-- Net revenue for Q4 2021 was $6.9 million; Net revenue for 2021 was $25 million. -- In February 2021, closed a $7.2 million equity raise to help fund VIVO's growth -- In July 2021, the Company elected a new Board of Directors, announced the appointment of Ray Laflamme as CEO and Chairman of the Board and later welcomed the Former President of McCain Foods Canada and CEO of Zenabis Global, and Former CFO of Cronos Group, to the Board of Directors. -- In July 2021, announced that its EU-GMP licensed subsidiary, Beacon Medical Germany GmbH, received its first import permit from Germany's BfArM, the Federal Institute for Drugs and Medical Devices (Bundesinstitut fr Arzneimittel und Medizinprodukte), allowing for the import of Canadian grown dried flower medical cannabis from the Company's EU-GMP-certified Napanee, Ontario site, into Europe. -- In December 2021, recorded first significant revenues of Canadian produced EU-GMP product by VIVO's German business -- In mid 2021 the Company refined its strategy and is now focused primarily on medical cannabis -- The Company continues to have market leadership in Australia and leveraged its Canadian knowledge base to accelerate product efficacy, cannabis medical information sharing, and sales growth -- With the Company's EU-GMP certification, it is now in a position to repeat its Australian success in Germany and in other global markets, all of which are exclusively medically focused -- Over 350% year-over-year sales growth in Australia
Toronto, Ontario--(Newsfile Corp. - March 31, 2022) - VIVO Cannabis Inc. (TSX: VIVO) (OTCQX: VVCIF) ("VIVO" or the "Company") today released its fourth quarter 2021 financial and operating results.
Management Commentary
"We continue to be laser focused on growth, profitability, and the medical cannabis channels in Canada and Internationally," said Ray Laflamme, CEO of VIVO. "The Board recently approved our 2022 Business Plan in which we are targeting significant international growth along with continued success in domestic markets. We look forward to striving to achieve industry leading metrics as we track our progress towards meeting our objectives. We are confident that VIVO will continue to strengthen its core businesses in 2022."