Are you still stuck in quarantine? Or are you starting to see the world from a post-pandemic perspective? If you’re a cannabis enthusiast, then you’d be happy to know that the cannabis industry came out of 2020 stronger than ever before.
Recent findings and researches about the cannabis industry have shown that sales have skyrocketed with 2020 in comparison to 2019. This doesn’t only ensure the stability of the market, but it welcomes further growth in a post-pandemic world.
Positive changes brought by the pandemic are seen drastically. The start of 2021 welcomed cannabis entrepreneurs, companies, and even your normal day-to-day consumers with new horizons.
These claims are backed with data from a recent study report entitled “State of Cannabis Industry,” which was a collaborative effort of LeafLink, Flowhub, and Vangst. Different vantage points were observed by the companies involved in analyzing data from wholesale, dispensaries, and employment, respectively.
Quarantine brought by the Coronavirus pandemic was unanticipated. Along with this was the growing number of sales with cannabis. Some states even remarked a record in sales throughout the year – making 2020 an astonishing step for cannabis. Rates were stabilized at forty-percent (40%) higher pre-pandemic, 2019.
Predictions about the potential in the number of sales of cannabis in a post-pandemic world would stay strong based on the stabilized rate. For starters, the state officials of Michigan are expecting growth of around three billion USD in the cannabis industry right around the corner. While thirty-four billion USD were projected nationwide from the same market by the year 2025.
Medical marijuana programs are rampant in the United States and have seen growth in this pandemic. Data from August 2020 showed more than three million individuals signed up for the program in their home states. Some states that are on the path of legalizing recreational use of cannabis also bring a new group of consumers to the market.
Preparation Played a Role
Not every cannabis dispensary has an “order ahead” option in its service. The same report showed data evidence that better prepared, innovative, and adaptable companies were better at managing the instantaneous spike in sales at the beginning of the pandemic. Dispensaries with order-ahead services reported a twenty percent (22%) increase in overall sales, an eight percent (8%) increase in transactions, and lastly, thirteen percent (13%) more in the number of orders.
Combined efforts of matured and emerging markets were noted by LeafLink’s Alex Feldman when writing the report of the study. Feldman mentioned outpacing sales of states like California and Colorado along with emerging industries from Michigan and Oklahoma played a role in the stability of the cannabis market.
But where did this change come from? It was noticed that there was a shift in the manner consumers buy cannabis products. Initially shifting to fewer trips to dispensaries but with larger quantities, to online e-commerce transactions as the months progressed.
The setting of the research was directed at the US cannabis market, but the same can be applied for us here in Canada. Having the ability to provide order-ahead services invites consumers to avail our services. Our company, Sativa Bliss, is pleased to tell you that your convenience is something we value.
Flexibility of the Cannabis Industry
Innovations and resiliency of cannabis businesses with the fast-paced changes in the industry were highlighted in 2020. The study showed the during the pandemic seventy-nine percent (79%) of dispensaries in the US started offering curbside pick-up. While sixty-four percent (64%) opted for the delivery strategy, and forty-three percent (43%) went for the online marketing and e-commerce route.
Feldman noted that “2020 will be remembered as one of the most tumultuous years of our lifetime, but also as a pivotal year for the cannabis industry. This year, we faced some of our biggest challenges yet —and the industry is emerging stronger and nimbler.”
If you’re looking for a store where you can find a variety of cannabis products from edibles, flowers, topicals, concentrates, and others, your best bet is Sativa Bliss Cannabis. Visit www.sativabliss.ca for more information.
