Cannabis on the Rise

In March, retailers across the US experienced record-breaking sales of cannabis and cannabis-related products for both medicinal and recreational use. The biggest sales increases were seen in:

• California, at 276 million
• Colorado, at 108 million
• Washington, at 99 million
• Oregon, at 84.5 million
• Nevada, at 54 million

Despite shelter in place orders and social distancing across the US, more than 20 states are allowing cannabis retailers to continue operating. Some of these businesses are asking customers to access their products through online orders and curbside pick-up, while others are keeping their doors open and adhering to social distancing rules.

Industry experts aren’t expecting import slowdowns of cannabis itself. However, lack of supply may occur for components like vape batteries and cartridges, which are made in China. Supply chains in China haven’t resumed to normal activity levels, which has impacted overall production volumes. Additionally, the shipment of products across seas hasn’t yet been normalized.

Cannabis retailers are further benefiting from the annual 4/20 event, using the entire month of April to celebrate. Companies such as Bloom Room, Headset, and Alterna are offering deals to customers during this period to celebrate the occasion.

Centro maintains teams of subject matter experts dedicated to supporting cannabis clients, provides access to CannaVu’s premium inventory, and has partnered with Peer39 to bring first-to-market interest targeting segments to the cannabis industry that can be used in the open exchange.

To learn more about how you can take advantage of the booming cannabis industry this April, check out our How to Capitalize on Cannabis webinar.

Sources:
https://nypost.com/2020/03/24/cannabis-sales-hit-new-highs-in-us-and-canada/
https://www.leafly.ca/news/health/cannabis-coronavirus-covid-19-facts
https://www.leafly.ca/news/cannabis-101/where-is-cannabis-legal
https://mjbizdaily.com/category/charts/
https://www.statista.com/statistics/1105365/coronavirus-sales-surge-of-recreational-cannabis-by-day-us/
https://www.leafly.ca/news/lifestyle/covid19-marijuana-420-sales-deals-report