Covid19 has hit hard everywhere, including the cannabis industry. Indeed, not even the industry that was most praised for its economic b(l)oom and estimated to reach $73.6 billion by 2027 is immune to coronavirus and its devastating impact.
So far, there has been plenty of depressing news. Companies such as Canopy Growth had already fired 800 workers before announcing new layoffs. Aurora Cannabis followed suit, and the layoffs are most likely to continue.
Is there any way for cannabusinesses to avoid the doom? Here are several tactics that are being used or await application in hope of maintaining stable CBD, hemp, and cannabis industry in general.
Thanks to government efforts, hemp products such as CBD oil and medical cannabis have been proclaimed as bare necessities. This enabled the dispensaries to continue with their business as usual even during shutdowns.
On the other hand, the status of being essential can be altered, which again brings businesses to danger.
The idea is a bit far-fetched, but it is highly recommendable to encourage. The latest headlines were filled with the prospective beneficial effects of cannabis on human health in the fight against the coronavirus, particularly, by reducing the lung inflammation. Researchers from the University of Nebraska and the Texas Biomedical Research Institute are very optimistic about their beliefs.
Should more effort and finances be directed to such experiments, the cannabis industry could be revived, if not taken to the top instantly.
While waiting for the governments and medical centers to do their part, what measures can an ordinary farm/dispensary/business take to remain afloat, apart from cutting costs?
Now more than ever, the content remains to be the king and the core part of excellent marketing. Full content strategy and expert SEO practices can make a huge difference in the times when one is oftentimes reluctant to visit a dispensary but rather makes shopping decisions online.
Not only has the number of delivery services risen, but they also increase the sales revenues too. For instance, Las Vegas is seeing a real surge in cannabis deliveries, which in turn pushes cannabis companies to hire more delivery services. Similarly, San Francisco is a witness of a cannabis volume per delivery increasing by a whopping 25%.
To this end, finding a reliable delivery service or making a contract with a delivery app is key to successful sales.
On the one hand, businesses are faced with the risk of not selling out their supplies. On the other, those canna-businesses that have a lot of cannabis in stock should be able to overcome the coronavirus crisis with flying colors.
Namely, the production has been seriously slowed down due to the latest safety measures that had to be introduced in manufacture. At these times, if one does not have the CBD oil, vape or edibles on (online) offer, the customer will most likely turn to the competition within an instant.
Therefore, accumulated inventory may just save a business.
Finally, for a cannabis company to survive the pandemic, the most basic strategy would be taking some kind of action. The covid19 pandemic is still ongoing, and there is no time to lose, one way or the other. When it comes to canna-businesses, the industrious and innovative shall survive.