Sales of cannabis hit record levels over the 2020 Thanksgiving weekend and this suggests that between COVID-19 anxiety and trends toward legalization we likely will see a permanent increase in demand. After early 2020 sluggish sales the buying of product soared when lockdowns began and consumers, fearing supply disruptions, stockpiled the drug. Cannabis sales on Green Wednesday (Thanksgiving eve) increased by 80% and hit an all-time one-day record.
Based on data from dispensaries in 19 U.S. states and adjusted to project the full market total cannabis sales of around $238 million during the Thanksgiving weekend… nearly 14% above last year. People have been kept at home and this has severely limited their entertainment options and added to their stress so the pandemic has driven demand for cannabis for much of the year. 40% of users have increased their consumption and more than half use cannabis to improve their mental health.
As a direct result of this activity many operators are upgrading their plans and are attracting mainstream investors that previously showed little interest. Additional legitimacy came from the decision of state regulators to designate cannabis retailers as “essential business” during lockdowns, and, in the U.S. elections on Nov. 3, initiatives to legalize recreational or medical marijuana, which five states put on the ballot, sailed through and the House of Representatives passed a bill to end federal prohibition. At a local level, thirty-five states allow medical marijuana use and 15 states, plus the District of Columbia, have legalized its recreational use. Of particular note is soon in restaurants, consumers will have the choice of an alcoholic beverage or a cannabis-based beverages.
Vice President-elect Kamala Harris’ has promised to decriminalize cannabis as part of the Democrats’ platform. Industry insiders acknowledge it may take years for any changes to make their way through the legislative process, but shifts in sentiment are moving more quickly. A Gallup poll in November showed support for marijuana legalization had reached 68% support, the highest level yet and up from 66% last year and at the same time, a separate Gallup poll found 70% of U.S. adults consider smoking marijuana to be “morally acceptable,” a 5 point rise in a year.
Akerna CEO Jessica Billingsley told Reuters that her company has received a record number of research requests from state governments, which have lost tax revenues to business closures during the pandemic and are looking for new sources of income. “Lawmakers see cannabis legalization as a great way to shore up their balance sheets and provide jobs during this time of economic uncertainty” she told Reuters.
Cannabis Grow Builders has been involved in the emerging legal Cannabis Industry as a builder and developer of grow facilities since 2016. Daniel Stevenson and his team work with Cannabis Entrepreneurs and Solopreneurs to maximize the potential in their business while remaining on the cutting edge of constantly changing governmental regulations. Please reach out to us at 916-933-7333, via e-mail at email@example.com