Canopy Growth Corp. (WEED.T) said Tuesday it is planning to close all of its corporate-owned retail stores temporarily starting at 5 p.m. local time as it works to combat the coronavirus that causes COVID-19. The Canadian cannabis market leader, based in Smith Falls, Ontario, said the decision was deemed best for its retail workers. "This is a big decision but it was also an easy one to make -- our retail teams are public-facing and have been serving an above-average volume of transactions in recent days," Chief Executive David Klein said in a statement. Cannabis companies have been reported a spike in demand for weed as more and more people are ordered to hunker down at home. The decision affects 23 stores in Newfoundland, Saskatchewan, and Manitoba as well as the Tweed Visitor Centre in Smiths Falls, ON. The company will continue to provide medical cannabis to patients through is online platform. Shares rose 2.2% premarket, but have fallen 78% in the last 12 months, while the ETFMG Alternative Harvest ETF (MJ) has fallen 75% and the S&P 500 has fallen 15%.
-Ciara Linnane; 415-439-6400; AskNewswires@dowjones.com
(END) Dow Jones Newswires
March 17, 2020 07:27 ET (11:27 GMT)
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