VIVO Cannabis Obtains Final Court Order Approving Its Plan of Arrangement with MediPharm

Toronto, Ontario--(Newsfile Corp. - March 24, 2023) - VIVO Cannabis Inc. (TSX: VIVO) (OTCQB: VVCIF) ("VIVO") is pleased to announce that it has obtained a final court order (the "Final Order") from the Ontario Superior Court of Justice (Commercial List) approving the previously announced plan of arrangement (the "Arrangement") with MediPharm Labs Corp. ("MediPharm") under the Canada Business Corporations Act. As previously announced, the Arrangement was approved at the special meeting of the shareholders of VIVO held on March 21, 2023.

The Arrangement is expected to become effective on or about the completion of the first quarter of 2023, subject to, among other things, the satisfaction or waiver of certain other customary closing conditions. It is expected that, within two to three business days following the completion of the Arrangement, VIVO's common shares and warrants will be delisted from the Toronto Stock Exchange.

Further details with respect to the Arrangement are included in the joint management information circular of VIVO and MediPharm, dated February 6, 2023 (the "Circular"), which can be found under VIVO's profile on SEDAR at www.sedar.com.

About VIVO Cannabis

VIVO Cannabis® holds production, sales and research licences from Health Canada and operates world-class indoor cultivation facilities. VIVO has a collection of brands, each targeting different customer segments, including Canna Farms™, Beacon Medical®, Fireside™, and Lumina™. Harvest Medicine™, VIVO's patient-centric network of medical cannabis clinics, has serviced over 200,000 patient visits. VIVO focuses its international efforts on Germany and Australia.

Cautionary Note Regarding Forward-Looking Information

This news release contains "forward-looking information" and "forward-looking statements" (collectively, "forward-looking statements") within the meaning of the applicable Canadian securities laws. All statements, other than statements of historical fact, are forward-looking statements and are based on expectations, estimates and projections as at the date of this news release. Any statement that involves discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as "expects", or "does not expect", "is expected", "anticipates" or "does not anticipate", "plans", "budget", "scheduled", "forecasts", "estimates", "believes" or "intends" or variations of such words and phrases or stating that certain actions, events or results "may" or "could", "would", "might" or "will" be taken to occur or be achieved) are not statements of historical fact and may be forward-looking statements. In this news release, forward-looking statements relate to, among other things, statements regarding the Arrangement and the anticipated timing for completion of the Arrangement and delisting of VIVO's securities from the Toronto Stock Exchange. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to: the ability of VIVO and MediPharm to receive all necessary approvals for the Arrangement; general business, economic, competitive, political and social uncertainties; and other factors discussed in each of MediPharm's and VIVO's public filings, including the Circular, which are available on SEDAR at www.sedar.com. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on the forward-looking statements and information contained in this news release. Except as required by law, VIVO assumes no obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change.

For further information:

VIVO Investor Relations
Michael Bumby, Chief Financial Officer
Email: [email protected]
Website: www.vivocannabis.com

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/159738