Heritage Cannabis to adjust production capacity amid coronavirus threat
Beginning on March 18 this year, the group said it will be focusing on "necessary production to complete current customer shipments"
Heritage Cannabis Holdings Corp () (OTCMKTS:HERTF) has revealed it is adjusting capacity at its production facilities amid the coronavirus pandemic.
Beginning on March 18 this year, the group said it will be focusing on "necessary production to complete current customer shipments" and will temporarily adjust to one shift per location per day until further notice.
"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," Clint Sharples, Heritage's chief executive said in a statement.
"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."
Employees have implemented social distancing practices while at its facilities and will continue to practice its already stringent personal hygiene and cleaning policies, the company said.
Heritage noted that it continues to have a strong balance sheet, while its leadership team is taking steps to preserve cash.
"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," it said.
Heritage is a vertically integrated cannabis provider, which currently has two Health Canada approved licenced producers - the subsidiaries Voyage Cannabis Corp and CannaCure Corp.
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