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How is the Coronavirus Pandemic Reshaping the Cannabis Industry?

The coronavirus pandemic has affected a lot of industries and economies the world over. It has changed how we work and how we spend our free time. Therefore it should come as no surprise that the cannabis industry has been affected as well. But how is the Coronavirus pandemic reshaping the cannabis industry?

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The impacts of the coronavirus pandemic on the cannabis industry are wide-ranging. The pandemic has impacted various stakeholders in the industry differently. In this article, we are going to talk about how coronavirus is reshaping the cannabis industry, from the perspective of the different stakeholders.

There are many stakeholders in the cannabis industry today. There are investors, farmers, consumers, bankers, lawmakers and many more. We are going to discuss the impacts on the various stakeholders.

1. Evolving Consumer Behavior

Cannabis Consumer Behavior

This pandemic has changed the way customers like to access and consume their cannabis. While cannabis consumption has gone up during the pandemic, the way it is being consumed has changed. There is now more online ordering of recreational cannabis than ever before.

Since most folks rarely venture outside of their homes this year, cannabis retailers have been forced to vend their wares online. This also means a change in the pickup culture. There are now more vendors offering deliveries, curbside pickups as well as drive-through lanes, all in the interest of safety during the pandemic.

2. Political Setbacks

Cannabis Regulatory Compliance

Before the beginning of the pandemic, there were many campaigns to legalize medical and recreational marijuana both in the United States and around the world. However, these campaigns have had to stop primarily because politicians have been preoccupied with the coronavirus pandemic. Getting the right laws in place to support people through the pandemic and the unemployment that most people have been dealing with is their priority.

The United States, in particular, has quite a few bills that have been stalled in the Houses of Congress since the pandemic started. Bills like the SAFE Banking Act and the MORE Act, which if both are passed, would help liberate the cannabis industry.

3. Real Estate Opportunities

Cannabis Real Estate

This primarily affects the cannabis vendors and the customers as well, albeit in a more secondary way. There has been a major slump in the brick and mortar store business as there are very few customers visiting retail stores at the moment. Many brick and mortar stores have either had to shut down or go online to keep their customers and to stay operational.

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As a result, rent prices have gone down, and proprietors of rental properties are looking for interested parties to take up properties and jump-start the brick and mortar store sector. This represents an opportunity for marijuana vendors who have been routinely denied rental space due to the stigma people have towards cannabis.

Expect to see more cannabis stores opening up after the lockdown as renters struggle to find willing tenants to charge rent despite low mall attendances across the United States.

4. International Supply Chain Disruption

Cannabis International Supply Chain

Due to the reduced air travel and the stalled cargo shipping industry as well due to the rigorous customs policies that countries have put in place, the international supply chain for cannabis products has been affected. For example, when China shut down manufacturing earlier in the year to contain the spread of the virus and as a result, US retailers had to source local suppliers for the vaporizers that they usually imported from China.

How is the Coronavirus Pandemic Reshaping the Cannabis Industry?

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