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Vivo Cannabis Inc. (OTCMKTS: VVCIF) has announced its Q2 operating and financial results in which net revenue was up 16% QoQ to $6.4 million.
VIVO Cannabis reports adjusted EBITDA of $3 million
The company announced adjusted EBITDA of $3 million in Q2 2021 compared to EBITDA of $2.4 million in the first quarter. The difference was attributed to inventory write-downs the company took during the quarter. At the end of the quarter, cash and equivalents dropped to $15.7 million from $16.9 million at the end of Q1 2021.
VIVO Cannabis CEO Ray Laflamme said, “At the start of the third quarter of 2021, significant changes were made to the Board which subsequently has approved management’s redefinition of the Company’s strategy to fully leverage the efforts and investments that VIVO has made in the medical channels. In so doing, we expect that shareholders and clients alike will be pleased as our business becomes more focused on service and profitability. We will release another statement soon to outline these changes in more detail Cannabis. We have been rewarded in this past quarter with increased Australian sales, successful topical cream and brick hash product launches, and our first import permit from the German authorities.”
VIVO Cannabis-focused on executing strategic initiatives
The company is committed to executing against its four strategic initiatives to create shareholder value and be on the path towards profitability. It enhances production and supply capabilities, and it is expanding its product portfolio in Quebec and premium dry cannabis flower offerings with two new Canna Farms. Also, the company is committed to creating an expansive and loyal customer network through its robust portfolio of brands in adult-use and medical cannabis markets.
In Q2 2021, the company launched Beacon Medical Extra Strength CBD/T Cream as it seeks to create an innovation-driven organization. In addition, the company continues advancing product development with Pharmascisnce Inc. for exceptional medical cannabis formulations.
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