Ever since coronavirus originated from China’s Wuhan earlier last year in December, things have come to a halt in several countries. Many nations have announced measures such as lockdown and social distancing to cope with the crisis caused by the pandemic. Some countries opted for partial lockdown and allowed business activities to take place but in a curtailed manner. The lethal virus has so far infected 2,557,917 and killed 177,688 people all across the globe. The global pandemic has wreaked havoc on several industries that may include cannabis as well to some extent.
How COVID-19 impact the cannabis industry?
The impact of novel coronavirus on the cannabis industry, just like scores of industries, reflected in declining sales and slow business activity. Hoarding activities by some cannabis users led to a major slump at dispensaries. The effect of coronavirus was first felt by small licensed operators in several unlimited license states that may include California and Oregon.
It is worth noting that the sale of recreational marijuana in various markets of the United States of America in March have shown a downward trend. According to reports, the virus continues to impact the cannabis industry and the USA’s economy. According to the available data, the recreational cannabis sales in Nevada and Colorado have dipped. However, the sale of cannabis registered a marginal rise in California and Washington.
COVID-19 has disrupted the legalization efforts in several states. Many states like Connecticut, New York, Vermont, are compelled to change their priorities and postpone the adult-use legalization of recreational cannabis.
COVID-19 Pandemic Made Marijuana an Essential Item
On the positive side, the cannabis industry received a reputational boost as several states opted to declare it as an essential business activity that must remain open, thus significantly altering the insurance landscape for the cannabis industry. Marijuana might be treated illegally according to the opinion of the federal government, but a large number of states treat it not only authentic but significant as well. As of now, access to cannabis for medical purposes differs from state to state. Registered cannabis users secure it via licensed dispensaries. And, in the adult-use states, individuals using it for medical purposes secure it via adult-use stores and delivery services. Recreational cannabis has already been deemed as an essential item in Connecticut, Illinois, Colorado, California, Maryland, Massachusetts, Michigan, New Jersey, and New York, among others.
COVID-19 Impact on Cannabis Patients
Presently, medical marijuana users are facing a difficult situation ever since the COVID-19 crisis erupted and affected several countries all across the globe. The users are facing a delay in obtaining their medicines as a result of the interrupted supply chains due to the pandemic.
Meanwhile, researchers continue to examine the impact of coronavirus on medicinal cannabis users as they have emerged as one of the highly vulnerable groups that may be excessively impacted by the pandemic.
It is worth noting that a big population of medicinal cannabis users is those people who have been suffering from poor immunity or some other medical conditions. Currently, the University of Miami research team is engaged in documenting how cannabis users are coping with the threats posed by a coronavirus in the United States.
Denise C. Vidot, an assistant professor in the School of Nursing and Health Studies and a trained epidemiologist, said, “The global qualifying conditions for medical cannabis, though not uniform, all include individuals with compromised immune systems and other chronic health conditions. Therefore, this is a population that we cannot forget about in our joint effort to ‘flatten the curve.”
Meanwhile, the research community is also analyzing the impact of COVID-19 on populations with substance use disorders as coronavirus can significantly impact these individuals. It is because coronavirus can attack the lungs.
We can conclude here that the coronavirus outbreak has definitely pushed cannabis sales in several states, but it has also derailed the legalization efforts initiated by several states. And, the crisis has presented a good opportunity for insurance companies to reach out to work with cannabis businesses as sales have increased, and businesses have registered high-profit margins. You can visit CoinNewsSpan to fetch useful details about cannabis and cryptocurrency.