COVID-19 Impact Analysis: Navigating the Cannabis Industry in the Current Situation COVID-19 outbreak across 110 or more countries has shown impact on every industry. Similarly, it has affected every person as well as every business worldwide with in some small or terribly large way. In present time scenario, the worldwide cases are more than 8.4 million due to which the economy of the countries has started declining. All the industrial sectors of this country are facing challenges starting from raw material collection to procurement of the end product. One of the industries which have got an impact due to the outbreak is cannabis industry. The revenue generations by the companies or the banks in start of year 2020 were plummeted as the consumers’ demand has decreased and the major reason was lockdown. Get Sample Report + All Related Graphs & Charts @ https://www.databridgemarketresearch.com/covid-19-resources/covid-19-impact-on-cannabis-inthe-food-and-beverage-industry All major industries took a hit during the COVID-19 pandemic, but in many states, cannabis dispensaries were labeled as essential, which has allowed the industry to continue with some alterations. The impact now will come from what innovations and improvements the industry can leverage going forward. From changes to protocols and buyer behaviors to supply chain disruptions, there were many new hurdles for the industry in addition to the ones cannabis businesses already faced, such as funding. But the silver lining could be that businesses within the cannabis industry become less of a specialty and more ‘every day’ than ever before.
The effects of the pandemic on the cannabis industry Overall, the industry has fared well, in part thanks to its distinction as an essential service in states where cannabis is legal. It’s possible states made this decision for the same reason that alcohol businesses were deemed essential in most places: hospitals are not equipped during pandemic times to take care of people who are being forced to detox or those suffering from anxiety because they don’t have access to their legal drug of choice. In a multitude of ways, cannabis businesses have adapted to bring calm in a storm while at the same time making manufacturing adjustments to meet the CDC guidelines. For example, there is more attention placed on individually pre-packaged products for single use; something that is less sharable as an experience but eminently practical. Cannabis testing involves use of several medical devices to detect the quality of cannabis. This helps to identify the applications of cannabis for several medical purposes. Previously, both cultivation and sales of cannabis were ban across the globe until 1900. Now many countries are
recognizing the benefits of cannabis for medicinal purposes and revoking their ban. This is expected to drive the global cannabis testing market during the forecast period. The global cannabis testing market is broadly divided into two that is test type and end-user. Based on test type, cannabis testing can be segmented into terpene profiling, pesticide screening, potency testing, residual solvent screening, genetic testing, microbial analysis, and heavy metal testing. In terms of end-user, the cannabis testing market can be segmented into laboratories, drug manufacturers, research institutes, and cultivators. Along with this, federal departments are also one of the end-users of the cannabis testing market. Among all of them drug manufacturers holds high potential for the growth of cannabis testing market. Cannabis retail outlets, producers, manufacturers, distributors and warehouses were deemed to be essential services by the Alberta Government on March 30, 2020. As a result, cannabis businesses and services can and have continued to serve Albertans throughout the COVID-19 pandemic. While open for business, cannabis businesses should ensure that they are implementing appropriate safety measures to protect the health and well-being of their customers and staff. According to Statistics Canada, Alberta cannabis sales have increased since the pandemic, where the total amount of cannabis sold in Alberta increased notably in March and increased again (though to a smaller degree) in April and May. On a national level, only the province of Ontario recorded more cannabis sales than Alberta during the first four months of 2020, which is understandable when considering that Ontario is home to approximately 10 million more Canadians than Alberta. According to Statistics Canada, Alberta had the highest amount of cannabis sales in Canada for April and May.
What We Discuss in This Episode:
How is the coronavirus going to affect the cannabis industry?
Why 2019 didn’t turn out to be as amazing for cannabis businesses as was anticipated?
How has the lack of Federal legalities scared off potential investors in this space?
Who are all of the various players in this cannabis industry?
Will COVID-19 affect the cultivation and distribution of the cannabis plant?
Had the virus not occurred, what could the industry have expected in terms of advancements?
What type of creative marketing are cannabis businesses employing during this time?
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