Impact of COVID-19 on the Cannabis Industry

 

The COVID-19 pandemic may be the largest ever disruptor of Americans’ life and business. As we all know, many workplaces have shifted online or shut down altogether. However, the cannabis industry occupies a unique space and while it may be outlawed at the federal level, it is considered essential in many states.

Despite all of the disruption out there, the cannabis industry has many bright spots and is apparently still growing at an impressive rate. For those who may be seeking employment or a career change, the cannabis industry may be a viable option even as the novel coronavirus continues to run its course. Report also shows the industry’s 2020 growth is outpacing that of 2019.

Although there is reason for optimism, the industry is behaving a bit differently (understandably so) than it did pre-COVID. Retailers are placing larger orders less frequently, perhaps focusing their attention more on the short term. While there are great signs for hiring overall, especially in marketing and sales roles, executive hirings have declined.

Although the customer base for other industries has dwindled, cannabis consumers are still showing up (both online and in-person). The report found that dispensary design will continue to be crucial to success. Managers need to continue to leverage expanded purchasing options that reduce in-person interaction including online ordering, delivery, and curbside pickup.

Many industries could be digging out of a financial hole for years to come. The cannabis industry actually seems to be positioned to thrive. 

In summary, with the pandemic situation, cannabis industries are one of the least affected industries that actually have growth over the last couple of months. So are the cannabis packaging. 

Cannabis packaging plays a foundational role in reassuring consumers that they are purchasing legitimate, legal, and safe products, by imparting a consumer experience of familiarity, luxury, and simplicity. BPS offers a wide range of premium Cannabis Packaging, including: smell proof Mylar pouches, child resistant pouches, and child resistant containers, etc.