What Has Been the Impact of Covid on the Cannabis Industry?
The COVID-19 outbreak has caused a series of chain reactions not only for the healthcare system but also for businesses worldwide. Economies quickly shifted, and sales started plummeting in a few months. The cannabis industry also isn’t spared from the effect of the pandemic due to the shifts and changes. Below we’ll detail some of the major impacts of Covid-19 on the cannabis industry.
Renewal Of Regulations
With the coronavirus’s established symptoms and effects on a patient’s body, cannabis users are the most affected and vulnerable population. In some states, marijuana isn’t seen as a necessity. That’s why dispensaries should go the extra mile and make sure to release regulations that cater to different patients and ultimately let the local government allow full operation.
Patients who use cannabis as part of their treatment and therapy rely heavily on dispensaries to help with their health. As much as anyone wants to contradict the marijuana industry, cannabis is still an in-demand form of medicine that benefits numerous patients.
Implementation Of Home Deliveries
Another thing that local governments are starting doing is implementing emergency regulations that also focus on allowing home deliveries of cannabis. This strategy follows the CDC’s guidelines and gives patients and buyers a more relaxed and more convenient buying experience overall.
Also, patients will lower any risks of contracting the disease. Luckily, other suppliers are always available and willing to deliver the needed supplies.
Affected Client Consumption
It’s undeniable that the COVID-19 outbreak affected almost the majority of consumption rates worldwide for the past month. As mentioned earlier, governments have yet to implement guidelines that they can propose, so that cannabis dispensaries are deemed as essentials, especially for patients.
But because people are only starting to adapt to the new normal, these regulations may happen slower than usual. Due to the decreasing supply of medical resources, cannabis will most likely be one of the primary solutions to address the problem.
Trials Are Stopped And Suspended
Everything came to a halt because of the increasing COVID-19 cases, and it also affected the medical marijuana trials for products in development. The cannabis industry is new to most people, and medical experiments and research are among the many ways that enthusiasts and scientists can start incorporating them into society.
Medical trials are essential, especially when people are starting to use a product that could improve the healthcare system in the long run. Many have conducted research, but unfortunately, they’re not enough to fully convince the majority of people that cannabis is indeed a medicine that benefits many patients.
However, once the government issues a less strict implementation of rules, trials will surely continue.
Going The Extra Mile To Protect Both Staff And Clients
It’s no brainer that social distancing and hand hygiene is the primary and recommended way to decrease the chances of contracting the virus. Dispensaries of the marijuana industry that are dual-use or recreational are starting to implement rules that promote less customer exposure. An example would be for pick up or walk-in transactions.
The management separates the walk-in, non-medical customers from those who pick up their orders and from the medical patients. Something that would further improve the social distancing between people is limiting the people allowed inside the dispensary. Allowing 2-3 people at a time is a great idea.
People who have no business inside the dispensary should stay in the car unless the medical patient needs assistance or a companion. Sanitation measures are also implemented by placing alcohol/sanitizers by the door, the counter, and the products if required. Footbaths are an additional measure that some stores do.
The Need To Adapt, Adjust, And Be 100% Flexible
Aside from creating plans and strategies that go along with the new guidelines, marijuana dispensaries are also required to become 100% flexible during this crisis. Because of the increasing number of infected individuals, establishments should be quick to have a replacement employee to help the business thrive.
Typically, it takes more than a month to process an employee before they can officially start working. But with the current outbreak, marijuana dispensaries need to adjust and make the employment process more bearable for everyone. Becoming short-staffed is one of the main problems that businesses have nowadays, and the cannabis industry should work their way through this concern.
Company Stocks May Plummet
While other companies enjoyed a boost in their sales even amid the pandemic, some stocks are not doing too well. Because of the ongoing outbreak and the possibility of heading into recession, a portion of the cannabis industry might not thrive, especially if the correct measures aren’t followed.
Despite the crisis, the cannabis industry stands a chance against the harmful threats that the COVID-19 pandemic brought upon everyone. With the right strategies, tools, and plans, dispensaries can operate smoothly and become an essential part of the overall market. Check out more data about the marijuana industry here.