It was March 12th when COVID-19 was officially recognized as a pandemic by the World Health Association. It was not long after that the cannabis industry came at the forefront within the American, Canadian, and other societies.
As the news broke, toilet paper wasn’t the only item people hoarded. Medical and recreational cannabis users began panic buying as the situation of supply was in question. Within a few days, cannabis sales flew off the racks for the first few weeks in March.
In the U.S., the Californian cannabis industry experienced a significant surge in sales. What had started as a 50% increment in total sales at the beginning of the month quickly progresses to 159%.
Based on the fact that many people rely on medical marijuana for a myriad of reasons, various states governments declared cannabis businesses as “essential”.
In some states in the United States, local governments and officials have imposed regulations that enable continued operations in this time of a historic pandemic. For example, in Colorado, an executive order issued by Governor Jared Polis allowed pickup services from the curb and telemedicine.
Other states, including California, Connecticut, Florida, New York, Massachusetts, and few more consider medical cannabis businesses, and dispensaries essential business. This permits them to carry on operations with limited statutes into consideration.
However, the peal of marijuana sales amidst the Coronavirus pandemic eventually slowed down. From the end of March up until now, cannabis sales seem to have tapered off. Even the cannabis industry in Colorado has been modest.
As the situation develops, the trends and projections for legal marijuana use and sale are still under question. While businesses remain operating, economic implications of COVID-19, such as unemployment, high prices, reduced buying potential due to low disposable income, and the growing concern of the pandemic increase the likelihood of a setback.
Industry trackers are currently keeping close eyes on the fluctuating sales strength of the cannabis industry in the United States. As consumers continue hunkering down for the quarantine, the impact of COVID-19 on the cannabis industry is still unpredictable.