From changing product preferences to compassionate pricing policies
The Covid-19 outbreak upended daily business operations and consumer habits in nearly every industry. In the world of legal cannabis, restrictions on business and travel are creating seismic shifts that could potentially restructure the unique culture and idiosyncrasies that define the industry. Dispensaries are quickly pivoting to ecommerce to stay competitive, consumers are starting to stray away from inhalable products and an increasing number of corporate acquisitions will transpire in order to maximize resources and supply chains in this period of uncertainty.
It is becoming increasingly feasible that many of these quick responses to health and safety concerns will emerge as lasting industry practices even after the pandemic subsides. Both cannabis companies and consumers have recently transitioned to a less social way of interacting with the plant, a stark departure from the established norms of the industry that predates the legalization movement. Considering how many business leaders and consumers embrace these changes, it is likely that these new practices will pave the way for a more modernized and accessible legal cannabis industry.
Retailers get a digital boost
Before social distancing guidelines swept the nation, the majority of dispensaries were brick-and-mortar operations that relied heavily on foot traffic and cash payments to conduct business. [Read More @ AdWeek]