How the Cannabis Industry Is Faring Amid a Pandemic
By some estimates, COVID-19 has changed the consumption habits of 70% of U.S. cannabis consumers, both regarding how they spend their money and how they consume the plant.
Most states allowed cannabis dispensaries to remain open during lockdown. But even though cannabis was deemed an essential industry, consumer habits changed nonetheless.
Perhaps buoyed by that “essential business” label, adult-use cannabis sales in the largest U.S. markets remained relatively resilient compared to other segments of the retail industry.
Industry experts agree that bulk buying at the outset of the pandemic was likely the reason for the increase in cannabis sales. But five months in, sales are still strong.
“When stimulus checks started going out, unemployment benefits started going out, that’s when you really started seeing the shift, because now people were a little more mindful of their money,” said Chris Driessen, SLANG President & CEO. “They were still consuming cannabis, but were a little more discerning about what specifically they were buying.”
The relative success of the cannabis industry during the pandemic has brought several key industry questions to the forefront.
To review those and more, continue reading at Benzinga.com.
Subscribe to eNewsletter
