We are at the helm of a grave disease and the human race has never seen anything more horrific than Coronavirus. It has affected more than 10,000 lives globally and undoubtedly this is the biggest pandemic so far. The virus has spread to many countries and the global economy is slowly crippling. The cannabis industry has not been spared either. In fact, every industry and business across the world has been hit severely.
However, in order to contain the virus people are distancing themselves socially, working from home, and the administrations are ensuring complete lockdown. In the wake of coronavirus, the cannabis industry, too, has promoted the use of telemedicine. This also means that customers can buy cannabis online with the help of a cannabis card. For instance, if you live in Rochester you can get a medical cannabis card in Rochester and order cannabis while at home.
How will coronavirus affect the cannabis industry?
Coming back to the impact of coronavirus on the cannabis industry. According to the marijuana life sciences, index ETF nearly 45% of cannabis sales have dropped in the past 30 days. The major reason behind the sales drop is lockdown in various cities. And orders to keep only the pharmaceutical and grocery stores working. However, the cannabis industry serves both medical and recreational users. Most Americans depend on medicinal marijuana to treat conditions like chronic pain, seizures, anxiety, and nausea. Even though the marijuana industry serves many patients, industries and dispensaries have been hit by the marijuana surge. It is undoubtedly a major dampener and clouds the overall growth of the marijuana industry.
What role will telemedicine play amidst the pandemic?
It is vital to note that telemedicine will play a huge role but how successfully, that is up for debate. You see telemedicine is a viable option, particularly when we are surrounded by a coronavirus. You can sit at home, especially patients who need cannabis for medicinal purposes. And order the products through the process of telemedicine. Like one of my friends residing in Rochester got a medical cannabis card in Rochester through telemedicine a few weeks ago. However, here’s the catch. Even though he was able to order cannabis strains, stock up his cannabis inventory, and get a recommendation through a video call with a doctor on the internet. There are certain things that you have to consider now that the cases have risen up globally.
As the cases rise more and more people are under quarantine. They have stocked up medicinal marijuana and the need to purchase cannabis online is fading. So, it is quite possible that in the near future the process of ordering cannabis or even getting recommendations over the internet will evade. After all, coronavirus is the biggest pandemic we have faced since time immemorial.
What is the current position of the cannabis industry?
Weighing all the possible options we have right in front of us, it is fair to conclude the cannabis industry will face huge losses if the situation deteriorates in the coming weeks. Ideally, medical cannabis users with stocked up cannabis and individuals who grow their own marijuana will continue using cannabis. But the others will face stock deficiency as more and more stores close down. Not only this but a ban on travel and ban on further production of equipment like vapes and cartridges will bring about an economical breakdown. So, the current position does not look good but we hope for the virus to diminish for the cannabis industry to get back in the business again.