Colorado, a bellwether state for marijuana legalization, is exempting dispensaries selling medical product from its latest "stay at home" order.
Similar to other states, Colorado has mandated its residents to remain in their homes in an attempt to quell the spread of the SARS-CoV-2 coronavirus. There's a set of exceptional circumstances in which people can venture outside, such as for grocery or medicine shopping... or the purchase of medical marijuana.
This form of the drug is classified under the category of "critical businesses" -- i.e., those deemed essential to maintaining the health and safety of Coloradans. Recreational cannabis, however, is not covered under the order.
People venturing out to buy medical weed or other goods sold by critical businesses are required to observe social distancing requirements. As per established standards, this means keeping a distance of at least six feet from other individuals, among other measures.
Along with Washington, Colorado was among the first two states legalizing recreational marijuana (in 2012). Previously, it had sanctioned medical cannabis in 2000. The industry is thriving: Official statistics show that 2019 was a record year for it in the state, with almost $1.75 billion in sales.
Many cannabis companies have a presence in Colorado. One that's sure to benefit from the continued access to customers is Curaleaf (CURLF 1.24%), which earlier this month announced the acquisition of premium edibles-maker BlueKudu, based in the state. BlueKudu makes a line of medical cannabis products, sales of which should help Curaleaf's top line once the buyout closes.
Curaleaf's stock rose briskly on Friday, closing nearly 9% higher. That was in stark contrast to the broader share indexes, which nearly all fell on the day.