The coronavirus has caused job losses. Consequently, deals have spiked on common items such as apparel and take-out refreshments. However, the trend has extended to another category in many states i.e cannabis.
Dispensaries in states with legalized recreational and medical cannabis have been taking steps hoping for consumers to keep coming back. The steps include regular discounts and starting further sizes of merchandise.
Cresco Labs is a company in Chicago that has newly launched cannabis merchandise in bulk, calling it “High Supply.” Their Senior Vice President of brand marketing has stated that this is another response to the world we live in now.
Cannabis businesses are constantly trying to maintain the state-mandated social distancing standards, along with the added cutbacks in discretional spending. Consequently, the stakes are high for the upcoming cannabis industry. Trades were going well before the pandemic began. Cannabis data from BDS Analytics has shown an estimation of an increase of 34% in 2019. Meanwhile, the expected increase is 32% in 2020.
Illinois began 2020 with the legalization of recreational cannabis. Furthermore, several others, distinctly New York, are expected to join. The prime focus for businesses right now is to find a way to attract cost-conscious customers.
Cresco’s High Supply line is sold in different colored cardboard boxes with different products. The products include half-gram rolled joints rather than the regular full gram and smokable popcorn buds which are smaller with less potency that the full-puffed buds.
High Supply was planned earlier before COVID-19. The recent director of consumer engagement for PepsiCo’s Gatorade unit, Rothschild, had stated that it was Cresco’s attempt to build its trademark portfolio with a resemblance to a PepsiCo (PEP) or Procter & Gamble (PG) of cannabis. He added that they underestimated the acceleration of the need.
Cresco owned a flagship line and Reserve line. However, Rothschild stated that they had a need for a newcomer in the benefit classification. High Supply is currently 20% cost-effective in comparison to the Cresco tag.
Following the outbreak, the California launch of High Supply focused primarily on the summertime, was pushed up to the beginning of April.
Bethany Gomez stated that in consumer response, price limit, and strength play huge roles. Bethany is the supervising director of the cannabis industry research company Brightfield Group.
Previous to COVID-19, the focus for cannabis businesses was the attraction of “canna-curious” and the addition of new consumers in the industry. However, Gomez says that those people aren’t very keen on spending as much.
During a slowdown, the industry will be focusing on people who view cannabis as a necessity and want a good high.
Employing cannabis loyalists are essential for the sustenance of the legal cannabis market. The rise of further discounts and value choices could assist with the prevention of customers from the illicit market. The illegal market could potentially undermine the pricing of authorized retailers as unregulated purveyors have a lack of additional costs for taxes and testing.
Gomez says that while this is a challenge in markets now with higher production costs, it would help in balancing the legal industry. This implies that companies selling the best of cannabis must readjust.
Colorado is the US state with the first established recreational cannabis industry. Lightshade‘s dispensaries in Colorado have adapted themselves to assist the higher-end purveyors of cannabis and petite-batch connoisseurs.
However, the company launched budget-friendly offerings, due to its latest 40,000 square-foot greenhouse. Lightshade further started a real for smokable cannabis buds with approximately half the earlier offered price. The company’s director of marketing, Lisa Gee says that they are hoping that the discount on the flower would work as an attraction for consumers looking for value.
Four Tips to Secure Cannabis Dispensaries in Oregon Today
Since the chain of cannabis crime is being beaded at a much faster rate in Portland, Oregano, there is a dire need to enhance the security measures. Robbery of a cannabis dispensary is as money-spinning as of a bank. Until an act is passed to allow the transactions, cannabis dispensaries remain the prime target of a robbery as all dealings continued to be done in cash.
Tips to Fortify Cannabis Dispensaries Security
The recent report by the Oregon Liquor Control Commission showed almost 120 robberies since march 2020 in Portland Metro alone. It resulted in a total loss of $500,000 in terms of both products and cash. To strengthen the security around the dispensary in a quick and easy way, a key step is to install rolling doors to keep criminal activities at bay.
Tip #1 – Tight Security Measures at Storefront
One of the most popular yet helpful ideas to prevent looting is to install heavy-duty steel doors, which can help add an extra layer of protection for the cannabis business. The plus point is that the manufacturer can directly mount it into the already existing buildings exteriorly. Also, these are significantly helpful in protecting the glass windows, which can be expensive to replace.
What’s more, it can block the view of the thieves to the merchandise. These are different from the other standard rolling grills. With these, the criminals won’t be able to see the stockware when the door is closed. Some of the dispensaries have tested their door against the Department of Defense to assure that even no violent attack can harm them. These doors are lift- and pry-resistant.
Tip #2 – Need of Visibility and Ventilation
If the cannabis dispensary owner wants to let the outside world see their merchandise, there is a need for more robust security. With compact impact glass and a heavy-duty grille, it is possible to stay away from the world’s sight when needed.
Easy custom orders and installation makes it an excellent choice to adhere to the security demands. Heavy-duty grilles that have rods closely spaced and strong interconnections are difficult to lift and attack than the standard grilles.
The rolling grilles become even a much better option to protect the counters in the cannabis dispensaries. There is no need to do any modifications to adjust it behind the glass door. It can be easily installed in small places where the ceiling is low.
Tip #3 – Separating Cannabis Dispensary from the Store
Cannabis dispensaries in the high-end stores need extra protection, and thus, important to separate them from the rest of the shop. Cannabis dispensary separated from the rest of the shop can have different operational hours like some states have specifically specified.
The mesh metal grilles look much better and significantly affect the aesthetics of the store. It can deliver both beauty and security while customers can easily view the cannabis products of the store. There are manufacturers who are even designing logos on the grilles to give aesthetic pleasure.
Tip #4 – Secure Delivery to and from Cannabis Dispensaries
The cannabis dispensary owners usually tend to forget about secure deliveries that are most prone to attacks. Deliveries being made at the store back and the receiving areas are usually the areas of concern. It is extremely important to track down the time of delivery, people present there, and the stock delivered.
The heavy-duty service rolling doors provide exceptional security than those traditional sectional rolling doors. They are made to meet the demands of beauty and security, both as they are highly customizable and can be easily adjusted to limited spaces. They offer the idea of security by using stainless steel, galvanized steel, and aluminum in the grilles.
Impaired Driving: A Must Consideration for the State’s Cannabis Bill
Even with the concept of Vision Zero and more raising concerns for the traffic rules, Albany legislators aren’t focused on it, while rushing to legalize the use of cannabis in New York. Silive shares the thoughts of how important it is to slow down the process of legalization and first pass on a bill that would stop impaired driving and hold marijuana-impaired drivers accountable for accidents.
Before the legalization of marijuana, to create a safer environment, it is extremely important to put pressure on the notion that studies categorize all intoxicating substances as unsafe for driving.
Impaired Driving Same as a Speeding Ticket
No consideration against the impaired driving would make people think it unimportant as a speeding ticket. This indirect message by the leaders would eventually lead to a greater number of casualties with each passing day.
It is nothing but a truth that marijuana has the potency to affect concentration, response time, motor function, and movement. Also, the science links a high concentration of THC in the blood due to cannabis intake to impaired driving. Surprisingly, marijuana is a second substance that has a major influence on driving capability after alcohol.
Need to Reinforce the Drug Definition in New York
Apart from considering classifying impaired driving due to marijuana as a minor criminal act, some light should also be shed on revising the term drug as other 45 states have done. Any substance should be called a drug that can compromise the ability to think, focus, and react.
If this act is not taken, according to the law, they cannot be charged if the alleged impaired drivers refuse to have a chemical test. The dismissal would eventually result in chaos and poor law enforcement. Such impaired drivers could not be held accountable and would be back on the roads again, risking the lives of hundreds of people.
The legislators of Albany must think about the message they are conveying to the younger generation out there. Already, as shown by the personal accounts of many teenagers, marijuana is nothing big for them and seems harmless.
Different treatment for impaired drivers than those drunken drivers would further strengthen this perception among people. Since neighboring states have already legalized marijuana for recreational and other purposes, New York seems to be next.
Strict Laws and More Investment in the Traffic Sector
Along with the modifications in the law to serve a better criminal justice system, there is a need to pass on better provisions to ensure safety on roads. No person should become a target of people managing a 3,00 pounds vehicle while being impaired by marijuana, asserts the source.
There should be provisions in the law to hold such people against the criminal act. To run a smooth traffic system, it is mandatory to design out complete traffic safety rules. There should be more people, funding, and resources to train the Drug Recognition Expert (DRE) officers and create awareness of the possible effects of drug abuse, including marijuana. As time has changed, the use of synthetic drugs has made it difficult to articulate a specific one; thus, the need for DRE officers has become as important as the need to include the provisions in the bill.
The legalization in New York for cannabis should be set straight from the start. Before the bill includes and assures safety on roads, the legalization of recreational cannabis is a non-starter. All the roads
Cannabis Sales Reaches Skies, Set Highest Mark With $17.5 Billion Sales
The novel coronavirus has been devastating for most industries. For some industries, however, it was bliss. Concerning cannabis, 2020 was a breakout year. Across the United States, 15 states granted permission for adult use, while 35 states allowed medicinal use of cannabis. According to a recent report by Forbes, there was a 46% incline in cannabis sales and use in comparison to 2019, with a budget of $17.5 billion.
Cannabis Sales Increase In Different States
Generation of sales or profit occurs from both medical and adult-use of cannabis. However, recreational or adult-use generates the highest portion of sales, especially in markets like the Colorado marijuana market. In Colorado, the sale of marijuana increased by 26 percent resulting in business involving $2.2 billion.
According to BDSA, an improvement in sales of Oregon occur by 29 percent from 2019. Moreover, the Oregon market makes a business of $1.1 billion. The cannabis market in Illinois is under progress and development. Yet, it was able to achieve the highest sales in 2020.
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Moreover, during 2020 Illinois marijuana industry expanded from medical use to adult use. As a result of legalizing adult-use, an increase of $784 million occurs in sales. Besides, now Illinois is doing sales of over $1 billion in its marijuana market.
Sales in California and Florida also increased. $ 586 million increase in sales of marijuana in the California market occurs, a total of about $3.5 billion business is happening in it. Moreover, the rise of $473 million occurs in the Florida marijuana market.
What causes The Rise In the Economy Of the Marijuana Industry And Market?
According to BDSA’s insights and analytics department, the cannabis industry is recession-proof and continues to progress. Moreover, it has the most potential of evolving and flourishing.
According to Kelly Nielsen, the rise in the marijuana industry was due to three reasons. Firstly, during the coronavirus pandemic, dispensaries were major-businesses, and many individuals built their own.
Secondly, more devoted customers enter big markets like California, Colorado, and Oregon. Third, multiple states legalize the use of cannabis for both medical and adult use. As a result, the overall sale of marijuana products increased remarkably in the previous year.
Moreover, another major factor is that individuals have begun to consume cannabis in larger amounts. Furthermore, more and more people are now involved in marijuana consumption.
Cannabis users agree that their consumption of cannabis has increased by 25 percent since the beginning of the COVID-19 pandemic. Additionally, the demand for cannabis in legal markets has risen since legalization. According to Nielsen, alcohol penetration is 60 percent, while marijuana penetration is 50 percent.
Cannabis Industry Achieves Mega Sales Hits
Urban Leaf co-founder Josh Bubeck states that 2020 has been a tough year due to the coronavirus pandemic. However, Urban Leaf was able to enhance the market penetration of its cannabis products from 37% to 39%. Moreover, according to Bubeck, the company had its best sales during the last week.
Cannabis companies that have dispensaries at the places of tourists’ attraction suffer the most losses. Similarly, Urban Leaf‘s flagship location near Sea World suffered the biggest-drop.
The legalization of marijuana enables doing business legally and prohibits doing illegal activities. As a result, legal-activities rise, and the pressure of high demand in legal setup rises. Similarly, the closing of illegal dispensaries moves more individuals towards legal dispensaries, leading to a further rise in sales.
Like other cannabis companies, Sava also gets involved deeply in the market. Moreover, according to the founder of Sava, the company observes 60% more growth in their sales during 2020.
According to Andrea Brooks, people are getting comfortable with new legalization and decriminalization policies. Moreover, as people are getting-used-to cannabis policies, the demand for cannabis products is rising, and so are its sales. Despite large profits and sales during the pandemic, no marijuana industrialists want to relive the stressful 2020.
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