Canopy Growth Corp. (CGC) - Get Report announced that Spectrum Cannabis, the cannabis corporation's wholly owned subsidiary, has partnered with the Ontario Long Term Care Association to pursue the development and implementation of a long-term care medical cannabis study aimed at seniors.
The stock is climbing more than 3% in morning trading following the announcement.
Canopy Growth and the OLTCA will recruit a group of long-term care homes to perform the study while evaluating quality of life outcomes, caregiver stress and the economic benefits of cannabis adoption.
"There is clearly an interest in the long-term care space to explore medical cannabis as an alternative to traditional medications for pain and degenerative cognitive function," said CGC CEO Mark Zekulin. "The pilot study we've announced today is the first step in developing an evidence-based, best practice approach to medical cannabis that will result in consistent care for thousands of seniors and ultimately improve quality of life and outcomes in long-term care homes."
Want to Buy $1 Worth of Stock for 90 Cents or Less? You can with certain so-called "closed-end" mutual funds - an often overlooked investment class. Click here to register for a free online video in which TheStreet's retirement expert Robert Powell and an all-star panel tell you all you need to know. The webinar is sponsored by Nuveen.