VIVO Cannabis (TSX: VIVO) (OTCQX: VVCIF) today announced that it has re-purchased for cancellation certain of its outstanding 6% unsecured convertible debentures in the aggregate principal amount of $10 million, for a purchase price of $9.3 million (plus accrued and unpaid interest thereon), representing a 7% discount to the face value, pursuant to an agreement with the holder thereof. The company, as a result of the repurchase, now has Debentures in the aggregate principal amount of $24.5 million due February 28, 2021. “As evidenced by our recent financial results, VIVO continues to enjoy a strong cash position,” VIVO’s Chief Executive Officer Barry Fishman said in the news release. “Repurchasing these debentures at a 7% discount, together with the termination of future interest that would otherwise have accrued to the maturity date of February 28, 2021, will result in savings to VIVO of between approximately $1.25 million and $1.43 million, which will further enable us to pursue our goals of increasing shareholder value and becoming profitable.”
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About VIVO Cannabis(TM)
VIVO Cannabis(TM) is recognized for trusted, premium cannabis products and services. It holds production and sales licenses 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(TM), Beacon Medical(TM), Fireside(TM), Lumina(TM) and Canadian Bud Collection(TM). 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.
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