Toronto, Ontario--(Newsfile Corp. - December 21, 2021) - VIVO Cannabis Inc. (TSX: VIVO) (OTCQX: VVCIF) ("VIVO" or the "Company") is pleased to announce the appointment of Shai Altman and Glen Huber to the board of directors of the Company (the "Board"), effective immediately.
"I am very pleased to welcome Mr. Altman and Mr. Huber to the Board of Directors," said Ray Laflamme, Chairman of the Board and Chief Executive Officer of VIVO. "Both Mr. Huber and Mr. Altman have strong leadership, financial acumen, public company and executive experience across several industries including, cannabis, consumer-packaged goods, real estate, and financial advisory. I have no doubt that Mr. Altman and Mr. Huber will provide excellent support with our continued growth and will be great assets to our VIVO family."
Mr. Altman brings over 25 years of leadership experience in the consumer-packaged goods industry across several categories and countries around the globe. Most recently he was the President and CEO of Zenabis Global, a Canadian licensed grower and exporter of cannabis products into the recreational and medicinal markets. He also previously served as President of McCain Foods Canada, President of Wrigley Canada, General Manager of Wrigley in India; and General Manager of Wrigley in Israel. Mr. Altman will serve as an Independent Director of the Board and as Chair of the Nominating and Corporate Governance Committee.
Mr. Huber is the President of Brett Management Inc., a boutique financial advisory firm focussing on special situations for ultra-high net worth families as well as public and private companies. He is a Chartered Professional Accountant and Chartered Insolvency and Restructuring Professional. Mr. Huber has experience building public and private companies while serving as an officer and director, as well as being a Trustee of a large private trust. His prior cannabis industry experience includes serving as CFO and Director of Cronos Group. Mr. Huber will serve as an Independent Director of the Board and as Chair of the Audit Committee.
As a result of these appointments, Michael Bumby has resigned his position on the Board.
VIVO further announces that it has issued restricted share units of the Company ("RSUs") and deferred share units of the Company ("DSUs") under its Omnibus Equity Incentive Plan (the "Plan").
The Company issued an aggregate of 4,384,000 RSUs to certain officers and employees of the Company to be redeemable at the sole discretion of the Company and subject to the terms of the Plan.
Additionally, the Company issued an aggregate of 690,000 DSUs to non-executive directors under the Plan in settlement of directors' compensation in connection with their appointments to the Board. The DSUs are to be settled when a director retires from all positions with the Company, and are subject to the terms of the Plan.
About VIVO Cannabis™
VIVO Cannabis™ is recognized for trusted, premium cannabis products and services. It holds production and sales licences from Health Canada and operates world-class cultivation facilities. VIVO has a collection of medical, health and wellness brands, each targeting different customer segments, including Canna Farms™, Beacon Medical™, Fireside™, and Lumina™. Harvest Medicine™, VIVO's patient-centric, scalable network of medical cannabis clinics, has serviced over 150,000 patient visits. VIVO is pursuing several partnership and product development opportunities and is focusing its international efforts on Germany and Australia. For more information visit: www.vivocannabis.com
ON BEHALF OF THE BOARD OF DIRECTORS
For further information:
VIVO Investor Relations
Disclaimer for Forward-Looking Information
Certain statements in this news release are forward-looking statements, which are statements that are not purely historical, including statements regarding the beliefs, plans, expectations or intentions of VIVO and its management regarding the future. Such statements are subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in the forward‐looking statements. No assurance can be given that any of the events anticipated by the forward‐looking statements will occur or, if they do occur, what benefits the Company will obtain from them. Readers are urged to consider these factors carefully along with the more extensive risk factors included in the Company's most recent management's discussion and analysis available on SEDAR, in evaluating the forward‐looking statements contained in this news release and are cautioned not to place undue reliance on such forward‐looking statements, which are qualified in their entirety by these cautionary statements. The forward‐looking statements in this news release are made as of the date hereof and the Company disclaims any intent or obligation to update publicly any such forward‐looking statements, whether as a result of new information, future events or results or otherwise, except as required by applicable securities laws.
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