The coronavirus pandemic has proven to be a blow for many sectors, and in that regard, the marijuana industry was no exception. That being said, a turnaround is expected to come at some point, so investors need to keep an eye on marijuana stock news. There were a lot of bullish sentiments surrounding marijuana stocks at the beginning of the year. Many believed that things were going to turn around this year after all the trouble marijuana companies went through in 2019. However, the coronavirus pandemic dashed those hopes, and consequently, marijuana stocks experienced steep declines.
The lockdowns all over the place have affected business adversely, but it is also believed if the social distancing norms are maintained by the members of the public diligently, then the crisis might end by May. If that happens, then there is a distinct possibility of the heavily beaten down marijuana stocks to record gains, and that is why it is necessary for investors to keep track of marijuana stock news.
Major Marijuana Stock News: Organigram Holdings (TSX:OGI) (NASDAQ:OGI)
The coronavirus pandemic has forced cannabis companies to take proactive steps in order to protect their businesses. On Tuesday, Organigram announced that it was going to temporarily lay off 45% of its employees in order to promote the social distancing norms. That works out to around 400 employees.
In addition to that, Organigram announced that the majority of those who have been temporarily laid off also took up the option of voluntary layoff packages from the company. However, the company stated that it has enough inventories to ensure that it is able to meet the demand from customers.
Other than this, the company has set up hand sanitizing stations at its facilities, and cleaning and sanitizing activities at its facilities