Cannabis Industry Thriving or Dying During This Pandemic?

Cannabis Industry Thriving or Dying During This Pandemic?

The current global situation has forced many to adjust their perspective on things in a very real and personal way. Many have been faced with the hard decision of cutting out certain 'discretionary' or 'luxury' purchases in order to cut down costs and save on money while the economy is on lock-down.

This has, naturally, done a number on many industries nationwide. Restaurants, bars, movie theaters, hair salons, gyms, they are all suffering due to this pandemic. But, how is the cannabis industry handling it? Well, let's start with the good news. Check out Discount Pharms for information on hemp seeds and more!

The Good News

Alongside hand sanitizer, toilet paper, and food, many cannabis consumers have reported that marijuana is on their list of things that are a 'must-have' in stock. This has been good news for the cannabis industry, as the industry as a whole has seen a massive up-tick in sales.

Consumers have realized that they may not be able to get to their dispensaries very often for the foreseeable future and have taken this time to buy all of their edibles, flower, vape liquids, and tinctures en masse.

Despite being closed, many dispensaries and online distributors were able to host 4/20 virtual events that were a massive success. The online cannabis industry is still thriving, and still seems to be doing well despite the obvious obstacles. In fact, recent surveys of consumers show that online business has risen 17% since the pandemic started.

This means that more people than ever are buying online, and of those new 'recruits', 34% have sad that they prefer the experience over brick-and-mortar shopping. This could mean a drastic change to the industry as we know it moving forward, which doesn't have to be a bad thing. However, not all is going perfectly swimmingly.

The Bad News

While online sales are thriving, many of those in the industry are without work right now.

The marijuana industry has secured 'essential worker' status as far as legal states are concerned, but the lack of actual in-store customers has left many dispensaries cutting back on manpower and even closing up shop altogether. This does not bode well for those who work within the industry on the ground floor.

Another area of concern is the fact that marijuana dispensaries and growers–despite being federally legal to operate–are not eligible for government stimulus money. This means that these companies are going to have to 'boot strap' themselves through these hard times. We could see the unfortunate impact of this down the road as the lock-down persists.

So, what is the ultimate answer to the question?

Well, in all honesty, the cannabis industry as a whole entity is thriving. More people are buying and stocking up on their marijuana than ever before. However, the impact on the brick-and-mortar dispensaries could be irreversible if something is not done to protect them. This very well could lead to a dramatic shift of consumers switching to online buying in the future, and physical dispensaries becoming a thing of the past.

Make sure that when the country reopens, you make a visit to your local dispensary; they could really use our help right now amid the business shifting towards online sales.

Original Post: Discountpharms.com

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