Marijuana Use During the Pandemic
The world we live in today offers us lots of beautiful things designed to make our stay on earth joyful. However, the advent of many health-related ailments and diseases has consumed the lives of millions across the globe. Despite these struggles and hard times, many cannabis lovers and enthusiasts found their peace in cannabis.
The Inception of Coronavirus Pandemic
The coronavirus pandemic came like a thief in the night, leaving us unprepared with little or no ideas on how to tackle it. Researchers and physicians played their part and developed a measure to limit and, of course, combat the virus. Though things have or are gradually returning to normalcy, many people lost their jobs, many companies shut down, factories closed. Most economies are yet to recover from this pandemic. Still, fortunately for us, there is hope.
Cannabis Through Covid-19
For a virus we were entirely unprepared for, it is thrilling how the health workers on the front line risked it all to save those infected and find a lasting solution (vaccine) for this deadly plaque. Although most Latin American and European nations were hit hardest by this pandemic, the United States also had its fair share of covid related deaths.
During this period, sandwiched with the lockdown and social distancing rules enforced, one sector (the cannabis industry) was on the rise while the existence of others laid on balance. Despite all the turbulence that came with covid-19, firms in the cannabis industry displayed strength as they championed social distancing and some other measures to limit the spread of the virus.
Cannabis as an Essential Business
During the lockdowns in the United States, the cannabis industry achieved a significant milestone. Where other firms and industries failed, the medicinal and recreational benefits of cannabis use meant the constant demand for the plant. While some acquired their treasured strains from dispensaries, others bought and grow clones at home. With that in mind, most of these medical cannabis dispensaries made cannabis available for adult-use sales sandwiched by restrictions geared toward health and safety.
Cannabis Sales Boost During the Pandemic
According to the cannabis analytics and tech provider Akerna projects, this industry did not just survive the pandemic. However, its recorded sales ($95 million) in a day across the United States amidst a pandemic left many cannabis critics baffled. Further reports compiled by Leafly from marijuana state tax and revenue records opined that a total of $18.3 billion was recorded for all cannabis-related purchases in 2020 alone.
All of which is $7.6 billion more than the $10.7 billion in sales the previous year. With many more states welcoming the idea of the medicinal and recreational use of cannabis, the cannabis industry is only expected to grow geometrically sandwiched with record-high revenues from sales (Leafly.com). According to findings compiled by the New Frontier Data projects the legal marijuana industry in the U.S. alone will swell to $41.5 billion by 2025, a compound annual growth rate of 21% from 2019.
In light of recent events, it is complicated to spot any bright side for the cannabis industry during this covid-19 pandemic. However, the cannabis industry weathered the storm and stood tallest above all and known to have changed many lives making now the best time to invest in the profitable sector.