What a month, 2020 is a year for the books Previously featured on Higher Education
What happened in May? Lots of updates to go over, a note from our team below
We stand in solidarity with the Black community during these times. The senseless violence and systemic racism has gone on for too long. We stand for equal protection under the law. Black lives matter, and now more than ever we need to stand together.
TOP 5 UPDATES: COVID-19 Wondering how COVID-19 is affecting cannabis sales? The top trends we spotted from the latest BDSA webinar 📈There’s an overall increase in cannabis sales (+40% on May 16th). ☀️As we see stay at home orders being lifted, sales trends are going back to normal. Weekends are back to being prime shopping days. 🌿Consumption is at an all-time high. 🚨Due to the recent pandemic, and the economic downturn, the illicit cannabis market’s low prices are putting a lot of pressure on the legal markets. 💤 Large increases in sales of Indica based products. This is most likely due to the need for sleep and anxiety remedies. To subscribe to our updates click here Watch the Webinar George Floyd’s unjust death has sparked nationwide protests and lootings. One dispensary, Cookies, located in Los Angeles was looted and the store’s famous owner, Berner, had some powerful words. “It’s extremely unfortunate what happened to our store tonight on Melrose. But as a human living in the world we’re living in today, I cannot expect anything less until justice is served. We can rebuild our store, but you cannot bring someone back to life.” Read More It was a very eventful week for cannabis:
Green Growth Brands recently filed for insolvency.
Aurora Cannabis Inc. rally finally ended, netting an increase of 194%.
Houseplant just released a THC-infused beverage.
All major ETFs had double-digit growth. Read More
Coronavirus has halted the legalization and licensing of cannabis in three main states: Maine, Illinois, and Missouri. In Maine, recreational cannabis was supposed to be implemented in the Spring, but it has now been halted until further notice. Voters legalized recreational cannabis way back in 2016, yet it still hasn’t been carried out. Experts project that Maine would have around 200,000 potential recreational consumers. Illinois was planning on issuing 75 store licenses by May 1st, but they have been delayed because of coronavirus. Experts are projecting around $2 billion dollars in sales in the IL market per year after the pandemic. Currently, the total adult-use sales are around $40 million per month. Finally, Missouri was also planning on launching medical cannabis in Spring, but it has been pushed back due to the pandemic. They recently awarded 190 dispensary licenses and many have since been revoked. Read More The S.A.F.E. Banking Act was included in the most recent $3 trillion Democratic stimulus bill (Heroes Act). This act would help banks partner with cannabis companies without liability and consequences. This will greatly help cannabis companies shift away from the liabilities that come from running a cash-heavy business. The bill has been passed by the House of Representatives and will move onto the majority Republican-controlled senate. Read More COVID-19 has made impactful changes to the cannabis industry that may remain for good. Dispensaries like Sweet Flower are seeing a 60-65% shift from in-store sales for pick-up and delivery sales. In addition, the dispensaries that are able to maintain a steady stock of inventory are seeing great growth. Prior to COVID-19, 40-45% of Sweet Flower’s customers were new users, but since March, that number has now jumped to 80%. Read More