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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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Cannabis consumers may not be “panic-buying” this week, but they’re stocking up on products that can be used at home.

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Treasury Secretary Steven Mnuchin said Wednesday that the cash-only nature of marijuana businesses poses challenges for the IRS. “This creates significant problems for the IRS,” Mnuchin said at a hearing held by a House Appropriations subcommittee.
Many states have legalized medical or recreational marijuana. However, banks have been hesitant to serve marijuana businesses even in states that have legalized use of the drug because they want to avoid violating federal anti-money laundering and illicit finance laws. That has led to cash-only marijuana businesses.

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While managing all the red tape and compliance headaches necessary to operate a successful business in a highly regulated industry, many cannabis shops lose sight of the big picture—that the job of regulators is to ensure certain guidelines are followed while also working to make their sector successful.

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Do you know what’s in your weed? For the majority of cannabis consumers, the answer is a resounding no—despite claims from dispensaries, cultivators, or makers of derivative goods (i.e. edibles, topicals, and tinctures). The Cannabis Certification Council (CCC) asked this very question in its initial launch campaign. A cornerstone and continued message for the nonprofit, #WhatsInMyWeed, aims to make the connection clearer between organic, fine foods and cannabis. It’s a still-necessary reminder that shoppers place priority on buying only-organic, fair trade, cage-free, and grass-fed (the list goes on…) at the grocery store, yet when it comes to cannabis, there is far less concern about transparency and quality of what people are inhaling and ingesting.

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The nationwide legalization of hemp in 2018 offers marijuana companies lessons in preparing for a highly scrutinized, commodity-driven industry that likely will reward nimble, well-run companies.

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Shop Safe: Click the link in our bio to read some great tips on how to avoid unlicensed products and dispensaries in the California market.

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