29 Mar Adult Use Cannabis Sales Begin to Drop While Medical Sales Skyrocket During COVID-19 Pandemic
Let’s start off with making the distinction here. MEDICAL cannabis was deemed essential in most states that offer medical cannabis and their sales are skyrocketing! ADULT-USE is a different story. Although medical marijuana still seems to be quite well, adult use cannabis is starting to take a hit. Although, adult-use sales did see a recent increase, they took a plunge last weekend compared to last year’s sales.
Medical Cannabis Sales Seem to Be Doing Quite Well
Medical cannabis dispensaries have been deemed essential businesses and have remained open during this crisis. Many of which have seen an increase in sales or at least their sales have remained steady.
I guess there are alot of anxious people with medical marijuana cards right now!
There have been a number of economic pressures put on people due to this pandemic. The result is many people who work in restaurants, hotels, gyms, and scores of other businesses are currently out of a job due to closures. This could be why adult-use sales have seen a decline!
Adult Use Cannabis Sales Declined Compared to Last Year
It was only a few days after adult-use cannabis sales soared, due to the coronavirus scare, that their sales took a nosedive. Initially consumers stockpiled on products. Now, however, people are all stocked up and staying home. Travel restrictions could also be a huge factor in this, these adult-use dispensaries no longer have so many tourist trying to purchase their pot while on vacation.
On March 2nd Adult-use sales in California, Colorado and Washington state were all up from last year, an 8% increase in Colorado to a whopping 88% in California.
By March 9th, sales in the three states had surged compared to last year’s sales at this time, with a 46% increase in Colorado, 100% increase in Washington, and an amazing increase of 159% in California!
Things started to slow down by March 21st, California went down to a 23% increase from last year’s sales and things were way worse for Colorado and Washington.
Washington was down 2% from last year’s sales and Colorado saw a 19% decrease!
Will Adult Use Sales Get Back to Normal?
Sales are suspected to level off once the coronavirus pandemic winds down. While medical marijuana does just fine during this crisis, Adult-use presumably has taken a hit due to economic worries. For example, in Colorado the unemployment rate is expected to increase from a record-low 2.5% in December 2019 to as much as 15% by the end of March. People just don’t