Previously known as ABcann Global Corporation, VIVO Cannabis (TSXV:VIVO) (OTCQB:VVCIF) announced its Q2 results today. Also, this cannabis penny stocks company welcomes three new brands under its VIVO umbrella.
Let’s find out what’s going on!
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Vivo’s three new brands are:
- Beacon Medical, VIVO’s medical marijuana arm, which aims to help patients find medical cannabis products easily
- Lumina, which targets the wellness market segment
- FIRESIDE, VIVO’s brand aimed at social recreational users
The VIVO Q2 Results
The company also announced its Q2 results, reporting revenues of $1.1 million along with an overall net loss of $0.8 million. This cannabis penny stocks report is a strong one; VIVO’s revenue intake is approximately four times that of what it made in the same period last year.
And as VIVO continues to drive future growth, its next major focus is an acquisition of Canna Farms Limited. But who is Canna Farms Limited?
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Located in BC, Canna Farms is the first licensed cannabis producer in the province. It has many years of craft cultivation experience and expertise, as well as a significant patient base and positive cash flow. The acquisition will be a big takeover for VIVO. Benefits include an increase in production capacity, an expansion of product offering, and more efficient operations.
If this cannabis penny stocks company was making strong moves before this acquisition, we can only expect that when the agreement closes, it should see exponential growth.
Further Deal
Alongside this positive report, Q2 saw VIVO enter into agreements with the Ontario Cannabis Store; it will be supplying Ontario with 16 cannabis products. In the province of Alberta, VIVO, through a deal with the Alberta Gaming and Liquor Commission, will also supply locals with high-quality recreational marijuana.
Featured Image: VivoCannabis.com
