VVCIF - VIVO Cannabis to streamline ops axes 45 positions

VIVO Cannabis (VVCIF) has announced 18% reduction in headcount (~45 positions), majority from the rightsizing of Napanee operations. The streamlining initiatives are expected to accelerate the timeframe to achieving positive operating cash flow, with a target of positive adjusted EBITDA during 1H of 2021.Based on VIVO's overall Canadian cannabis operations review, the Napanee-based organization has been re-purposed to focus on low-cost cultivation (airhouse-grown) and the extraction and manufacturing of VIVO's Cannabis 2.0 concentrates. To capitalize on economies of scale and reduce costs, packaging and distribution will be centralized at the Canna Farms facility in Hope B.C.Last week, the company withdrew its previously announced planned offering of $5.1M.

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VIVO Cannabis to streamline ops, axes 45 positions