Though cannabis stocks have taken a hit from COVID-19, dispensaries and other aspects of the business have continued to operate and take advantage of ecommerce to keep the sales flowing. Some states even continue to set new monthly sales records. Legalization will now be on the ballot in 4 key states this November and could come even sooner in another. All of this comes as new research could lend more credence to medical marijuana treatments.
Related ETF: ETFMG Alternative Harvest ETF (MJ)
Overall Cannabis Sales Sustained
Though COVID-19 has slowed the growth of the cannabis industry, as it has almost all others, state measures to protect the pot business, as well as the rapid growth of ecommerce, has managed to keep product flowing.
Cannabis was deemed an “essential” business by 24 state governments in April, allowing deliveries and curbside pickup to continue amid nationwide lockdowns and shelter in place orders. At the time, MRP noted that, between February and March, the number of new users ordering cannabis online had increased 142% (per Jane Technologies data) as ecommerce in the cannabis space was surging.
That uptrend in digital cannabis ales has continued through this Summer. Los Angeles-based online cannabis retailer Driven Deliveries Inc., for instance, recently disclosed that its revenue increased by 158% sequentially, reaching $5.6 million in the second quarter of 2020. Deliveries rose by 103%.
Ganjarunner and Budee, the company’s online retail divisions, are counting around 244,600 registered cannabis consumers. That’s up by 6% compared to the previous quarter. Benzinga reports that Driven also has 14,000 new customers, compared to the 13,000 new customers the company acquired during the first three months of this fiscal year.
A number of states that have already legalized Cannabis for recreational use have reported new record sales in recent months. Per retail sales data from 24 state markets…