units and adapting to the realities of the market," said Barry Fishman, Chief Executive Officer. "This includes making the difficult decision to reduce our workforce, a move that was not taken lightly, and we remain grateful to all those affected for their previous efforts and contributions. These changes will allow VIVO to reduce costs by specializing resources and streamlining our organizational structure."
The streamlining initiatives are expected to accelerate the timeframe to achieving positive operating cash flow. Approximately 18% of overall Company headcount (roughly 45 positions) will be eliminated this week, the vast majority from the rightsizing of Napanee operations.
After completing a strategic review of VIVO’s overall Canadian cannabis operations, the Napanee-based organization has been re-purposed to focus on low-cost cultivation (airhouse-grown) and the extraction and manufacturing of VIVO’s growing line of Cannabis 2.0 concentrates. To allow the Company to capitalize on economies of scale and reduce costs, certain other activities (i.e. packaging and distribution) will be centralized at the Canna Farms facility in Hope B.C.
VIVO will also be monetizing non-core assets, and capital expenditures will be curtailed as all major facility projects have been completed. The actions taken this week will better align the business with the demands and evolution of the cannabis market, and well-position the Company for future profitable growth.
Board and Leadership Changes
Dan Laflamme has decided to step down as President, Canna Farms and a Director of the Company. Ray Laflamme, co-founder of Canna Farms, has been appointed interim President, Canna Farms to ensure a smooth transition.
"The entire VIVO team and Board would like to thank Dan for his significant contributions to the Company, and to his family for their support. We wish them well as they spend some well-earned time together." said Barry Fishman. "As a co-founder of Canna Farms and one of the pioneers of the Canadian cannabis industry, we are grateful to Dan for his vision, leadership, integrity and passion. We are also fortunate to have Ray accept the Canna Farms interim President role. Ray brings significant institutional knowledge about the business and his continued leadership will serve us well."
Dan Laflamme added, "The past seven years have been a wonderful experience and I have enjoyed working with the Canna Farms team and everyone across the other VIVO businesses. Although I am resigning from my active role with the Company, I will certainly continue to support VIVO and Canna Farms as they enter the next phase of growth."
VIVO also announced changes to its senior leadership team to best support the execution of its strategic priorities. The Company will now be more aligned on centralized functions, replacing the previous business unit focus. The VIVO senior leadership team, effective immediately, is summarized below:
Barry Fishman:
Chief Executive Officer and Director
Michael Bumby:
Chief Financial Officer
Carole Chan:
Chief People Officer and President, Harvest Medicine
Tim Hayden:
Chief Business Officer
Matt Patterson:
Chief Commercial Officer
Ray Laflamme:
Interim President, Canna Farms
Andreas Sander:
President, European Operations
About VIVO Cannabis™
VIVO Cannabis™ is recognized for trusted, premium cannabis products and services. It holds production and sales licences from Health Canada and operates world-class indoor and seasonal airhouse cultivation facilities. VIVO has a collection of premium brands, each targeting different customer segments, including Canna Farms™, Beacon Medical™, Fireside™, Fireside-X™, Lumina™ and Canadian Bud Collection™. Harvest Medicine, VIVO’s patient-centric, scalable network of medical cannabis clinics, has serviced over 100,000 patient visits. VIVO is pursuing several partnership and product development opportunities and is focusing its international efforts on Germany and Australia. For more information visit: www.vivocannabis.com
Disclaimer for Forward-Looking Information:
All dollar amounts in this news release are in Canadian dollars. Certain statements in this news release are forward-looking statements, which are statements that are not purely historical, including statements regarding the beliefs, plans, expectations or intentions of VIVO and its management regarding the future. 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: that the COVID-19 pandemic may last longer and have a more significant impact on the Company’s operations, financing abilities, the Canadian cannabis industry, or the global economy generally, than currently expected; and other factors beyond the Company’s control. No assurance can be given that any of the events anticipated by the forward-looking statements will occur or, if they do occur, what benefits the Company will obtain from them. Readers are urged to consider these factors, and the more extensive risk factors included in the Company’s management’s discussion and analysis for the three months ended June 30, 2020, which is available on SEDAR, carefully in evaluating the forward-looking statements contained in this news release, and are cautioned not to place undue reliance on such forward-looking statements, which are qualified in their entirety by these cautionary statements. The forward-looking statements in this news release are made as of the date hereof and the Company disclaims any intent or obligation to update publicly any such forward-looking statements, whether as a result of new information, future events or results or otherwise, except as required by applicable securities laws.
The bounce I hoped for didn't materialize. I guess the cat is already out of the bag. At least I didn't hold from 20¢ down to 10¢. I doubled my share count for that reason.
yeah, I was questioning a 30% drop in price with only about $300k worth traded at OTC. It was all shorting on the TSX side with it looking like every broker on there dumping as many shares as possible just to buy them back the next day at a serious discount.
The OTC side has been just as bad with valx always running ahead before the retail orders get processed.
bout time Barry did something about it.
and,
I wonder who's leaking the inside info on the timing of events to the shorting brokers ?
I am back in because --->>> VIVO Cannabis™ Withdraws $5 Million Offering and Provides Business Update
TORONTO, Oct. 16, 2020 /CNW/ – VIVO Cannabis Inc. (TSX: VIVO) (OTCQX: VVCIF) ("VIVO" or the "Company") announced today that it is terminating a planned offering of $5.1 million, which it had previously announced on October 6, 2020.
The decision to terminate the offering was taken amidst what the Company views as highly unusual trading activity in VIVO’s shares. During the two days following the announcement of the offering, trading volume increased by approximately 8,000% to a cumulative total of 18,980,048 shares, compared with 236,517 shares traded in the two days prior to the announcement.
"While VIVO is unaware of the reasons for the increased trading activity and downward pressure on our stock price, we have reported last week’s highly unusual trading activity to securities regulators," said Barry Fishman, CEO of VIVO. "We are hoping that in the short-term, trading activity will stabilize at a level that reflects VIVO’s current business fundamentals, recent achievements and future potential."
The Ontario Securities Commission (OSC) and the Investment Industry Regulatory Organization of Canada (IIROC) jointly announced on October 1, 2020 that they are encouraging the submission of tips related to potential abusive trading in securities of Ontario reporting issuers, including illegal insider trading, market manipulation or abusive short selling. In particular, they are seeking specific and credible evidence about short selling into or ahead of public offerings or private placements of Ontario securities.
All VIVO insiders have been and remain subject to a regularly scheduled trading blackout until at least after the Company announces its Q3 2020 results, which is anticipated to be in mid-November.
Business Update
During the past few months, VIVO’s business fundamentals continue to strengthen with several notable successes:
• Achieved a leading position in the cannabis concentrates category
• Initiated the largest harvest in the company’s history in Napanee, Ontario
• Canna Farms was named the fourth most recognized cannabis brand among Canadian consumers
• Expanded market access, including product listings in Quebec and with Medical Cannabis by Shoppers™
• Restructured $27 million in current liabilities, leaving the Company with $6.6 million in 6% convertible debt due September 15, 2022. About VIVO Cannabis™
VIVO Cannabis™ is recognized for trusted, premium cannabis products and services. It holds production and sales licences from Health Canada and operates world-class indoor and seasonal airhouse cultivation facilities with proprietary plant-growing technology in Hope, British Columbia and Napanee, Ontario. VIVO has a collection of premium brands, each targeting different customer segments, including Canna Farms™, Beacon Medical™, Fireside™, Fireside-X™, Lumina™ and Canadian Bud Collection™. The Company is expanding its production capabilities and distribution network. Harvest Medicine, VIVO’s patient-centric, scalable network of medical cannabis clinics, has serviced over 100,000 patient visits. VIVO is pursuing several partnership and product development opportunities and is focusing its international efforts on Germany and Australia. For more information visit: www.vivocannabis.com
Disclaimer for Forward-Looking Information:
All dollar amounts in this news release are in Canadian dollars. Certain statements in this news release are forward-looking statements, which are statements that are not purely historical, including statements regarding the beliefs, plans, expectations or intentions of VIVO and its management regarding the future. Forward-looking statements in this news release include statements regarding potential future offerings by the Company, the potential terms of same, the filing of any prospectus supplement with respect thereto, proposed use of proceeds, assuming completion, the anticipated closing date and the satisfaction of all necessary closing conditions, including the approval of the TSX. 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: that the COVID-19 pandemic may last longer and have a more significant impact on the Company’s operations, financing abilities, the Canadian cannabis industry, or the global economy generally, than currently expected; and other factors beyond the Company’s control. No assurance can be given that any of the events anticipated by the forward-looking statements will occur or, if they do occur, what benefits the Company will obtain from them. Readers are urged to consider these factors, and the more extensive risk factors included in the Company’s management’s discussion and analysis for the three months ended June 30, 2020, which is available on SEDAR, carefully in evaluating the forward-looking statements contained in this news release, and are cautioned not to place undue reliance on such forward-looking statements, which are qualified in their entirety by these cautionary statements. The forward-looking statements in this news release are made as of the date hereof and the Company disclaims any intent or obligation to update publicly any such forward-looking statements, whether as a result of new information, future events or results or otherwise, except as required by applicable securities laws. SOURCE VIVO Cannabis Inc.
Indiva because of edibles licensed by established successful brands with Canadian exclusivities, and Aleafia because of cultivation growth coupled with their own chain of clinics and Cannabis 2.0 growing SKUs growth.
Aleafia’s Q4 growth should be explosive in comparison to prior years and Qs. That’s the bet. Plenty of debt and other Red Flags so be cautious. I have been buying more.
I agree. It is a bold move one that needs to be taken given the current situation. Thee is alot of whining about how management handles this company. Thing you have to remember is this is penny stock land, anything can happen. Barry comes from a pharmaceutical background where the trenches are deep and the retail investors are very skiddish, if you can't handle the lows how the hell are you gonna handle the gains?
That move was pretty clever. VIVO has traded almost 1 million shares. Sold $5 million dollars in shares for .15 and the right for the buyer to purchase another share of a strike price @.26. Which at .26 strike price that almost doubles the price. Then as the price went down they covered their position for under .15/share. In the mean time they are paying down their debt at a discount. And VIVO is in harvest season with one more payment left. Either that was a genius move. Or. ????
This is INFURIATING! They lied in their prospectus that they were funded for operations for the next 12 months! Now they diluting at .15 for 5m to find operations!?! So deceitful... I wish I was down 17%! Lol fml. Feel like I went from genius to retard hahaha. Obviously not hitting profitability anytime soon :(
My other thought is: While VIVO is paying down debt. Is VIVO trying to float finances so another company won’t come in for hostile take over? Don’t they only have one more balloon payment to satisfy the agreement of them purchasing canna farms? Seems they have made some smart investments and debt cancellations that $5 million isn’t that big deal especially in harvest time. Just asking questions for some insight.
This is INFURIATING! They lied in their prospectus that they were funded for operations for the next 12 months! Now they diluting at .15 for 5m to find operations!?! So deceitful... I wish I was down 17%! Lol fml. Feel like I went from genius to retard hahaha. Obviously not hitting profitability anytime soon :(
I believe they need access to capital in case they want to make an acquisition ... 'tipfindr'
I disagree. As long as they are losing money and not generating any free cash flow, they need to raise money to keep the lights on and water flowing. Dilution is inevitable.
I am down 17%. I may have to lick my wounds and move on. - FUNMAN
TORONTO, Oct. 06, 2020 (GLOBE NEWSWIRE) -- VIVO Cannabis Inc. (TSX:VIVO) (“VIVO” or the “Company”) is pleased to announce that it has commenced a best efforts fully marketed offering of units of the Company (each, a “Unit” and, collectively, the “Units”) at an issue price per Unit of $0.15, for gross proceeds to the Company of approximately $5,100,000 (the “Offering”). Clarus Securities Inc. and Gravitas Securities Inc. have been engaged by the Company to act as co-lead agents (together, the “Agents”) in respect of the Offering. Each Unit will consist of one common share of the Company (each, a “Common Share”) and one half of one Common Share purchase warrant (each whole Common Share purchase warrant, a “Warrant”) to purchase one common share of the Company at an exercise price of $0.26 for a period of 36 months following the Closing Date (as defined below). The Units will be offered for sale in each of the provinces of Canada, except the Province of Quebec, pursuant to a prospectus supplement to the Company’s base shelf prospectus dated October 5, 2020 (the “Shelf Prospectus”).
VIVO intends to use the net proceeds of the Offering for general working capital and corporate purposes.
The Company has granted to the Agents an option, exercisable in whole or in part, to arrange for the sale of additional Units representing additional gross proceeds of $1,275,000, on the same terms and conditions as the Offering (the “Agent’s Option”). The Agents’ Option shall be exercisable at any time up to 48 hours prior to the Closing Date. There can be no assurance as to whether or when the Offering may be completed, or as to the actual size or terms of the Offering. The Offering is expected to close on or about October 15, 2020 (the “Closing Date”) and will be subject to customary closing conditions, including listing of the Common Shares on the Toronto Stock Exchange.
No securities regulatory authority has either approved or disapproved of the contents of this news release. The Units have not been and will not be registered under the United States Securities Act of 1933, as amended, or any state securities laws. Accordingly, the Units may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements. This news release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any province, state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such province, state or jurisdiction.
About VIVO Cannabis™
VIVO Cannabis™ is recognized for trusted, premium cannabis products and services. It holds production and sales licences from Health Canada and operates world-class indoor and seasonal airhouse cultivation facilities with proprietary plant-growing technology in Hope, British Columbia and Napanee, Ontario. VIVO has a collection of premium brands, each targeting different customer segments, including Canna Farms™, Beacon Medical™, Fireside™, Fireside-X™, Lumina™ and Canadian Bud Collection™. The Company is expanding its production capabilities and distribution network. Harvest Medicine, VIVO’s patient-centric, scalable network of medical cannabis clinics, has serviced over 100,000 patient visits. VIVO is pursuing several partnership and product development opportunities and is focusing its international efforts on Germany and Australia. For more information visit: www.vivocannabis.com
Disclaimer for Forward-Looking Information:
All dollar amounts in this news release are in Canadian dollars. Certain statements in this news release are forward-looking statements, which are statements that are not purely historical, including statements regarding the beliefs, plans, expectations or intentions of VIVO and its management regarding the future. Forward-looking statements in this news release include statements regarding potential future offerings by the Company, the potential terms of same, the filing of any prospectus supplement with respect thereto, proposed use of proceeds, assuming completion, the anticipated closing date and the satisfaction of all necessary closing conditions, including the approval of the TSX. 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: that there may be no financing available to the Company on satisfactory terms or at all, if and when the Company wishes to draw capital down under the Shelf Prospectus; that the COVID-19 pandemic may last longer and have a more significant impact on the Company's operations, financing abilities, the Canadian cannabis industry, or the global economy generally, than currently expected; and other factors beyond the Company's control. No assurance can be given that any of the events anticipated by the forward-looking statements will occur or, if they do occur, what benefits the Company will obtain from them. Readers are urged to consider these factors, and the more extensive risk factors included in the Company's management's discussion and analysis for the three months ended June 30, 2020, which is available on SEDAR, carefully in evaluating the forward-looking statements contained in this news release, and are cautioned not to place undue reliance on such forward-looking statements, which are qualified in their entirety by these cautionary statements. The forward-looking statements in this news release are made as of the date hereof and the Company disclaims any intent or obligation to update publicly any such forward-looking statements, whether as a result of new information, future events or results or otherwise, except as required by applicable securities laws.
I believe they need access to capital in case they want to make an acquisition but with share prices this low it would take over 100% dilution to raise 50m at the market- after they announce the offering I can see this dropping further which would mean more shares to hit that 50m marker. Idk what to think- I thght I was ahead of the curve on this one- looked like a hidden treasure but mgmt has to get this firm up in the air already!
To the PPS toilet / VIVO Cannabis™ Announces Approval of $50 Million Base Shelf Prospectus Tue, October 6, 2020, 7:00 AM EDT
TORONTO, Oct. 6, 2020 /CNW/ - VIVO Cannabis Inc. (TSX: VIVO) (OTCQX: VVCIF) ("VIVO" or the "Company") announces that it has filed a short form base shelf prospectus (the "Shelf Prospectus") with securities regulatory authorities in each province of Canada.
The Shelf Prospectus will enable the Company to offer common shares, debt securities, convertible securities, subscription receipts, warrants, units or any combination thereof for aggregate gross proceeds of up to $50 million during the 25-month period the Shelf Prospectus is effective.
If the Company proceeds with an offering of securities under the Shelf Prospectus, the specific terms, the proposed use of proceeds and other matters related to such offering will be set out in a prospectus supplement, which will be filed with all applicable Canadian securities regulatory authorities. The Company may also use the Shelf Prospectus in connection with an "at-the-market distribution" in accordance with applicable securities laws, which would permit securities to be sold on behalf of the Company through the Toronto Stock Exchange (or other applicable stock exchange) as further described in the applicable prospectus supplement. To date, no agreement has been entered into with respect to such a distribution.
- ADVERTISEMENT -
The Shelf Prospectus can be found under the Company's profile on SEDAR at www.sedar.com.
About VIVO Cannabis™
VIVO Cannabis™ is recognized for trusted, premium cannabis products and services. It holds production and sales licences from Health Canada and operates world-class indoor and seasonal airhouse cultivation facilities with proprietary plant-growing technology in Hope, British Columbia and Napanee, Ontario. VIVO has a collection of premium brands, each targeting different customer segments, including Canna Farms™, Beacon Medical™, Fireside™, Lumina™ and Canadian Bud Collection™. The Company is expanding its production capabilities and distribution network. Harvest Medicine, VIVO's patient-centric, scalable network of medical cannabis clinics, has serviced over 100,000 patient visits. VIVO is pursuing several partnership and product development opportunities and is focusing its international efforts on Germany and Australia. The Company has a healthy balance sheet and is well-positioned to accelerate its path to profitability. For more information visit: vivocannabis.com
Disclaimer for Forward-Looking Information
All dollar amounts in this news release are in Canadian dollars. Certain statements in this news release are forward-looking statements, which are statements that are not purely historical, including statements regarding the beliefs, plans, expectations or intentions of VIVO and its management regarding the future. Forward-looking statements in this news release include statements regarding potential future offerings by the Company, the potential terms of same, the filing of any prospectus supplement with respect thereto. 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: that there may be no financing available to the Company on satisfactory terms or at all, if and when the Company wishes to draw capital down under the Shelf Prospectus; that the COVID-19 pandemic may last longer and have a more significant impact on the Company's operations, financing abilities, the Canadian cannabis industry, or the global economy generally, than currently expected; and other factors beyond the Company's control. No assurance can be given that any of the events anticipated by the forward-looking statements will occur or, if they do occur, what benefits the Company will obtain from them. Readers are urged to consider these factors, and the more extensive risk factors included in the Company's management's discussion and analysis for the three months ended June 30, 2020, which is available on SEDAR, carefully in evaluating the forward-looking statements contained in this news release, and are cautioned not to place undue reliance on such forward-looking statements, which are qualified in their entirety by these cautionary statements. The forward-looking statements in this news release are made as of the date hereof and the Company disclaims any intent or obligation to update publicly any such forward-looking statements, whether as a result of new information, future events or results or otherwise, except as required by applicable securities laws.
I think every company that wants to do outdoor cultivation should take at least some of their crop indoors into an air house.
While raising the "all-in-costs", it adds insurance to a percentage of the crop, knowing it's harvest cannot fail the same way outdoor cultivation can succumb to the same travails all farmers have to deal with.
Remember when twits were trying to bash the air houses?
"I am pleased to say that this year's crop has exceeded our expectations, with some of our plants reaching a height of over 12 feet," said Barry Fishman, CEO of VIVO."
VIVO Cannabis™ Begins Largest Harvest in Company’s History
TORONTO, Oct. 5, 2020 /CNW/ – VIVO Cannabis Inc. (TSX: VIVO, OTCQX: VVCIF) ("VIVO" or the "Company") today announced it has begun its 2020 season harvest at its Kimmetts facility in Napanee, Ontario, the largest in the Company’s history.
"I am pleased to say that this year’s crop has exceeded our expectations, with some of our plants reaching a height of over 12 feet," said Barry Fishman, CEO of VIVO. "As the only Canadian licensed producer currently using airhouse technology, the success of the crop both validates our strategic decision to invest in the airhouses and demonstrates the capabilities of our highly talented Napanee team."
The Kimmetts facility consists of four airhouses with a total of 75,000 square feet of cultivation space, containing approximately 10,000 plants. The harvest, which started one week ahead of schedule due to accelerated plant growth, began with trimming the sections with the largest flowers.
The use of airhouse technology results in more reliable cannabis compared with outdoor growing as it mitigates the risk of weather and pest events that can easily destroy an entire outdoor crop. Its benefits over outdoor grow also include improved light quality, controlled air flow and humidity, and the ability to use supplemental heat to extend the growing season as required. Airhouses are inexpensive to erect, easy to sanitize, and simple to maintain. VIVO has the capacity to install additional airhouses in a short timeframe with relatively low capital requirements on its 50+ acre property.
VIVO Cannabis™ Begins Largest Harvest in Company’s History (CNW Group/VIVO Cannabis Inc.)
VIVO expects to yield approximately 4,000 kilograms from the harvest. Some of the harvest will be packaged and sold as dry flower and the remaining biomass will be extracted in the Company’s recently commissioned ethanol extraction hub that has a capacity of handling up to 500 kilograms of biomass per week. After extraction, the Company will process the biomass into its diverse portfolio of Cannabis 2.0 products. Currently VIVO has agreements to sell adult-use products in eight provinces across Canada, and holds a market leadership position in the concentrates category.
About VIVO Cannabis™
VIVO Cannabis™ is recognized for trusted, premium cannabis products and services. It holds production and sales licences from Health Canada and operates world-class indoor and seasonal airhouse cultivation facilities with proprietary plant-growing technology in Hope, British Columbia and Napanee, Ontario. VIVO has a collection of premium brands, each targeting different customer segments, including Canna Farms™, Beacon Medical™, Fireside™, Lumina™ and Canadian Bud Collection™. The Company is expanding its production capabilities and distribution network. Harvest Medicine, VIVO’s patient-centric, scalable network of medical cannabis clinics, has serviced over 100,000 patient visits. VIVO is pursuing several partnership and product development opportunities and is focusing its international efforts on Germany and Australia. The Company has a healthy balance sheet and is well-positioned to accelerate its path to profitability. For more information visit: vivocannabis.com
Disclaimer for Forward-Looking Information
All dollar amounts in this news release are in Canadian dollars. Certain statements in this news release are forward-looking statements, which are statements that are not purely historical, including statements regarding the beliefs, plans, expectations or intentions of VIVO and its management regarding the future. Forward-looking statements in this news release include statements regarding the proposed amendment to the Debentures. Forward-looking 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: that procedural delays may impact the expected timing of completion thereof, and other factors beyond the Company’s control. No assurance can be given that any of the events anticipated by the forward-looking statements will occur or, if they do occur, what benefits the Company will obtain from them. Readers are urged to consider these factors, and the more extensive risk factors included in the Company’s annual information form for the year ended December 31, 2019, which is available on SEDAR, carefully in evaluating the forward-looking statements contained in this news release, and are cautioned not to place undue reliance on such forward-looking statements, which are qualified in their entirety by these cautionary statements. The forward-looking statements in this news release are made as of the date hereof and the Company disclaims any intent or obligation to update publicly any such forward-looking statements, whether as a result of new information, future events or results or otherwise, except as required by applicable securities laws.
All year I kept thinking- “just wait til harvest season” I am at a loss... honestly don’t und why someone doesn’t just complete a hostile takeover already- company is poised to hit over 50m revenue w a 40m market cap and has strong brand recognition with steady qtr over qtr growth
Thanks, good to know. I’ve pulled back that order... rethinking my plan here. I think I’m done being bullish here. I’ve held for over 2 years and have a good number of shares; it seems every time it’s about to rally it just collapses and ends up dropping well below previous lows. Last time it was .14- the Dow was below 20k and we thought the whole world would close! Now what’s the excuse? No excuse, just bleeding uncontrollably and no real effort to gin up investor confidence
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