US and Canadian Cannabis Sales Thriving Due to Coronavirus
Besides stockpiling toilet paper and canned goods due to the global COVID-19 (coronavirus) pandemic, people from all over Canada and the US have lately been going crazy about getting their hands on as much cannabis as possible to prepare for long periods of isolation. These are the latest news concerning cannabis sales during coronavirus that you should be made aware of.
To recap, the sales of cannabis for recreational purposes across markets in the US including Oregon, Alaska, Colorado, and California rose up 50%, whereas medical cannabis sales went up 41% between March 16–22. Although an increasing number of businesses have been shut down due to the pandemic, stores selling cannabis are considered essential services, thus they have remained open for customers.
In Canada’s most densely populated province, Ontario, the Ontario Cannabis Store’s Web site has witnessed an increasing number of online sales over the past two weeks; for instance, just recently, the cannabis orders were doubled compared to the orders 14 days ago. Not only that but, in Nova Scotia, the sales for cannabis and cannabis products have also risen to an astounding 76% the previous week.
According to the CEO of Medical Marijuana Inc., Stuart Titus, the main reason why cannabis sales in Canada have risen so much so fast is due to fears that supply disruptions may last for months on end.
This increase in the demand for cannabis may offer cannabis producers a break after the stocks have been sold off in 2019, as profits remain ambiguous. Furthermore, the CEO of Californian Bhang Inc., Jamie Pearson, claims that the sales for cannabis-infused chocolates, beverages, and various other products are thriving. Not only that, but Pearson also claims that profits and revenue should be booming soon.
The most popular cannabis-related products are brownies, chocolates, and gummies, as these are the easiest to stock up on during these difficult times. Although the cannabis industry is currently thriving, CEO of Siva Enterprises, Avis Bulbulyan, believes that it is vital to understand that the increasing customer demand for cannabis is probably just temporary.
A number of Canadian provinces, as well as states in the US, have taken measures against the coronavirus pandemic by restricting businesses, ordering people to stay at home, and even shutting down borders.