Some Cannabis Companies Cut Staff Due To COVID-19, But This One Is Hiring

TerrAscend Corp. TER TRSSF provided its operational update Friday amid the coronavirus pandemic.

While many other cannabis companies have been taking reduction cost measures lately, including laying off its workforces and citing COVID-19 concerns as a reason for these activities, TerrAscend announced it's hiring additional staff at its cultivation, retail and processing facilities.

The Mississauga, Canada-based company explained it has experienced higher demand, as cannabis operations have been proclaimed essential in areas the company is licensed to operate.

Furthermore, TerrAscend said there has been “a surge in sales” due to the government’s isolation guidance, which has caused customers and patients to build up their supplies.

The company also noted it's ready to answer the new demand while practicing extra safety procedures to keep its employees and patients safe. These new enhanced safety and sanitation procedures count measuring employee temperatures, applying hand- sanitizer, promoting pre-ordering for pickup, sending part of its staff to work from home and encouraging social distancing.

"I am proud of our entire team for responding quickly and appropriately during this rapidly evolving and uncertain time,” Jason Ackerman, Executive Chairman of TerrAscend, said in a statement. ”We have seen a significant increase in demand throughout March, which is a reflection of the loyalty of our customer base and the compassion and care of our employees. The entire management team is closely monitoring the changing situation and working with state and local representatives to deliver a coordinated and appropriate corporate response."

TerrAscend’s shares were trading 2.27% lower at $1.72 per share on Friday.

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