Cannapany on March 25, 2020 No Comments
The closure of two facilities to cut costs results in a greater positive impact for communities
The entire world has been shaken by how rapidly the coronavirus spread, causing hundreds of thousands of infected people and several deaths. Precisely because of how easy it can be contracted, virtually all sectors of the economy have been impacted negatively in one way or another. In the case of the cannabis industry, perhaps the impact was somehow lower due to the difficult times the sector has been going through for the past year, which is now seems like something positive in the middle of the coronavirus pandemic. A few cannabis companies, such as Canopy Growth, have been donating boxes of items, such as masks and necessary materials, to help the hospitals fight the battle against COVID-19.
The recent closure of two Canopy Growth Inc. facilities operating in British Columbia brought a hidden benefit for the general population, as these resources the company is donating come from the unused items left in these facilities. Cannabis companies use these protections items on a daily basis in the cultivation and processing of their products. In a report published by BNN Bloomberg on Tuesday, it states that several other companies in the industry are donating equipment to healthcare facilities in an effort to help the cause. Besides Canopy Growth, HEXO, Aphria, Village Farms International and CannTrust Holdings are on that list. Canopy Growth has been donating personal protection gear to several hospitals, including items, such as face masks and gloves, so that health personnel can have a shield against the virus.
It is always good for the industry’s general image that, despite the financial struggle, it will take advantage of a negative situation to positively contribute to this public health emergency. As of yesterday morning, there were 1,739 confirmed cases of COVID-19 in Canada, with 25 of those cases resulting in death. As people remain home and there is more time to spare, the demand of cannabis increases as a way to cope with anxiety and stress, companies like Canopy Growth are picking up those benefits in the stock market with its shares soaring up almost 4% in the last report.
Congratulation!