Many marijuana brands have relied on in-store pop-ups and educating budtenders about their products to reach consumers.
But as cannabis customers increasingly order products online for delivery or pickup – and with the expectation that these habits will persist after the coronavirus pandemic is under control – marijuana brands should consider more direct ways to reach their audience to ensure sales stay strong, according to industry officials.
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U.S. cannabis CEOs say the chances for federal marijuana legalization will dramatically increase in the wake of the coronavirus pandemic, after several states declared dispensaries essential businesses, allowing them to remain open during stay-at-home orders aimed at halting the spread of the virus.
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Many small business, including marijuana companies, have rushed to apply for paycheck protection during the COVID-19 crisis under the federal Coronavirus Aid, Relief and Economic Security Act (CARES Act). The first-come, first-served program totals about $350 million. It provides what amounts to a free loan to small businesses to help them weather the pandemic and retain their employees.
Which begs the question: Are marijuana businesses eligible for such funding?
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Cannabis companies are entering a new normal as the coronavirus pandemic puts stress on every sector of business, fundamentally altering the industry in possibly permanent ways.
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Marijuana Business Magazine spoke with Fendrick and other industry stakeholders about how to decide whether a trade organization is right for your cannabis business.
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Just a few months ago, the cannabis industry was going through a sizeable dip. Now with consumers grappling with the coronavirus, sales are at an all-time high.
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As the world finds itself engrossed in the largest public health crisis of our lifetimes, the Covid-19 pandemic, the novel coronavirus disrupting life for every American and most across the globe, is naturally on the top of everyone’s minds. As difficult as it is to think about the cannabis industry and reform movement at a time like this, the reality is that the coronavirus’ impact on our economy and society is also impacting cannabis, with the effects likely to get significantly worse in the coming weeks and potentially months.
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Not only has the coronavirus pandemic altered how U.S. adult-use cannabis consumers shop, it’s also changed what they’re buying.
Edibles sales have surged around coronavirus concerns, coming largely at the expense of pre-rolled joints, and – to a lesser extent – concentrates and topicals. The shift in consumer preferences was both rapid and significant.
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Cannabis stores across the U.S. are working to reassign employees to new tasks to cope with a rush of online orders and curbside deliveries amid the coronavirus pandemic.
They’re also considering how the current environment might permanently affect the way consumers purchase marijuana and how businesses might plan for that in the future.
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Cannabis companies that provide delivery services – including delivery operators and retailers – are seeing a deluge of orders as customers stock up on marijuana products in the wake of coronavirus pandemic concerns.
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