Cannabis Sales Skyrocket During Covid-19 Lockdowns
We are all undoubtedly living in unprecedented times (phrase of the month!). The coronavirus pandemic is having a profound impact on every aspect of our lives and we are experiencing a chaos like never before. Every industry across the world will be experiencing change, in the cannabis market so far that change has been a sharp increase in sales. Legal cannabis retailers around the world have never been so busy and have quickly gone from illegal to being labeled ‘essential’.
What’s more, for the first time, leaders in the cannabis industry around the globe are uniting to discuss the impact, challenges, and opportunities that have arisen in the cannabis sector. New Frontier Data will be hosting a live Town Hall webinar ‘New Economic Realities’ on the 2nd April, if you’re in the industry, you might want to check it out here.
What has this meant for the cannabis sector?
For the first time in history, the cannabis sector has seen major growth in the market. It is predicted that street cannabis prices in the UK are likely to skyrocket (from between £150-180 an ounce, to £250-280 – nearly £10 per gram. Source: The Extract) due to demand, as Brits are stuck indoors watching Netflix and singing happy birthday. It seems that cannabis can be added to the list of ‘apocalypse panic-buying’ items, along with loo rolls, bread, and hand sanitiser.
We have seen the impact on the cannabis sector first-hand here at The C* Word, with a significant increase in enquiries for marketing services as people are responding to the boost in the industry. Of these enquiries, SEO and cannabis paid advertising are the most common.
Huge spikes in cannabis sales
According to an article in US News, cannabis sales in the US have seen a huge spike in recent weeks (compared to previous weeks) in Colorado, Oregon (75% jump), California (56%), Washington state (33%) and Nevada.
The impact can also be seen with online marketplaces. One of these, Eaze, has seen their orders and deliveries jump up by 38%, with first-time customers increasing by 50%. One of our own clients, a large cannabis seed company with their main distribution in the States, has the following ecommerce statistics for March, compared to February: conversion rate is up by a mammoth 40%; transactions up 27.33%; revenue up 25%; and unique purchases are up 30%.
Getting the most out of this boom period
We might be experiencing an overall economical bashing but we at the C* Word want you to know that we can support your cannabis-related business and help you to survive and thrive during this uncertain time. With the arrival of the much-anticipated month-long cannabis celebration of 4/20, this whole April, right now is the perfect moment to focus on enhancing and improving your business.
We are all in this together, and together we can make a difference.
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