VIVO Cannabis Inc. (TSX: VIVO) (OTCQX: VVCIF) (“VIVO” or the “Company“) and its subsidiaries have entered into both a product supply agreement and a clinic services agreement with Medical Cannabis by Shoppers™.
Under the terms of the supply agreement, the Company’s licensed producers will offer a broad portfolio of Canna Farms™ and Beacon Medical™ branded medical cannabis products through the Medical Cannabis by Shoppers™ online sales platform, including its latest 2.0 offerings such as chocolates and extracts. VIVO-branded products will be accessible to Medical Cannabis by Shoppers™ patients across Canada.
“We have a six-year track record of cultivating and producing high-quality, medical-grade cannabis and are thrilled to partner with Shoppers Drug Mart Inc.” said Barry Fishman, CEO of VIVO. “VIVO is extremely committed to the medical cannabis market. We are pleased to be able to leverage the insights learned from over 100,000 patient visits to our Harvest Medicine clinics and telemedicine platform. As we continue to invest in product development to expand our medical cannabis product line and satisfy unmet patient needs, we are excited by the prospect of introducing our novel future offerings to Medical Cannabis by Shoppers™ patients.”
Under the terms of the clinic services agreement, the Company’s subsidiary, Harvest Medicine, will provide cannabis education services to patients who are appropriate candidates for cannabinoid-based products available from Medical Cannabis by Shoppers™ and provide consulting services to its Cannabis Care team.
“As a leading clinic network dedicated to advancing medical cannabis patient outcomes through quality education, the team of health care practitioners at Harvest Medicine look forward to developing a collaborative interdisciplinary approach to medical cannabis care with Medical Cannabis by Shoppers™,” commented Carole Chan, President of Harvest Medicine.
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. The Company has a healthy balance sheet and is well-positioned to accelerate its path to profitability. For more information visit: www.vivocannabis.com
Medical Cannabis by Shoppers™
First launched in Ontario in January 2019, Medical Cannabis by Shoppers Inc. is a subsidiary of Shoppers Drug Mart. It provides patient access to numerous medical cannabis products from over 20 licensed cannabis brands. A medical document (similar to a prescription) can be obtained from a Medical Cannabis by Shoppers healthcare partner via video call, then medication can be ordered online or via phone, and is shipped directly and discreetly to their doorstep. The Shoppers Cannabis Care team – a dedicated call center staffed by cannabis-trained advisors and pharmacists – provides counselling and support for patients.
Shoppers Drug Mart is one of the most recognized and trusted names in Canadian retailing. The company is the licensor of full-service retail drug stores operating under the name Shoppers Drug Mart (Pharmaprix in Québec). With almost 1,300 Shoppers Drug Mart and Pharmaprix stores operating in prime locations in each province and two territories, the company is one of the most convenient retailers in Canada. The company also licenses or owns 47 medical clinic pharmacies operating under the name Shoppers Simply Pharmacy (Pharmaprix Simplement Santé in Québec), and provides cosmetic dermatology services at two standalone locations, the Beauty Clinic. As well, the company owns and operates 43 corporate Wellwise by Shoppers Drug Mart stores and an ecommerce site Wellwise.ca, making it the largest Canadian retailer of home health care products and services. In addition to its retail store network, the company owns the Company owns Medical Cannabis by Shoppers Drug Mart Inc., an online platform for the sale of medical cannabis, Shoppers Drug Mart Specialty Health Network Inc., a provider of specialty drug distribution, pharmacy and comprehensive patient support services, and MediSystem Inc., a provider of pharmaceutical products and services to long-term care facilities. Shoppers Drug Mart is an independent operating division of Loblaw Companies Limited.
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 products and services to be offered to patients of Medical Cannabis by Shoppers™ and the expected relationship with Medical Cannabis by Shoppers™. 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 products and services to be offered may not be as expected; that regulatory changes may impede the relationship between the Company and Medical Cannabis by Shoppers™; 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 March 31, 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.