With two weeks to go until recreational cannabis is legal in Canada, Ottawa-area pot firm Canopy Growth (TSX:WEED)(NYSE:CGC) is deepening its roots in the medicinal market through a new pilot project with the Ontario Long Term Care Association.
The Smiths Falls-based licensed cannabis producer announced Wednesday that its wholly-owned subsidiary, Spectrum Cannabis, will run a pilot with the OLTCA to study the effects of medical-use marijuana in long-term care facilities across Ontario.
The six-month pilot program will explore cannabis-based therapies as an alternative to other therapeutics for pain and cognitive function for residents in a select group of homes. OLTCA will design and implement the program with Canopy supplying the product.
OBJ360 (Sponsored)
Setting a new standard in 50+ community living
The Clemow, located in the heart of Ottawa’s prestigious Glebe District, stands as a beacon of innovation and elegance. Developed by KTS Properties, a family-run business with a rich history
Navigating innovation often means stepping off the beaten path to ensure success, especially when it comes to intellectual property in tech. That’s why Swidget decided to partner with the IP
A release calls the pilot one of the first comprehensive studies of cannabis-based therapies in long-term care situations and says as many as 500 participants will take part in the program.
A spokesperson for the OLTCA said that while medical cannabis treatments are prescribed “as appropriate,” it remains an under-researched area. Canopy president and co-CEO Mark Zekulin added that the pilot project hopes to improve consistency for seniors’ quality of life in long-term care homes.
Shares of Canopy Growth were trading around $62 on the TSX Wednesday, an increase of roughly six per cent over the course of the day. The cannabis firm’s share price has nearly doubled since mid-August, but remained flat through September.
