Since the beginning of the coronavirus pandemic it has had enormous impact on different sectors of the economy. There have been different implications on the lives and businesses of many. One such implication that is widespread is the loss of jobs and the closure of many businesses in different regions of the country. The government in a bid to help its citizens scale through the problems of the pandemic started issuing stimulus checks to serve as benefits to help the populace in getting through these troubling times.
With the lockdown restrictions being imposed widely in different parts and with the extension of the lockdown in some areas, it is expected that these checks will be spent by people on their most immediate needs. This is why it is interesting to see signs of a huge increase in sales of cannabis and cannabis-related products during the pandemic. This begs the question ‘did marijuana users spend their stimulus checks on weed?’ Read on to find out!
A detailed analysis
With the effects that the coronavirus pandemic and the lockdown restrictions have had on many in different quarters, it is to be expected that many will stockpile on cannabis products for different reasons. The increase in cannabis product sales during the pandemic can be attributed to panic-buying by cannabis users with the fear of closure of cannabis dispensaries. This is a very logical way of reasoning because many cannabis users rely on the product to help them with different medical conditions as well as those who use cannabis for recreational purposes.
Another reason why there seems to be a surge in the sales of cannabis during the period of the pandemic and lockdown is that many cannabis users have resorted to the use of cannabis to help them in dealing with the anxiety problems of the pandemic. The situations surrounding the fears of the coronavirus, social distancing, and precautions being taken by people has had a huge effect on the majority of people. These, among many others going on right now has led to physical and mental stress which many are using cannabis to deal with.
The period of the coronavirus pandemic has really helped the cannabis market with a surge in sales. The lockdown has also given many cannabis users reasons to try out different other forms of using cannabis apart from smoking. These other forms include the use of CBD oil, transdermal patches, and more importantly cannabis edibles. Many cannabis users have been known to be trying out newer forms of homemade cannabis edibles which can explain why many are stockpiling the product during the pandemic leading to a rise in sales.
What the stats says
There was a very substantial increase in the sales of cannabis in dispensaries and legal markets in the country on April 15, an increase which can be strongly attributed to the stimulus checks that were given to millions of Americans all over the country. The aid given to the American people to deal with the financial fall-out of the Covid-19 pandemic largely depends on the income of each person, but with a check that amounts to $1,200 it is highly possible that the majority spent a good percentage of their checks on cannabis.
A survey by Jane Technologies which is a regular online cannabis marketplace for cannabis users shows that a staggering increase of 48% was observed across the country for data of cannabis dispensaries across the country. Springbig, another marketing platform also recorded a higher increase in sales on April 15 with an increase of 63.31%.
It is possible that the rise in the sales of cannabis in dispensaries during this time were a consequence of the 4/20 marijuana holiday which is known to attract large sales of cannabis products but there could be more helping the sales this year. The 4/20 marijuana celebration is always known to have an impact on the sales of cannabis products, but the trend this year suggests that the factor improving the sales of cannabis products at this time is the pandemic and the stimulus checks.
Different places such as Colorado, Oregon, Nevada, and Washington also recorded a high increase in sales around April 15 suggesting that many were spending their stimulus checks on cannabis.
These results follow a survey that was carried out by WalletHub, a financial tracking website that posited that a large population of the American population is expected to spend a good part of their stimulus checks on mind-altering substances. The classes of mind-altering substances that they believe the members of the populace were more prone to delving into include weed, alcohol, and nicotine. Considerations have to be taken with regards to the fact that many consider these products as essential items for daily living which is among the reasons why cannabis dispensaries are classified as essential services in some legal states.
Cannabis users will be the first to tell you of the improvement that is going on in the view of the public to cannabis and the acceptance that is gradually increasing. A good number of people use cannabis either for recreational and medical purposes and this has gradually increased the markets. The legalization of cannabis in different states has also continued to help the publicity of the product so the statistics of the sales are not entirely surprising. More people are using cannabis which means that more people will purchase cannabis and in a special situation as the pandemic and with the stimulus checks, it is to be expected that many will use such money for what they feel they need.
The rise in cannabis sales should be expected to continue as the coronavirus pandemic continues. Only time will tell if this upward trend will continue after the effects of the pandemic have gradually eased off. Although based on economic projections a sharp decline in sales isn’t expected.
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