Covid-19 lockdowns sparked a ‘green rush,’ changing much about how consumers shop
For certain consumers, cannabis–once likely considered a discretionary purchase—has fast been added to that list, fueling an unprecedented green rush with record-breaking sales since lockdown went into force in March.
“Stocking up is the new norm,” said Roy Bingham, co-founder and CEO of analytics firm BDSA, with Brightfield Group finding that 57% of cannabis consumers say they have already stocked up, or plan to do just that.
Though the surge is welcome news for the industry, it doesn’t solve some of cannabis’ endemic problems. Heavily taxed but still federally illegal, weed businesses aren’t currently receiving any government-backed bailouts or pay protection in the small business stimulus package (though lobbyists and a few legislators are trying to change that for future rounds of pandemic relief).
Many are also cash-strapped, having no access to bank loans while venture capital has dried up, and continue to be locked in heated battle with both their above-board competitors and dealers who continue selling illicitly. [Read More @ ADWEEK]