COVID-19 has affected every part of our lives, and though it seems the worst of the crisis has passed thanks to widespread vaccination programs, the virus is still a significant concern and will continue to be a factor for months to come.
So how has COVID-19 changed the cannabis industry? How can cannabis companies evolve to meet demand and maintain their sales and profitability during this challenging time? In this round of cannabis updates, ImEPIK will discuss what you need to know.
How COVID-19 Changed Cannabis Sales
First, let’s look at how COVID-19 has changed cannabis sales in the United States, based on data from Headset and Forbes.
Overall, sales were quite a bit higher in 2020 than in preceding years, with legal cannabis sales reaching $17.5 billion – a 46% increase over 2019. Whether 2021 will break this record remains to be seen, but more and more states continue to legalize recreational marijuana use.
In addition, some categories fared better than others. Edibles, for example, grew in popularity more than any other category, surging 26%. Cannabis beverages grew 14%, and cannabis flower sales grew 12%.
Cannabis-infused edibles and beverages are growing product categories because they are easy to consume and pose no threat to your lungs, particularly since COVID-19 is a respiratory disease. And cannabis flower, which can be bought in bulk and remains fresh for weeks or months when stored properly, is an excellent choice for marijuana users who want to avoid repeated trips to the store.
Companies that provided online ordering and delivery and curbside pick-up also saw increased sales.
How to Evolve and Thrive After COVID-19
Ever wonder how you can adjust to the new reality after COVID-19? Here are a few tips for adapting to consumer behavior.
Offer bulk product packages
Many customers are used to “stocking up” and may be willing to pay more for large, bulk packages of products.
Widen your selection of edibles
Edibles and cannabis beverages are continuing to become more popular due to their convenience, lower impact on the lungs, and ease of use compared to other cannabis ingestion methods.
Invest in eCommerce
Investing in an online retail store or delivery options is an excellent way to pull in more customers who like the convenience of buying online and picking up in-store or having their cannabis products delivered right to their door.
Learn How to Adjust to the “Post-Pandemic” World!
We hope this article has helped you learn more about the state of cannabis after COVID-19. Remember, if you’re an edible manufacturer, ImEPIK is here to help you train your workers on proper cannabis safety.
Contact us online to learn more and get the food safety training you need.