Americans can purchase pet supplies, medication and even alcohol online, so why not marijuana?
That thought is crossing many Coloradans’ minds as calls for the general public to practice social distancing have spurred a trend in online shopping for cannabis products.
Cannabis is illegal under federal law in the US. However, CBD or cannabidiol products are legal since the US made hemp and derivatives legal in 2018. The FDA doesn’t allow CBD products to be used as a food derivative. Notably, the FDA has always been hesitant about how some cannabis companies are marketing CBD products. The marketing violates some of the FDA’s laws and puts consumers’ health and safety at risk.
The cannabis industry is currently in a remarkable and unprecedented position. Attitudes toward legal consumption and market penetration are at an all-time high, but this momentum is not necessarily reflected in recent investor attitudes. Although the recent cannabis market downturn does not mean the green rush is over, it does leave many institutional and retail investors wary of who they should give their money to.
As the global death toll continues to rise from the coronavirus pandemic and anxiety for Americans escalates along with the unemployment rate, operators of cannabis dispensaries across the country have reported that business is booming.
North America’s licensed marijuana companies are reporting major losses as users continue to buy from black-market dealers despite the legalisation of the drug.
Recreational cannabis use has been allowed under Canadian law since October 2018, but it remains illegal for any unlicensed person to be a seller.
Yet up to 42.7% of users still buy at least some of their stash from illegal sources, according to a survey last year by the country’s national statistics agency.
When San Francisco announced its "shelter in place" order this week, it said only "essential businesses" could remain open to support the public's needs, such as grocery stores and gas stations. Missing from that list were marijuana dispensaries.
But a day after residents were told to stay home, the city revised its position and deemed cannabis "an essential medicine," allowing stores to open.
Toilet paper, hand sanitizer and food aren’t the only things flying off the shelves amid the coronavirus scare in Southern California. Marijuana is the latest addition to the consumer stockpile.
Charlotte’s Web (TSX:CWEB) is down 25% in the last five days but has flattened out as we hit the midweek point. But these kinds of moves aren’t unheard of for even the top Canadian cannabis producers. Yes, the current bear market is hitting the legal marijuana industry. But in some ways, it’s business as usual for cannabis investors. Pot company stockholders have learned to take massive share price swings in their stride.
From event cancellations to supply chain disruptions, here's all you need to know about the coronavirus and the hemp industry.
It’s unclear what the total economic impact of the coronavirus will be, but one thing is for sure: The hemp industry will not be immune to market effects that will reverberate for weeks, if not months, to come.
Some changes brought on by the novel virus might bolster the nascent hemp industry, but it could also bring additional challenges and obstacles for the nascent hemp industry.
On a rainy evening in Los Angeles, the flagship store for Genius, a cannabis brand catering to hipsters and tourists on Melrose Avenue, is empty. A lone budtender wearing latex gloves stands behind glass display cases in the middle of the showroom, surrounded by vapes and edibles and jars of flower.
