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Cannabis And Coronavirus: HEXO Delays Financial Statements, Canopy Growth Closes Stores

Nina Zdinjak

At the World Health Organization media briefing held March 11, COVID-19 was officially declared a pandemic.

“This is not just a public health crisis, it is a crisis that will touch every sector,” said Dr. Tedros Adhanom Ghebreyesus, WHO director-general, stated. “So every sector and every individual must be involved in the fight.”

Some cannabis companies have already been affected.

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HEXO Postpones Filing Interim Financial Statements For Q2

HEXO Corp. (NYSE: HEXO) said Tuesday it has not met the deadline for filing its interim financial statements for its fiscal second quarter because of several unexpected circumstances, such as having a huge impairment loss in the quarter, with the final amount still to be calculated.

Until the filings are submitted, Hexo will hold a blackout on trading by directors, officers and remaining insiders of the company.

It has, however, revealed some financial results for the quarter, including net revenue of $17 million, compared to $14.5 million in the previous quarter, and gross revenue of $23.8 million, versus $19.3 million in the first quarter.

Canopy Growth Temporarily Closes Retail Locations In Canada

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Canopy Growth (NYSE: CGC) announced Tuesday it has decided to temporarily stop operating all corporate-owned Tokyo Smoke and Tweed retail stores across Canada, respecting the advice provided by various health bodies concerning the COVID-19 outbreak.

“We have a responsibility to our employees, their families, and our communities to do our part to “flatten the curve” by limiting social interactions. For us, that means shifting our focus from retail to e-commerce,” said David Klein, CEO, Canopy Growth.

Lift & Co. Temporarily Lay Offs Part Of Workforce, Shuts Down Non-Profitable Sectors

Lift & Co. Corp. (TSXV: LIFT) (OTC: LFCOF) reported Tuesday that it has temporarily stopped business activities of its non-profitable sectors and discharged some of its employees due to the coronavirus pandemic.

This strategic move comes in an effort to save cash and long-term shareholder value amid the COVID-19 outbreak, the company said.

Its Lift & Co. Expo and CannSell business will continue to operate as usual.

New England Treatment Access Pauses Adult-Use Sales

Massachusetts-based medical and recreational marijuana dispensary New England Treatment Access announced Monday that its Brookline store will be open only to medical patients starting March 16, and that adult-use sales will be temporarily paused.

The decision comes in response to Governor Baker’s executive order which forbids gatherings of more than 25 people.

The company noted that all medical patient orders should be made through Reserve Ahead.

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