NAPANEE, ON, March 20, 2020 /CNW/ - VIVO Cannabis Inc. (TSX: VIVO, OTCQX: VVCIF) ("VIVO" or the "Company") today announced the Company, its production facilities and medical clinics are continuing to respond to COVID-19 with changes to internal business practices consistent with the guidelines of public health authorities. As VIVO continues to monitor the COVID-19 pandemic, the health and safety of its customers and employees remains the Company's top priority.
"As we navigate this ever-evolving situation, we have implemented several measures to protect our employees, while allowing us to continue to operate our business," said Barry Fishman, CEO of VIVO. "We are continuing to monitor the latest developments and the guidance from government bodies and public health authorities. Our commitment to strong corporate governance, sound business judgement and proactive actions are more important now than ever."
For the past several weeks, VIVO has been actively monitoring COVID-19 developments and taking the necessary precautions for its business. VIVO has encouraged all employees to suspend travel, work from home when possible, and enhanced the use of personal protective equipment to reduce the risk of COVID-19 exposure and spread. The Company has also deployed more rigorous cleaning and sanitization efforts across all of its sites and continues to assess its facilities and clinics as the situation continues to evolve. At present, VIVO's production facilities are continuing operations and have no confirmed cases of COVID-19.
According to a survey of recreational cannabis users conducted by Deloitte, 59% of respondents consume at home alone. Spurred by an environment of uncertainty and anxiety, recent trends indicate that many consumers and patients are stocking-up on product in response to fears of shortages and lack of access. The Company has already seen a short-term increase in sales on its medical platform. Although this is anticipated to be temporary, it demonstrates VIVO's dedication to satisfying consumer and patient needs.
VIVO is doing everything possible for its valued customers, including ensuring that our medical patients will continue to have access to the cannabis products on which they depend. The Company has temporarily suspended all in-clinic visits at its Harvest Medicine centres in Calgary, Edmonton, Moncton and Dartmouth and has expanded its telemedicine platform of phone and video consultations, including its HMED Connect App. The Company's dedicated team of clinicians and educators continue to be available and provide support.
Medical patients can continue to access their treatments across a range of high quality cannabis products from Canna Farms online. VIVO is committed to prioritizing consistent supply of medical cannabis for patients in need during these unprecedented times. If patients have concerns, they should contact the Canna Farms Patient Services teams at [email protected] or Harvest Medicine at [email protected].
About VIVO Cannabis™
VIVO, based in Napanee, Ontario, is recognized for trusted, high-quality products and services. It holds production and sales licences from Health Canada and operates world-class indoor cultivation facilities with proprietary plant-growing technology. VIVO has a collection of premium brands targeting unique customer segments, including Beacon Medical™, Fireside™, Canna Farms™ and Lumina™. In August 2018, VIVO acquired Canna Farms, a premium cannabis company based in Hope, British Columbia. Canna Farms was B.C.'s first Licensed Producer and has several years of craft cultivation experience and expertise, as well as a significant patient base and positive cash flow. The Company is pursuing partnership and product development opportunities domestically, as well as in select international markets, including Germany and Australia. VIVO also operates Harvest Medicine, a patient-centric and highly scalable network of specialty medical cannabis clinics as well as a free telemedicine service. VIVO has a healthy balance sheet and is well-positioned to accelerate its growth in Canada and internationally.
Disclaimer for Forward-Looking Statements
This news release contains forward-looking statements, which are statements that are not purely historical, regarding the beliefs, plans, expectations or intentions of the Company and its management regarding the future, and should not be read as guarantees of future performance or results. Forward looking statements in this news release include statements regarding the Company's ongoing response to COVID-19 and the effect of COVID-19 on the Company's business and operations. 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, including the Company's ability to reasonably manage the impacts of the COVID-19 outbreak on its business and operations; the impact of the COVID-19 outbreak on the demand for cannabis and the Company's cannbis products; the worldwide economic and social impact of COVID-19; the duration and extent of COVID-19; changes in socioeconomic conditions from the spread or perceived risk of the spread of COVID-19; changes in general economic conditions and the performance of equity markets; and preventative measures and guidelines adopted by provincial and national heatlh authorities in response to COVID-19. A more complete discussion of the risks and uncertainties facing the Company appears in the Company's Annual Information Form for the year ended December 31, 2018 and other continuous disclosure filings, which are available on SEDAR at www.sedar.com. Readers are cautioned not to place undue reliance on these forwardlooking statements, which speak only as of the date of this news release. The Company disclaims any intention or obligation to update or revise any forward-looking statements as a result of new information or future events, or for any other reason, other than as required by applicable securities laws.
SOURCE VIVO Cannabis Inc.
For further information: VIVO Investor Relations, Michael Bumby, Chief Financial Officer, +1 416-848-9839, [email protected]