Heritage Cannabis Provides Update on Operations During COVID-19 Health Threat

Ad blocking detected

Thank you for visiting CanadianInsider.com. We have detected you cannot see ads being served on our site due to blocking. Unfortunately, due to the high cost of data, we cannot serve the requested page without the accompanied ads.

If you have installed ad-blocking software, please disable it (sometimes a complete uninstall is necessary). Private browsing Firefox users should be able to disable tracking protection while visiting our website. Visit Mozilla support for more information. If you do not believe you have any ad-blocking software on your browser, you may want to try another browser, computer or internet service provider. Alternatively, you may consider the following if you want an ad-free experience.

Canadian Insider Ultra Club
$500/ year*
Daily Morning INK newsletter
+3 months archive
Canadian Market INK weekly newsletter
+3 months archive
30 publication downloads per month from the PDF store
Top 20 Gold, Top 30 Energy, Top 40 Stock downloads from the PDF store
All benefits of basic registration
No 3rd party display ads
JOIN THE CLUB

* Price is subject to applicable taxes.

Paid subscriptions and memberships are auto-renewing unless cancelled (easily done via the Account Settings Membership Status page after logging in). Once cancelled, a subscription or membership will terminate at the end of the current term.

Return to homepage

(TheNewswire)



  

Toronto, ON – TheNewswire - March 18, 2020 – HERITAGE CANNABIS HOLDINGS CORP. (CNSX:CANN.CN) (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.

 

“Clint Sharples”

 

Clint Sharples

CEO

 

For more information contact:

Clint Sharples

Tel: 416-705-8529

[email protected]

 

or

 

Kelly Castledine

Tel: 647-660-2560
[email protected]


The Canadian Stock Exchange does not accept responsibility for the adequacy or accuracy of this release.

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.


Click Image To View Full Size

 

Copyright (c) 2020 TheNewswire - All rights reserved.