Thursday, July 18, 2024

Marijuana Sales Have Leveled Out Post-Coronavirus Bump

Following the stockpiling trend, marijuana sales have fallen back to pre-pandemic daily averages.

Right after social distancing protocols and shelter-in-place orders were mandated in cities like San Francisco and Seattle, consumers exhibited panic-buying behavior by stock piling necessary goods. Not only did cities count cannabis as “essential” during the coronavirus outbreak, consumers stocked up on it like it was toilet paper; sales almost doubled in some recreational markets, with figures comparable to those seen on 4/20.

According to new data from Headset Analytics, that sales bump has disappeared as of late. States popular for marijuana tourism like Nevada and California saw sales dip below average daily sales last week following the stockpiling trend. Washington and Colorado still exhibited slightly above average sales, though not anywhere close to the initial rush saw in the middle of March.

RELATED: NORML Gives Marijuana Consumption Safety Guidelines During Coronavirus Outbreak

Not all cannabis products are viewed equally at this time, though. Edibles and beverages have become the favorable preference for customers to stock up on, while pre-rolled joints are seen as unnecessary to buy up. In California, median sales and pre-rolls sit below previous daily average for sales. At the same time, edibles have retained a 5% boost in sales even following the drop off elsewhere.

cannabis stocks and the thing about bubbles
Photo by M. B. M. via Unsplash

“Edibles are seeing significantly more growth and a much softer fall than our beloved Pre-Rolls,” wrote the Headset staff. “With most states prohibiting social gatherings there just aren’t nearly as many joints being passed around. However, having an Edible and watching Netflix is a pretty great way to socially distance.”

In Michigan, meanwhile, medical dispensaries and recreational stores experienced their highest ever profits. According to latest numbers, recreational hit $5.8 million in sales (an increase of over 20%), while medical was just under $8 million (an increase of 27%). But those sales are also expected to decline under Governor Gretchen Whitmer’s “Stay Home, Stay Safe” order, which allowed temporary cannabis regulations that expanded curbside pickups and delivery capabilities.

RELATED: 5 Ways To Reduce Stress If All You Can Think About Is Coronavirus

With marijuana becoming an “essential” good, it represents a full embrace of cannabis by the mainstream public. Little to no backlash existed from these announcements. Sustained sales during the outbreak will prove vital for marijuana stores, as companies are ineligible for coronavirus-related relief from the federal government.


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