Throughout the COVID-19 crisis, Cannabis has seen fluctuating sales. While some states did not consider cannabis companies essential, other states did and encouraged changes to operating procedures to ensure safety. For businesses that remained open, adjustments were made to limit the number of purchasers in the store, specific hours were set for seniors and other high-risk individuals, delivery or pick-up services were offered, and bulk ordering was allowed to reduce the frequency of purchases.
As Florida saw an increase in COVID cases, cannabis sales saw an increase as well. Truelieve Cannabis, a Florida-based dispensary chain, saw a 50% increase in sales compared to previous weeks, selling 21,000 ounces by the end of the third week in March. According to Barron’s records of cannabis stocks, sales are continuing to rise by the day. One of the biggest front runners in the cannabis industry, Curaleaf, now has a market value of $2.1 billion and value has continued to trend upward since early March.
As sales in Canada have plateaued, Green Thumb Industries stated that their U.S. sales are currently running at thirteen billion dollars on an annual basis in the thirty-three states that allow their products. With their cannabis continuing to be in high demand, they’re not worried about the effects of COVID-19 on their sales.
Vape companies, like Canopy Growth, who suffered last summer due to fears over vape-related illnesses, are now on the rebound. Vape sales have almost returned to normal despite the additional upper-respiratory risks connected to vape-users who have contracted Coronavirus.
Curaleaf and other cannabis companies are currently hiring restaurant workers and drivers that have been furloughed or let go due to COVID-19. Cannabis companies limited to medical sales are hoping that states will recognize the industry’s job creation and tax revenue abilities and consider legalizing recreational sales in the near future.
According to Marijuana Business Daily, the cultivation and extraction side of the cannabis industry has not seen a significant disruption in the supply chain despite initial fears. Many of these companies have continued production as normal, although they have begun staggering shifts and limiting the number of employees on the clock at one time.
Overall, the cannabis industry will likely continue to see changes in sales and production as the COVID-19 pandemic continues to affect businesses and the economy. With most states still enforcing lock downs, the future is unknown for the cannabis industry — but for now, sales appear to still be on the rise in the U.S.