|Much 2020 has been a wild ride for all of us. Business as we’ve all known it has changed forever. Our lives at home have shifted. It’s as though those feelings of uncertainty that arise in moments of growth have found a way to linger and last all year.
It’s been exhausting. Suspenseful. Sorrowful. Hopeful. All the feelings that make us human. Today is a special day to reflect and look beyond the chaos and precariousness in our lives and acknowledge and express our gratitude.
In the cannabis industry, there have been many milestones this year that are worthy of celebration. HERE are a few that come to mind:
- Cannabis businesses in most legal states were deemed essential as lockdown spread across the country.
- Dispensaries adapted their operations to ever-changing public health guidelines and safely provided medicine to patients amid the pandemic via online ordering, curbside pickup, and delivery services.
- Cannabis won the election! Voters approved legalization measures in five states opening the door to an estimated $3.1 billion of combined sales by 2025 (Arcview). There are now 36 states and four territories with comprehensive medical cannabis programs and 15 states and two territories that have legalized adult-use cannabis, and the District of Columbia, which has legalized both.
- A Gallup poll reported that 68% of Americans now support adult-use cannabis. The election demonstrated this as conservative states like Mississippi and South Dakota passed comprehensive cannabis measures.
- This year, global cannabis sales are on track to reach $19.7 billion, an increase of 38% over 2019’s sales (BDSA).
- Several markets reached record sales this year despite the pandemic, including more established states like Colorado, New Mexico, and Oregon.
- The cannabis plant has proven to be recession/depression proof.
It’s safe to say that the cannabis plant has rooted itself in our culture and is HERE to stay. While we haven’t seen the end of COVID-19, and there are indeed more trials and tribulations ahead, we are optimistic about the industry’s outlook for 2021 and beyond. The industry’s non-cyclical nature, combined with a constant flow of emerging regional markets, makes it unique, and the opportunities are plentiful.
We wish you and your family a safe and happy Thanksgiving and Native American Heritage Day this Friday!