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 info@cannafarms.ca or Harvest Medicine at
info@hmed.ca.
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.
