On Thursday, Cresco Labs (OTC: CRLBF) updated investors and other interested parties about its response to the COVID-19 pandemic. The vertically integrated cannabis company said it will keep its numerous dispensaries open during their normal operating hours, at least to the extent allowed by law.
An increasing number of American municipalities have imposed strict “stay at home” measures on their citizens in an attempt to limit the speed at which the SARS-CoV-2 coronavirus spreads. These generally mandate people to remain in their residences unless they have legitimate reasons for venturing out such as buying food or medicine.
Image source: Cresco Labs
Although it’s keeping the lights on in its stores, Cresco says it is stepping up efforts to keep them clean, and to ensure the safety of patrons. The company says it “has heightened its already-stringent sanitation measures and implemented procedures at the retail level to ensure adequate social distancing between employees and consumers.”
Cresco added that it is encouraging customers to consider ordering online and arranging for home delivery — moves that conform to the social-distancing recommendations of healthcare professionals. Another option that offers a reduction in personal contact is curbside pickup: the Illinois-based marijuana company says it’s launching that next week at its stores in its home state.
Additionally, operations at Cresco’s numerous cannabis cultivation sites will carry on as before, albeit with “elevated” safety and sanitation efforts.
“We have approached this matter from the perspective of a responsible employer, a manufacturer, a retailer, a community member and an industry leader — we are responsible to all of our stakeholders,” Cresco said.
On Thursday, Cresco stock more or less moved in sync with the broader market indexes, and rose by slightly more than 5%.
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Eric Volkman has no position in any of the stocks mentioned. The Motley Fool owns shares of and recommends Cresco Labs Inc. The Motley Fool has a disclosure policy.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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