Heritage Cannabis Holdings Corp. (CSE:CANN, OTC:HERTF) (“Heritage” or the “Company”) management has been continually monitoring the COVID-19 health threat in Canada and today announced that based on guidance provided by various public health authorities, the Company will continue operations at its production facilities at this time, however capacity will be adjusted in order to ensure the health and safety of its employees, families and local communities.
Beginning March 18, 2020, Heritage will be focusing on the necessary production to complete current customer shipments and will be temporarily adjusting to one shift per location per day until further notice. Both of the Voyage and CannaCure production locations will continue at this capacity during the health threat, unless advised otherwise by public health authorities. Employees have implemented social distancing practices while at the facilities and will continue to practice our already stringent personal hygiene and cleaning policies.
The Company continues to have a strong balance sheet position that will support Heritage through this period, and Heritage’s leadership team is taking steps to preserve cash balances. To support these efforts, the senior management team has made the decision to temporarily take partial compensation in the form of equity of the Company, with the CEO taking 100% of his compensation as equity until further notice. Shares will be issued in the form of Restricted Stock Units, utilizing a five day Volume Weighted Average Price.
“We are focused on the safety of our people and the communities in which we operate. While this is a challenging time, and plans are difficult to make, it is the responsible path for the Company and its stakeholders at this time.”, stated Clint Sharples, Chief Executive Officer of Heritage. “Our management team is constantly reviewing the best response to this health threat and is committed to safety and ensuring Heritage remains strong and ready to move forward once this threat is behind us.”
About Heritage Cannabis Holdings Corp.
Heritage Cannabis is a vertically integrated cannabis provider that currently has two Health Canada approved licenced producers, through its subsidiaries Voyage Cannabis Corp. and CannaCure Corp., both regulated under the Cannabis Act Regulations. Working under these two licences, Heritage has two additional subsidiaries, Purefarma Solutions, which provides extraction services, and a Medical Services Division which is focused on cannabis based medical solutions. Heritage as the parent company, is focused on providing the resources for its subsidiaries to advance their products or services to compete both domestically and internationally.
ON BEHALF OF THE BOARD OF DIRECTORS OF HERITAGE CANNABIS HOLDINGS CORP.
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This news release contains forward-looking information, which involves known and unknown risks, uncertainties and other factors that may cause actual events to differ materially from current expectation. Important factors – including the availability of funds, the results of financing efforts, the results of exploration activities — that could cause actual results to differ materially from the Company’s expectations are disclosed in the Company’s documents filed from time to time on SEDAR (see www.sedar.com). Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The company disclaims any intention or obligation, except to the extent required by law, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.