VIVO Cannabis Inc (CVE: VIVO), the Ontario-headquartered cannabis producer, said subsidiary Canna Farms is preparing for first shipments of its products into Alberta, a strongly growing Canadian market.
"Following Health Canada's approval of our facility expansion, allowing us to double our current production capacity, we are eager to expand our customer base in Alberta, where the Canna Farms brand is well-known, and look forward to shipping to all Canadian provinces and territories in 2019 in connection with our production ramp-up," said Daniel Laflamme, the president of Canna Farms.
Canna Farms is just one of VIVO's brands, which was bought last summer. It also owns Beacon Medical, FIRESIDE and Lumina.
According to research, the Alberta consumer cannabis market is expected to grow to become the second largest in Canada by 2024, with estimated annual sales of $940 million.
Canna Farms aid in the statement that it had invested in automated packaging and labelling equipment to address some of the downstream challenges faced by producers in getting products to markets.
"We are also actively working on developing different concentrates and edible products, and using automation to expedite the production process," said Brian McDonald , Vice-President of Canna Farms.
Vivo Cannabis shares closed at $0.69 on Thursday (May 9).
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