VIVO Cannabis Inc (OTCMKTS:VVCIF) posted a drop of 22.5% QoQ in Q4 2020 revenues to $6.2 million. Its full-year revenues are surged by more than 32% YoY to $32.8 million.
VIVO streamlined its operations in Napanee, Ontario. The company achieved operational efficiency and lowered manufacturing costs by integrating its Napanee operations.
The company’s Vanluven, Napanee facility received EU-GMP certification from LAVG (Landesamt für Arbeitsschutz, Verbraucherschutz und Gesundheit), Brandenburg health authority of Germany, on March 11, 2021. ABcann Medicinals, a subsidiary of VIVO will commence the export of its products for sale in Europe.
VIVO restructured its CDL (convertible debenture liability) of $38 million in 2020 through equity conversion, cash repurchase, and extending the maturity date. At the end of 2020, the company holds a balance convertible debt of $6.6 million with a maturity date of September 15, 2022.
VIVO holds a cash balance of $5.7 million at the end of 2020. It also maintains $7 million cash in equity investments in Q4 2020.
Following the retirement of its Chair and CEO in November 2020, Richard Fitzgerald is elevated as interim CEO and Chair. The company will soon appoint a CEO.
Raises a capital of $8 million
VIVO raised $8 million in 2021 through a public offering. It will use the proceeds to support growth.
Improves manufacturing capacities
VIVO improved its manufacturing capacity and achieved significant progress in supply. The company also improved its product line and expanded the customer network besides bolstering medical business globally. All these initiatives will improve profitability and offer rich dividends for the investors in the long term.
Adds Ray Laflamme to the board
VIVO inducted Ray Laflamme to its board of directors with effect from April 12, 2021. Laflamme entered the company in August 2018 following the takeover of Canna Farms Limited.
Laflamme is a co-founder of Canna Farms Limited. He is now serving as its president. Rick said Ray brings a wealth of knowledge in the legal cannabis market. He will help the company bolstering its business prospects from seed to sale besides extending support in regulatory affairs and quality assurance.
Rick further said Ray is the largest investor in the company and shows interest in executing its business plan successfully.