VIVO Cannabis™ Withdraws $5 Million Offering and Provides Bu
Articles @newswire/vivo-cannabis-withdraws-5-million-offering-and-provideschannel 1 online TodayThis week by@newswireon 16 Oct 2020, 07:00 VIVO Cannabis Withdraws $5 Million Offering and Provides Business Update TORONTO,Oct. 16, 2020/CNW/ -VIVO Cannabis Inc.(TSX: VIVO) (OTCQX: VVCIF) ("VIVO" or the "Company") announced today that it is terminating a planned offering of$5.1 million, which it had previously announced onOctober 6, 2020. The decision to terminate the offering was taken amidst what the Company views as highly unusual trading activity in VIVO's shares.During the two days following the announcement of the offering, trading volume increased by approximately 8,000% to a cumulative total of 18,980,048 shares, compared with 236,517 shares traded in the two days prior to the announcement. "While VIVO is unaware of the reasons for the increased trading activity and downward pressure on our stock price, we have reported last week's highly unusual trading activity to securities regulators," saidBarry Fishman, CEO of VIVO. "We are hoping that in the short-term, trading activity will stabilize at a level that reflects VIVO's current business fundamentals, recent achievements and future potential." The Ontario Securities Commission (OSC) and the Investment Industry Regulatory Organization ofCanada(IIROC) jointly announced onOctober 1, 2020that they are encouraging the submission of tips related to potential abusive trading in securities ofOntarioreporting issuers, including illegal insider trading, market manipulation or abusive short selling. In particular, they are seeking specific and credible evidence about short selling into or ahead of public offerings or private placements ofOntariosecurities. https://www.osc.gov.on.ca/en/NewsEvents_nr_20201001_osc-and-iiroc-appeal-for-tips-on-abusive-trading.htm All VIVO insiders have been and remain subject to a regularly scheduled trading blackout until at least after the Company announces its Q3 2020 results, which is anticipated to be in mid-November. Business Update During the past few months, VIVO's business fundamentals continue to strengthen with several notable successes: Achieved a leading position in the cannabis concentrates categoryInitiatedthe largest harvest in the company's history inNapanee, OntarioCanna Farms was named the fourth most recognized cannabis brand among Canadian consumersExpanded market access, including product listings inQuebecand withMedical Cannabis by ShoppersRestructured$27 millionin current liabilities, leaving the Company with$6.6 millionin 6% convertible debt dueSeptember 15, 2022. 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 inHope, British ColumbiaandNapanee, Ontario. VIVO has a collection of premium brands, each targeting different customer segments, including Canna Farms, Beacon Medical, Fireside, Fireside-X, Lumina and CanadianBud 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 onGermanyandAustralia. For more information visit:www.vivocannabis.com