How Has COVID-19 Affected The Cannabis Industry?
The COVID-19 pandemic has been an unprecedented time for all of us in the cannabis industry, but how has the hottest property of the last decade dealt with these new challenges? Is the end near as the doomsayers would have us think? Or has lockdown actually been a blessing in disguise for the cannabiz?
Let’s take a look at the state of the cannabis industry during the global pandemic, and what the future may look like post COVID.
Booming Sales During Quarantine
Despite the pandemic causing huge financial upheaval across most of the world's economies, believe it or not, the legal cannabis industry is booming. Most states that kept dispensary doors open saw a jump in sales , and Colorado even had its biggest month ever in June. Additionally, Canada also saw an increase in sales across the country, proving that demand for legal cannabis is as high as ever.
Delivery Services Flourishing
With shelter-in-place and social distancing causing most of us to stay at home unable to visit our favorite dispensary personally, delivery services and curb-side pickups are coming to the rescue. In fact, cannabis delivery services are absolutely booming amid the COVID-19 pandemic, and that’s been a welcome lifeline for dispensaries and cannabis users alike. Now you can have fresh concentrates delivered by such brands as Rosin Tech Labs.
Retail Hit Hard
There’s no doubting, however, that in person retail has been hit incredibly hard. Large numbers of dispensary workers have been laid off as a result of the coronavirus quarantine, and even in states that kept doors open, lower demand has forced dispensaries to operate with reduced opening hours and fewer staff.
Festivals are a Bust
One big shame is that all of 2020’s most anticipated cannabis festivals and events have been canned. From the High Times Cannabis Cup, to HempFest and the Hash Bash, almost every
major cannabis event of the summer has been cancelled, making 2020 a huge bust for the cannabis festival scene.
Looking to the Future
Despite the hardships though, the cannabis industry has fared surprisingly well in spite of the pandemic, and that’s good news for the future. While retail, events, and tourism sectors have undoubtedly taken a huge hit, thankfully strong consumer demand for cannabis has kept the industry going, and we also have delivery services to thank, too.
As this global pandemic comes to an end, it’s clear that some aspects of our lives may never return to normal. However, cannabis dispensaries will reopen, festivals will once again take place, and the sun will shine again.