Coronavirus and Cannabis Industry: What Will Change?
With all the things that are affecting us right now, especially the coronavirus crisis, here is how the coronavirus and cannabis industry affect each other, as well as some things that will help consumers and business owners know how to deal with the worldwide pandemic that is affecting us right now. As the world is engrossed with the Covid-19 epidemic that has affected everyone’s lives, we will talk about the coronavirus and cannabis industry.
Given the fact that medical cannabis consumers that have a history of medical ailments are way more at risk of contracting severe complications that will come from Covid19, cannabis dispensaries should be able to take care of their consumers. They must enact emergency rules and regulations that will help businesses take care of their consumers without compromising their health.
Having enforced social distancing, this shows how the coronavirus and cannabis industry has been affected due to the lesser face-to-face transactions between consumers and sellers. As thousands of people have been dependent on the use of medical cannabis, cannabis dispensaries should be treated as pharmacies and groceries, just like every other essential business. Coronavirus has caused more companies to shut down, and there are only limited stores that are approved to sell goods.
Even though people are still affected by how the coronavirus and cannabis industry affect each other, cannabis will remain as real medicine used by many consumers to treat medical conditions. While these dispensaries continue to open, they must have the initiative to take the measures in enforcing proper ways to make people not contract the virus, such as implementing social distancing and have free use of their alcohol and other sanitizers to help keep their consumers free from the infection.
As to how the coronavirus and cannabis industry relates to each other, legal dispensaries that are still allowed to operate should have emergency regulations such as allowing home deliveries and pickups for their consumers to lessen the contraction of the virus from going to the store to pick up their product and also in going home.
Entering a new standard due to the coronavirus
Almost all cannabis dispensaries and those who own a cannabis business are entering the new normal as the coronavirus pandemic continues to disrupt people’s lives and businesses. Here are some ways the coronavirus and cannabis industry affect each other and what changes they have encountered in the long run:
1. Cannabis dispensaries are adapting to these changes by having deliveries offered and enforcing proper social distancing among their staff and customers.
2. Businesses have been shut down due to the coronavirus crisis.
3. Canadian cannabis dispensaries are making the best of market uncertainty and regulation changes.
4. Cannabis dispensaries are reevaluating their availability when it comes to international supply as transport of goods has been limited due to the coronavirus crisis.
The behavior of the buyer
Cannabis consumers are changing their way of consuming and ordering cannabis due to the limited movements allowed by some sectors to prevent the spread of the coronavirus. They have switched to online purchasing and cannabis door-to-door deliveries, which gives their customers more ease and comfort at home.
The coronavirus crisis has made organizations take efforts when it comes to public health issues. Some officials still think that the coronavirus crisis has some positive long-term impacts on the legalization of marijuana.
Real estate opportunities
Before the coronavirus had struck worldwide, many cannabis dispensaries had been investing six digits on the improvements and enhancing the shopping experience of some consumers online. These dispensaries are trying to give them ease and comfort in ordering the cannabis products that they desire. But due to the coronavirus crisis, these improvements were put on hold.
Faster industry contraction
There has been a widespread retreat of investors due to the system’s financial problems before the coronavirus began. But they still have some optimistic expectations which led them to unpaid bills and debts. Because of the coronavirus crisis, bank business loans have not been accessed, which led to some dispensaries to be put in distress in their asset funds, and their plans have also been put on hold.
Uncertainty in the north part of the world
In Canada, there are still cannabis dispensaries that remain open despite the coronavirus crisis. However, in Ontario, Canada, some essential cannabis dispensaries have been forced to shut down after the government has enforced closure orders. That’s why they came up with the idea of home deliveries, which are previously forbidden in some private cannabis dispensaries in Ontario, Canada.
Supply and demand chain jitters
China has shut down their manufacturers before the breakout of the coronavirus. But fortunately, for them, some of their factories have started spinning back on track, which is why cannabis dispensaries that source their goods from China can now go back to their business.
But we all know that these packages will take longer than expected because of the coronavirus crisis, making the transport of goods limited.
This makes medical cannabis more essential right now because it serves as a medical treatment, especially in this pandemic.
Nowadays, the states have enforced new ways to allow the sale of marijuana in dispensaries without their consumers going to and from their stores and thus without compromising their health while on transport. Also, the coronavirus crisis has highlighted how essential cannabis and cannabis dispensaries are to society. Still hoping for a more positive impact ahead, the industry always seeks to legalize more recreational and medical cannabis in Canada and the whole world.
Everything right now is affected by the coronavirus crisis, especially the cannabis industry. We can’t help but think about the coronavirus crisis’s negative impacts more than the positive results. When we come to think about it, there are still positive impacts due to the changes caused by the coronavirus crisis. These changes may not be appreciated right now as people are still shocked by the pandemic. Soon enough, these changes will bring significant impact and will help cannabis dispensaries be more productive than ever. This will not only lessen face to face interaction between consumers and the sellers, but it will also give more comfort to the consumers, as they will only have to wait in their houses while their package is delivered right in front of their doorstep.