Count the Canadian marijuana industry as another ally in the battle against the SARS-CoV-2 coronavirus and the COVID-19 disease it causes. A report in BNN Bloomberg published on Tuesday said that several leading publicly traded companies in the sector are providing equipment to healthcare entities to assist them in their efforts.
In particular, the article mentioned Canopy Growth (NYSE:CGC) and HEXO (NYSE:HEXO). The former is donating personal protection gear to hospitals, providing items including face masks and gloves to help shield healthcare workers from contacting the coronavirus.
These are being sourced from a recently shuttered pair of growth facilities the company formerly operated in British Columbia. As with other cannabis companies, Canopy Growth used and uses this equipment in the cultivation and processing of its products.
As for HEXO, the company says it has provided 150 face masks to paramedics in Quebec. HEXO is headquartered in the Francophone province.
Several other noted Canadian marijuana companies are in the process of making similar donations, pending an evaluation as to the amount they'll be able to provide. Among these businesses are Aphria, Village Farms International and CannTrust Holdings.
Still others say they aren't in a position to hand over equipment, at least not yet. A Tilray spokesperson told BNN Bloomberg that her company is "operating using only business-critical staff and gear right now."
The latest set of statistics compiled by the Canadian government indicate that, as of Tuesday morning, there were 1,739 confirmed cases of COVID-19 in the country, with 25 deaths.
Marijuana stocks are generally holding up so far this week, although many didn't rise as high as the major stock indexes on Tuesday. Canopy Growth shares gained almost 4%, for example, while HEXO's advanced by 6%.