Please ensure Javascript is enabled for purposes of website accessibility

Canadian Pot Companies Donate Masks, Materials to Coronavirus Fight

By Eric Volkman – Mar 24, 2020 at 8:08PM

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

Canopy Growth and HEXO, to name two, are contributing to the battle.

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 (CGC -1.80%) and HEXO (HEXO -2.04%). 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.

Marijuana worker using a pair of gloves.

Image source: Getty Images.

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%. 

Eric Volkman has no position in any of the stocks mentioned. The Motley Fool recommends CannTrust Holdings Inc and HEXO. The Motley Fool has a disclosure policy.

Invest Smarter with The Motley Fool

Join Over 1 Million Premium Members Receiving…

  • New Stock Picks Each Month
  • Detailed Analysis of Companies
  • Model Portfolios
  • Live Streaming During Market Hours
  • And Much More
Get Started Now

Stocks Mentioned

Canopy Growth Stock Quote
Canopy Growth
$2.73 (-1.80%) $0.05
HEXO Stock Quote
$0.17 (-2.04%) $0.00
Tilray Stock Quote
Aphria Stock Quote

*Average returns of all recommendations since inception. Cost basis and return based on previous market day close.

Related Articles

Motley Fool Returns

Motley Fool Stock Advisor

Market-beating stocks from our award-winning analyst team.

Stock Advisor Returns
S&P 500 Returns

Calculated by average return of all stock recommendations since inception of the Stock Advisor service in February of 2002. Returns as of 10/02/2022.

Discounted offers are only available to new members. Stock Advisor list price is $199 per year.

Premium Investing Services

Invest better with The Motley Fool. Get stock recommendations, portfolio guidance, and more from The Motley Fool's premium services.