Canopy Growth unit in pilot to test medical marijuana in treating senior pain, cognitive function
Canopy Growth Corp. [ca:weed] said Wednesday its Spectrum Cannabis unit is teaming up the Ontario Long Term Care Association for a pilot that will assess the use of medical marijuana in treating pain and cognitive function in seniors. The six-month study will be conducted at some of Ontario’s 630 long-term care homes to measure whether medical marijuana can replace other, less-desirable therapies and treatments. The move marks “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,” Canopy co-Chief Executive Mark Zekulin said in a statement. Canada is gearing up for full legalization of cannabis for adult recreational use on Oct. 17. Shares were up 2.4% premarket and have gained 93% in 2018, while the S&P 500 has gained 9%.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.