VIVO Cannabis Inc. (TSX.V: VIVO) (OTCQB: VVCIF) this morning announced the release of its financial statements for the second quarter of 2018. Among the highlights, the company reported revenues of $1.1 million for the three-month period, marking an approximate four-fold year-over-year increase. VIVO also looked to the future with a business update, making note of its recently announced agreement to acquire premium cannabis company Canna Farms Limited, among other milestones. “Since our last business update following the release of our Q1 2018 financial statements, we have continued to enhance our leadership team, and announced the introduction of three new brands… as well as the re-branding of the Company under the VIVO umbrella,” Barry Fishman, CEO of VIVO, stated in the news release. “Most significantly, we announced the planned acquisition of Canna Farms, a successful BC based Licensed Producer with a long track record of sales growth and profitability. The acquisition is expected to close shortly, following which, utilizing the over $100 million in cash we will have following the closing, VIVO will be well-positioned to accelerate the growth of our business, in Canada and internationally.”
To view the full press release, visit http://cnw.fm/90hGl
About VIVO Cannabis™
VIVO is recognized for trusted, high-quality products and services. It holds production and sales licences 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. VIVO recently announced that it has entered into a definitive agreement to acquire 100% of the issued and outstanding share capital of Canna Farms Limited, a premium cannabis company based in Hope, British Columbia. For more information, visit the company’s website at www.VIVOCannabis.com
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