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
