As a wide range of economic sectors is getting to halt in response to the COVID-19 crisis, there’s one sector that’s heading in the upward direction – ‘the Cannabis industry’. From the last few months, the cannabis companies have experienced an exponential boost in their profits and share prices. Many cannabis businesses are also practicing pick-up and drop-off service, home deliveries, and WFM culture.

So here’s how coronavirus pandemic has shaped the cannabis industry and boosted the sales:

• Essential for non-patients: The shockwave of coronavirus has brought the entire globe to its knees. As several countries started to implement lockdown, many non-essential retail businesses were shut overnight. When there was a run to stock essentials like groceries, toilet paper, and cleaning supplies, the majority of customers were either maintaining or increasing their purchases of cannabis. Many stores across the world reported that the March-April was the busiest cannabis shopping months of the year.

• Changes in stock trends: The COVID-19 pandemic has lead to the steepest drop in stock prices in history, but the global cannabis stocks have been staggeringly reactive to the rise of COVID-19. From late January 2020, the revenue and the stock prices of cannabis witnessed a larger downturn in the market. However, Cannabis stocks have bounced back since mid-March and the dramatic pace of recovery is beating the rest of the market. With the changed consumption pattern and high demand, market analysts predict 20% growth in Cannabis stocks amidst the COVID-19 pandemic.

• Pushed employment: In the midst of a historic market meltdown, Marijuana sales are booming and doubling the stock prices of its shares. To meet high consumer demand, Weed sellers are hiring laid-off workers from other industries as well. In fact, states with legal medical and recreational cannabis markets have recognized the Marijuana stores as an essential service.

• Surge in online delivery: To abide by the lockdown rules and follow social distancing, many retailers are delivering ‘Marijuana-based products’ at the doorstep. Since March, such companies have witnessed an upsurge in their sales. At the same time, Marijuana companies are considering the health of their drivers, delivery operators, and retailers as the topmost priority.

With triple sales and partial legalization, the Marijuana industry is showing itself to be ‘Recession-proof’ during the COVID-19 outbreak. This is an opportunity for retailers to develop, expand, and diversify their business.