Cannabis Market Trends During COVID-19
The outbreak of the 2020 Coronavirus has undoubtedly taken a toll on the global economy. This pandemic has affected the way several business sectors (including marijuana trimmers like us) function, created new trends and urged the demonstration of maturity. The United States’ legal cannabis industry has used this period as an opportunity to bridge the gap of bias, stamping its mark on the economy, people’s lives, and the community as a whole. In this writeup, we will focus on American cannabis market trends during this period.
Positive Effects of the Coronavirus Pandemic on the Cannabis Industry
Cannabis/Hemp Industry Recognized as an Essential Market
During the pre-Coronavirus era, the cannabis and hemp industry had been under the microscope. Medical and recreational cannabis were legalized in some regions and not legalized in others. The debate to legalize cannabis has taken place for quite some time and has caused rifts between various states and the federal government. During this COVID-19 period, the cannabis industry recorded a significant victory. Medical cannabis businesses were exempted from the shutdown during the pandemic. Others were allowed to continue adult-use sales, even though some restrictions were imposed to ensure health and safety. In states such as Nevada, adult-use cannabis was limited best to home delivery. Colorado limited theirs to curbside pickup. This “essential” classification is a huge win for users of medical cannabis, dispensaries, retailers, and cannabis trimmers.
A Comparative Increase in the Demand for Medical and Recreational Cannabis
The social distancing and shutdown laws have increased the demand for the best hemp and cannabis products. When compared to other sectors, the marijuana market has seen a slightly significant increase in sales. Cannabis sales have skyrocketed and shattered records in the last three months. Reports suggest that there has been an increase in interest for cannabis-related edibles. There was an estimated 28% increase in the demand for marijuana-infused edibles. It has also been observed that panic-shopping caused some customers to purchase cannabis products in bulk, coupled with other necessities such as alcohol, yeast, toilet paper, and other groceries. This also highlights the importance of the best cannabis-related products as everyday consumer products. Sales also increased as a result of the transition of many stores to home delivery and curbside pick-up in states where cannabis is legal.
Negative Effects of COVID-19 on the Cannabis Industry
Even though there is a continuous increase in the demand for and usage of cannabis in 2020, there has been a general decline in the American marijuana industry. Employees have been laid off by the best-renowned hemp/cannabis enterprises such as 4Front Ventures and Acreage Holdings. This implies that the COVID-19 pandemic has impacted the hemp industry negatively, causing terminated acquisitions and a dip in marijuana stocks.
The pandemic has also hampered best efforts to legalize cannabis by the state as they have focused their attention on public health, safety, and the economic crisis. A typical example is the potential suspension of recreational cannabis legislation in New York. In addition to this, cannabis is still illegal under federal law. This made hemp/marijuana businesses ineligible to benefit from the $2 trillion stimulus package.
The need to make use of more efficient and mechanized methods of cannabis production is of the essence. The lay-off of workers during this period has hampered the supply of marijuana as there was decreased productivity stemming from a fall in labor. One of these mechanized methods is the use of professional cannabis and hemp trimmers, such as our products. These trimmers can be used for every stage of growth by both small and large enterprises. They are efficient, safe, and reliable machinery for cannabis trimming and production. Our Twister Trimmer product line will provide businesses and individuals with elite trimmers that enhance marijuana productivity, which in turn stimulates the growth of the industry.
The last three months of 2020 have been a trying moment in the lives of businesses and individuals in the cannabis sector. The COVID-19 pandemic has hampered productivity at all levels and there are no signs of a tested and trusted vaccine to curb its effects. These difficult times are slated to continue for a much longer period and the need to adapt to this new style of living is primordial.
Resources:
https://www.internetandtechnologylaw.com/covid-19-cannabis-pandemic-industry/
https://www.forbes.com/sites/bencurren/2020/05/04/how-covid-19-is-changing-cannabis/#4959677b6811
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