Legal Cannabis industry sees record sales as customers facing coronavirus crisis stock up
Summary by: David Eyler
CED Clinic Intern
As COVID-19 takes the world by storm, many Americans have begun stockpiling on essential items. One of them is the cannabis industry. All states who have dispensaries open those with medical cards, with some states open for recreational use. Throughout the month of March, many dispensaries saw a dramatic increase in sales, with some seeing an increase of more than 25% in some locations. Because cannabis was deemed an essential medicine across the United States, Americans have begun to stockpile on this item. An increase in sales may also be attributed to people being forced to buy their marijuana legally as a result of an increase in people practicing social distancing from friends and colleagues. As a result, some cannabis companies have seen their shares in stock increase.
Unfortunately, not all dispensaries are flourishing. Like many companies across the country, some are suffering severely from the pandemic. Those why rely on a heavy flow of sales are suffering in cities that rely on tourists like Las Vegas. In Massachusetts, some cannabis stores have been forced to close due to a lack of customers and revenue. Because so many companies are relying on a bailout, federal assistance seems unlikely in the immediate future.