Business

The time of prophets is long past; however, crises similar to COVID-19 are likely to crop up in the future. Luckily, many governments declared cannabis an essential industry, and the business was naturally adapted to social distancing, but what are the strengths that make the cannabis industry so resilient in times of panic? What would be a successful reopening, and how can we plan for events like this in the future?

It was high anxiety on display in Boston Monday as the city’s only pot shop had a line wrapped around the building.

Dorchester’s Pure Oasis was the place to go for weed — and the line showed the demand for legal cannabis during the coronavirus lockdown hasn’t fallen off.

“I didn’t understand the need for them to close because some people need (cannabis) to stay healthy. It’s medicine. I’m just glad they’re open again,” said Sebastian Patino of Dorchester. Medical marijuana was allowed during the stay-at-home advisory.

Cannabis company stocks are skyrocketing as investors are high on new hopes that marijuana might help ward off the deadly coronavirus.

Shares in major pot firms climbed in late trading Thursday after The Post reported on a Canadian study showing that certain strains of cannabis may help prevent COVID-19 from entering host cells.

Virginia Governor Ralph Northam has signed legislation on decriminalising marijuana possession in the state.

The new law goes into effect 1 July.

Governor Northam, a Democrat, signed two identical bills, Senate Bill 2 and House Bill 972, creating a civil penalty of no more than $25 for possession of up to an ounce of marijuana, with no jail time.

You can’t currently walk into a Michigan marijuana shop and peruse the shelves, but that hasn’t stopped product from flying off them.

Close to $1 million a day in marijuana flower, vaping oil and edibles is still being sold, despite coronavirus restrictions that limit sales to curbside pickup and delivery.

With approximately $27 million in April sales, the recreational marijuana industry continues its ascent as governments fill their coffers with new tax revenue, despite the coronavirus pandemic and a forced about-face within the industry.

Coming into 2020, policymakers in eight states expressed support for regulated medical or adult-use cannabis sales, and advocacy groups in nine states had efforts underway to include legalization on ballots in November.

Aurora Cannabis has agreed to buy U.S.-based CBD company Reliva, giving the struggling Canadian company a business foothold in America.

Shares of Aurora closed off nearly 13% ahead of the Wednesday afternoon announcement. The stock surged higher in after-hours trading.

However, over the past 12 months, Aurora has lost nearly 90% of its stock market value as of Wednesday’s close.

Marijuana social equity advocates expected a big year at the Colorado State Capitol. At the start of the session, legislators all but promised a bill proposing the expungement of past low-level marijuana crimes, and there was growing support for additional measures creating marijuana business opportunities for communities harmed by the War on Drugs.

Then COVID-19 happened, and now social equity proponents are nearly back to square one.

Advocates in Texas are pitching the idea that legalizing marijuana can help the state recover billions of lost revenue caused by COVID-19 outbreak.

States still searching for the best path forward in balancing economic and health concerns amid the continuing coronavirus outbreak also face another challenge once businesses reopen: recovering billions lost in state tax revenue, as well as millions of lost jobs.

Retailers in Massachusetts will be allowed to offer curbside pickup sales starting next Monday as part of Phase 1 of Gov. Charlie Baker’s reopening plan — and that includes marijuana retailers.