- VIVO Cannabis (TSX:VIVO) has provided an update on its response to the COVID-19 pandemic
- The company has encouraged employees to cancel travel, work from home if possible, and use personal protective equipment
- VIVO has also reported a short-term increase in sales due to panic buying amid shortage fears
- The company is continuing to operate its production facilities, but has suspended visits to many of its clinics
- VIVO Cannabis (VIVO) is up 5.56 per cent, and is currently trading at $0.19 per share
VIVO Cannabis (TSX:VIVO) has provided an update detailing the impacts of the COVID-19 pandemic, and the company’s response to it.
The economic effect of the coronavirus outbreak has been felt worldwide and has left no industry untouched. While oil and gas companies, for example, have suffered particularly large losses, other businesses have seen short-term gains.
VIVO has reportedly seen an increase in sales on its medical cannabis platform. Recent trends indicate that COVID-19 is causing consumers to stock up on products, out of fear of future shortages.
Also, a survey of recreational cannabis users showed that 59 per cent of respondents consume the product alone at home. As such, COVID-19 may provide opportunities for longer recreational sessions, as more people self-isolate at home to avoid infection.
VIVO CEO, Barry Fishman, said the company has implemented several measures to protect employees and keep the business operating.
“We are continuing to monitor the latest developments, and 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,” Barry said.
For the past several weeks, VIVO has actively monitored the COVID-19 situation as it has developed and taken the necessary precautions.
In particular, VIVO has encouraged employees to suspend travel, work from home if possible, and to use personal protective equipment. The company has also implemented more rigorous cleaning and sanitisation protocols in its facilities and clinics.
These changes to internal business practices have been in line with the advice from public health authorities.
VIVO has not yet reported any confirmed cases of COVID-19 and is continuing to operate its production facilities.
However, the company has decided to suspend all in-clinic visits at its Harvest Medicine centres in Calgary, Edmonton, Moncton, and Dartmouth.
As a result, VIVO has expanded its telemedicine platform of phone and video consultations, including its HMED Connect app. The company will ensure that its team of clinicians and educators continue to be available to provide support.
VIVO’s medical patients will be able to access their treatments online, through Canna Farms, which will provide the necessary cannabis products.
Despite market volatility, VIVO Cannabis (VIVO) is up 5.56 per cent, and trading at $0.19 per share, as of 12:23pm EST.