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FSD Pharma updates on cultivation operations in light of coronavirus outbreak

CEO Raza Bokhari said that the firm is putting forth its “best efforts” to mitigate any potential business setbacks

FSD Pharma -
The Toronto-based medical cannabis company said it was scaling back cultivation operations in Cobourg, Ontario

FSD Pharma Inc (NASDAQ:HUGE) (CSE:HUGE) has announced a series of steps designed to mitigate the impact of the coronavirus pandemic on its Canadian operations.

The Toronto-based medical cannabis company said it was scaling back cultivation operations in Cobourg, Ontario in line with guidance from the provincial and local health officials.

“Following a COVID-19 Declaration of Emergency by the Government of Ontario and confirmation of the presence of coronavirus infections in the town of Cobourg with nearly 19,000 residents, we have taken necessary steps to ensure the safety of FV Pharma’s employees, the Cobourg community and our in-facility partners," Raza Bokhari, FSD’s CEO said in a statement.

READ: FSD Pharma kicks off in-human study of micro-PEA in Australia

“The COVID-19 pandemic is rapidly shifting and we have assembled a working group within FSD Pharma to perpetually monitor the unprecedented market realities that are shaping the local and global business landscape.”

Bokhari noted that the firm is putting forth its “best efforts” to make necessary decisions to mitigate any present and future setbacks.

“We are committed to persevere through these unchartered times and are prepared to recalibrate our strategic objectives and deliverables to adapt to the new normal that is emerging,” he added.

The CEO expressed confidence that the firm is well-positioned to continue to advance its specialty pharmaceutical R&D efforts to target the endocannabinoid system of the human body.

FSD also said it had instituted a furlough policy for its workforce, save for certain personnel working staggard shifts to keep continuity of operations and licensure.

Contact Angela at [email protected]

Follow her on Twitter @AHarmantas

Quick facts: FSD Pharma

Price: 4.08 CAD

Market: CSE
Market Cap: $41.7 m

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