• Marijuana vendors say legal cannabis sales are up because customers are stocking up in response to coronavirus quarantines that could last months
• Sales are reaching new highs as customers across the US and Canada are buying to prepare for long spells of isolation because of the global pandemic
• Between March 16 and March 22, recreational pot sales across key markets, including California, Colorado, Oregon and Alaska, were up 50 per cent
• Medical marijuana sales rose 41 per cent from the same period last year, according to cannabis point of sale and data figures from Flowhub
• Cannabis stocks are also higher as reports have come in about consumers stocking up over fear of a dragged-out shutdown of stores throughout the U.S.
• California and New York have excluded cannabis shops from mandates to shut down non-essential businesses.
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Legal cannabis vendors say marijuana sales are at a new high because customers are stocking up in response to coronavirus quarantines across the country that could last months.

Sales have spiked as customers across the U.S. and Canada are buying to prepare for long spells of isolation because of the coronavirus pandemic.

Between March 16 and March 22, sales of recreational cannabis across key U.S. markets, including California, Colorado, Oregon and Alaska, were up 50% and medical marijuana sales rose 41% from the same period last year, figures obtained from cannabis point of sale and data platform Flowhub show.

Legal cannabis vendors say marijuana sales are at a new high because customers are stocking up in response to coronavirus quarantines across the country that could last months. People are pictured on line waiting to enter High Level Health in Denver on Monday

Cannabis stocks are also higher as investors see green following the surge in marijuana sales.

Shares in most of the big cannabis companies are up sharply this week as reports have come in about pot users stocking up. MedMen Enterprises is among the big gainers. It’s up 54% this week, but remains down about 91% from a year ago.

The surge in demand may offer pot producers a welcome respite after investors sold off cannabis stocks throughout much of last year as profits in the sector remained elusive.

There have been in the US close to 55,000 confirmed cases of the deadly, virus, also known as COVID-19. The infection has been blamed for at least 783 known deaths across the country.

Federal health officials have warned that the worst of the pandemic has yet to hit the US.

Meanwhile, lawmakers have agreed on an unprecedented $2 trillion aid package to bail out large corporations, provide relief to small businesses, and send $1,200 checks to Americans.

Federal officials hope the additional cash will help Americans who are out of work get through the crisis, which has created a run on certain products, including toilet paper, guns and marijuana.

While many businesses have been ordered shut down, cannabis stores in several states, including California and New York, have been listed as essential services and allowed to remain open.

A snapshot of adult-use marijuana sales over several days last week showed increases of more than twofold in California and a 50% spike in Washington state, according to data from industry tracker Headset.

‘We believe other states are likely seeing similar upticks in sales,’ Canaccord Genuity analyst Bobby Burleson wrote in a research note last week. ‘This strength has benefited wholesale as well.’

Jamie Pearson, CEO of California-based Bhang, which makes cannabis-infused beverages, chocolates and other products, said sales were booming and should boost revenue and profits this quarter.

Pearson said edibles such as gummies, brownies and chocolates were most popular, probably because they were easier to store and eat, even with gloves on.

A snapshot of adult-use marijuana sales over several days last week showed increases of more than twofold in California and a 50% spike in Washington state, according to data from industry tracker Headset. Employees trim green buds at NUG of Oakland, California

Jamie Pearson, CEO of California-based Bhang, said edibles such as gummies, brownies (pictured), and chocolates, were most popular, probably because they were easier to store and eat, even with gloves on

Still, some industry observers recommended caution, saying the long-awaited reversal of fortune could prove not much more than a short-lived relief.

‘The cannabis industry is showing itself to be recession-proof but at times like this, it’s important to understand that the spike in consumer demand is probably not going to last long,’ Avis Bulbulyan, CEO of cannabis consulting firm Siva Enterprises, said.

Source: Dailymail