Connect with us

Cannabis

Why The Pandemic Has Been Great For Cannabis Seed Sales

Avatar

Published

on

Why The Pandemic Has Been Great For Cannabis Seed Sales

Image Source https://upload.wikimedia.org/wikipedia/commons/7/7f/Cannabis_Dispensary_flower.jpg

The Covid-19 pandemic has devastated entire industries, and in many sectors of the economy the post-lockdown prognosis looks bleak. On the other hand, there have been some unexpected beneficiaries of the global health crisis, and of the stringent lockdown measures. Cannabis seed retailers have been one of these.

In fact, in the last few months we’ve seen an explosion in interest for cannabis seeds. Plenty of people have taken the opportunity to start their own grow, having decided that a few weeks (or months) at home is the perfect time to explore a new hobby. Retailers have also been flooded with questions and orders for CBD products.

In some publications, these trends have been viewed with suspicion. People aren’t “working from home,” some tabloids have claimed: they are using the enforced “break” from work to get high. While this might be true to some extent, it misses the larger point. In reality, increased consumer awareness of the benefits of CBD, and especially its role in improving mental health, are driving this spike in demand.

In this article, we’ll look at how the cannabis seed and associated industries have benefited from the pandemic, why this has been the case, and what it means for the future.

The Numbers

It’s difficult to overstate the impact of the pandemic on cannabis seed sales. In the UK, research published by Alphagreen.io, the UK’s largest marketplace for certified CBD products, suggests that more than 8 million Britons are now buying CBD products, with spending exceeding £150m in the first four months of 2020 alone. That puts the market on target to achieve revenues of £450m over the year as a whole, which would represent 50% growth compared to 2019.

This obviously represents a huge increase in demand for cannabis-based products, but it might still be an underestimation of the true growth in the industry. Data from the USA, where many states have either decriminalized (or outright legalized) marijuana  for recreational use suggests that retailers have seen a “tsunami” of demand in the last few months. California cannabis sales soared nearly 160% compared to the same day in March 2019, while sales in Washington rocketed 100% and Colorado saw a 46% increase on the same day.

The Reasons

A portion of this increased demand is undoubtedly the result of recreational cannabis users having more free time. According to the Bank of America Securities, one of the reasons for the record sales of cannabis was because consumers stockpiled supplies, preparing for a lockdown. However, this is not the only reason why cannabis sales are up, and it’s not even the most important reason.

To see this, you only need to look at the other sectors that have seen a spike in demand over the last few months. Specifically, sales of vitamins and other health supplements have also shot up dramatically in the same period. In other words, increased consumer knowledge about the medical benefits of cannabis products, and in particular the growing awareness that THC and CBD are not the same thing, is a major driving force behind increased sales.

Analysts are well aware of this. Dr. Dani Gordon, a specialist in medicinal cannabis and CBD products, told Forbes that the research suggested the uptick in demand was part of a broader trend. “People are increasingly turning to more natural health and wellness solutions to add to their self-care routines,” she said. “Patients are looking towards natural remedies to mitigate and soothe symptoms of common conditions such as anxiety, as well as other mental and physical health concerns.”

The New Normal

It seems that the pandemic, in addition to providing a short term boost in sales for cannabis retailers, has also provided a more long-term benefit. For years, the industry has suffered from an unfounded stigma attached to its products, especially in the UK. Covid-19 has led to increased consumer demand for health remedies, and the associated lockdown has given these same consumers extra time to research the benefits of CBD.

This is great news for cannabis retailers, and for the industry as a whole. There has been much speculation about the long-term economic impact of the pandemic, but one often-overlooked trend is that consumers are likely to exit lockdown a lot more informed about cannabis products. They are not going to forget their research about the benefits of CBD. In other words, the spike in demand we’ve seen in recent weeks might turn out to not be a spike at all but rather the new normal.

For this reason, the outlook for the industry – even in a post-pandemic world – looks rosy. The medical cannabis market has grown slowly over the past year,  but recent research by Prohibition Partners anticipates a significant increase in accessibility for patients over the course of 2020, leading to a period of exponential growth in the coming years. By 2024, the UK medical cannabis market is predicted to be worth nearly £1bn (US$1.3 bn), servicing nearly 340,000 active patients.

In addition, the total UK legal cannabis market is expected to balloon to £2.31bn in 2024. Working from an estimated recreational legalisation date of mid-2021, the value of the legal recreational cannabis market by the year 2024 will be approximately £1.31bn, with nearly three-quarters of a million people being regular recreational cannabis customers.

Health and Wellbeing

In short, it’s a great time to be in the cannabis seed and related business. The experience of lockdown has led to more consumers than ever recognizing the simple truth that CBD makes you feel better, and they are not going to forget this anytime soon. And once recreational use is (finally) legalized in the UK, it’s likely that this attitude will lead to cannabis retail becoming a major industry.

Why not head on over to The Vault Cannabis Seeds Store and pick up some cannabis seeds now, whilst taking advantage of the discount codes VAULT15 for 15% of your order total and don’t forget to check out our discount cannabis seeds page for all the latest offers, promos and competitions!

Make sure you never miss another Vault promo and sign up for our newsletter at https://www.cannabis-seeds-store.co.uk/the-vault-newsletter

Remember: It is illegal to germinate cannabis seeds in many countries including the UK.  It is our duty to inform you of this fact and to urge you to obey all of your local laws to the letter.  The Vault only ever sells or sends out seeds for souvenir, collection or novelty purposes.

Source: https://www.cannabis-seeds-store.co.uk/Cannabis-Seeds-News/why-the-pandemic-has-been-great-for-cannabis-seed-sales

Cannabis

Cannabis and the 2020 Election

Avatar

Published

on

Next month, five states will be voting on seven ballot measures to legalize cannabis. A variety of proposals, including constitutional amendments, statutory initiatives, and alternative measures, could establish new medical cannabis markets in two states and expand legalization to include adult use legalization in four states. Three of these proposals would enshrine cannabis possession and consumption within state constitutions.

This article will explore the proposals themselves as well as the short-term implications of legalization on existing license holders and the industry.

2020 cannabis ballot measures policy focus

State-by-State Review

Arizona

Arizona voters have another opportunity to legalize cannabis next month, after narrowly defeating adult use legislation four years ago. In recent years, the Copper State’s medical cannabis market has seen significant MSO expansion, and new mandatory testing requirements launch at the beginning of November.

There are roughly 150 medical cannabis licenses in the state currently — all of which would receive priority status in the application process for adult use licensing. Additionally, diversity applicants and applicants in areas currently lacking cannabis retail access would be fast-tracked applicants.

Prop. 207 does include local control and opt-out provisions, and a new 16% tax would direct revenue to a variety of funds, while retail operators would be able to launch delivery services as soon as 2023.

Mississippi

Mississippi could become the 34th state to legalize cannabis for medical use, but two competing measures are creating complications on the ballot. A citizen-driven campaign led to the placement of Initiative 65, while the legislature responded with Alternative Initiative 65A.

Initiative 65 establishes a medical cannabis program similar to the program structure of many other states; with clearly defined qualifying conditions, possession limits, taxes, registration fees, and a regulator — the state health department. The alternative includes no definitions and only allows smokable cannabis products for terminally ill patients, leaving a highly restrictive market requiring enabling legislation.

Previous bills have been proposed, but never brought to a vote — leaving some skeptical that anything at all may come of Initiative 65A.

Montana

Montana’s existing medical cannabis program relies on a system of caregivers who cultivate cannabis and make manufactured products, including edibles and concentrates. Additionally, there is a limited number of licensed dispensaries throughout the state. Legalization would be a major evolution for Montana, which has seen multiple ballot initiatives and legislative interventions in recent years.

Two measures have been placed: one constitutional amendment to set the age of 21 as the minimum buying age and a measure to establish a commercial adult use market. While no early sales provisions are included, Montana companies would be the only businesses able to start sales for the first year after legalization.

New Jersey

New Jersey voters may make history, legalizing the adult use of cannabis and triggering a race among Mid-Atlantic states to implement sales first. While all of New Jersey’s neighbors have existing medical cannabis programs, none have taken steps to expand further. In recent years, numerous regional state legislatures have attempted to legalize, and Public Question 1 may tip the scales for an entire region with over 50 million residents.

The text of the amendment is brief, but it establishes a definition for ‘cannabis’ while permitting possession, use, and industry operations for adults ages 21 and up. The existing Cannabis Regulatory Commission would be tasked with regulating the industry, but the state legislature must first come to an agreement and pass enabling legislation.

Currently, New Jersey’s medical market includes roughly fifteen licenses, including cultivation and manufacturing, as well as a limited number of dispensaries. The next phase for cannabis in NJ is uncharted territory for now: it is unclear if existing licenses will be given the first opportunity to serve the general public.

Given licensing delays and a slow rollout in Illinois, lawsuits and delays could be in New Jersey’s future — with some analysts suggesting a four-year timeline from amendment passage to full implementation. This may be good news for MSOs, including Columbia Care, Verano, and Acreage Holdings, among others.

South Dakota

South Dakota has long been unfriendly to cannabis in all forms and has some of the nation’s strictest marijuana possession penalties. While other non-medical states have at least given a nod to low-THC medical hemp programs, the Mount Rushmore state hadn’t established any kind of hemp or cannabis program at all until the legislature passed industrial hemp legalization this past spring.

Now, the state could make history as the first to legalize cannabis for medical and adult use purposes at the same time. Two proposals are on the ballot: an initiated measure to launch a medical cannabis program, and a constitutional amendment to fully legalize cannabis, with provisions including adult use, a medical program, and expanded hemp legalization.

Medical use is enshrined in both proposals, while the constitutional amendment would prevent the legislature from any type of statutory tampering to limit a retail market. The constitutional amendment would establish a commercial market for both adult use and medical purposes. Medical use would include home cultivation. As there is no cannabis market in the state at this time, no businesses would be able to take advantage of “early sales” provisions, as seen in other states.

Analysis

Previously, medical cannabis programs and commercial licensing schemes predated adult use legalization, and the majority of these proposals came into existence by way of the ballot. In most of the earliest states to fully legalize, this was the case: Colorado, Washington, Alaska, Oregon, California, Massachusetts, and Nevada all had some form of voter-approved medical cannabis legislation first.

Implementation of adult-use legalization has, however, varied across the states. In these proposals, Arizona, Montana, and New Jersey have existing medical cannabis infrastructures, but the implementation of adult use will likely lead to program changes.

Some legalization measures have allowed for existing medical dispensaries to launch sales to adults during a period of late-stage rulemaking. These businesses have operated under modified compliance rules, with track-and-trace requirements and varying tax rates until legalization rules are completed.

After Oregon voters approved legalization in 2014, the state’s medical market rapidly expanded with early sales on the horizon. At one point, there were more medical dispensaries in the state than Starbucks or McDonald’s locations. That number later dropped as businesses converted their licenses over.

For some of the states with legalization on the ballot this year, the transition out of medical will pose challenges: product shortages, long customer lines, new tax rates, uncertainty over product offerings, and testing requirements on top of an already difficult pandemic business environment.

Overall, legalization measures promise to bring a significant impact to consumers and patients in Arizona, Mississippi, Montana, New Jersey, and South Dakota. It’s hard to quantify the short-term improvements to consumers and industry operators, as passage of these initiatives will set off a flurry of legislative and regulatory discussion over the holidays and into the spring. Existing licensees and hopeful applicants should keep an eye for new opportunities: public comment periods, application deadlines, and new sales opportunities on the horizon.

Source: https://cannabiz.media/cannabis-and-the-2020-election/

Continue Reading

Cannabis

Cuomo advisor predicts New York will legalize pot in April

Avatar

Published

on

New York Governor Andrew Cuomo’s advisor on marijuana policy said this week the Empire State could legalize weed in April of next year with a bill that would serve as a model for other states looking to allow recreational pot in the United States.

Axel Bernabe, assistant counselor to Governor Cuomo, was a guest on the Under The Canopy series, recently launched by Canopy Growth, where he discussed cannabis legalization efforts in New York. According to Bernabe, a bill to legalize marijuana will be introduced through the state budget in January again, while he expects legalization to take effect by April. 

As New Jersey appears ready to legalize marijuana this November, Bernabe said the Cuomo administration has been watching its neighbor “closely.”

“We’re watching New Jersey closely. We’ve always been confident that we’d get to this before New Jersey, so if they pass the referendum they still have to have an agreement between the governor and the Senate over there,” he said.

“If New Jersey can beat us to it, they’ll get a gold star but I still think we’re gonna set the model for this,” Bernabe added, referring to the bill’s social equity provisions, among other things. 

During the interview, Bernabe also said that New York has been monitoring how legalization has been unfolding in Vermont, Maine, and Massachusetts, but has also consulted with states on the West Coast, where the legal pot industry is larger and more developed. 

Regarding hemp, Cuomo’s advisor said the state will release its guidelines and regulations for CBD consumer products early next year as well.

“Those products are already out there, so there’s no sense in pretending they’re not,” Bernabe explained. 

For this reason, the governor and his team have been working on guidelines, which will include maximum dose per serving labeling and warnings about potential THC content in various hemp-derived products. New York has copied a lot of Florida’s hemp regulations while crafting its own policies, Bernabe stated, before telling Canopy Growth’s David Culver that the administration is currently putting the finishing touches to the guidelines. 

Although Governor Cuomo promised his state would legalize weed soon, marijuana legalization was left out of the New York state budget for 2020 due to the coronavirus pandemic, which hit the state particularly badly earlier this year.

Cuomo previously proposed working in conjunction with the neighboring states of New Jersey, Connecticut, and Pennsylvania on coordinating a recreational marijuana system for the region. 

Source: https://greencamp.com/cuomo-advisor-predicts-new-york-will-legalize-pot-in-april/

Continue Reading

Cannabis

PURA Concludes Farmersville Meetings – Deal Imminent

Avatar

Published

on

Dallas, TX – October 20, 2020 – OTC PR WIRE — Puration, Inc. (OTC PINK: PURA) today announced that CEO Brian Shibley concluded a key meeting yesterday essential to finalizing the acquisition of 72-acre property in Farmersville, Texas central to the company’s recently announced Farmersville Brands strategy.  “The acquisition is imminent. Look for an announcement very soon,” said Mr. Shibley.

PURA has scheduled the release of a comprehensive update this Friday, October 23, 2020, to provide the latest information on progress with the Farmersville Brand strategy. The Friday update this Friday will include the latest on the company’s planned dividend of PAO Group, Inc. (OTC PINK: PAOG) stock in conjunction with PURA’s sale of its cannabis cultivation business to PAOG.

For more information on Puration, visit http://www.purationinc.com

Disclaimer/Safe Harbor:

This news release contains forward-looking statements within the meaning of the Securities Litigation Reform Act. The statements reflect the Company’s current views with respect to future events that involve risks and uncertainties. Among others, these risks include the expectation that any of the companies mentioned herein will achieve significant sales, the failure to meet schedule or performance requirements of the companies’ contracts, the companies’ liquidity position, the companies’ ability to obtain new contracts, the emergence of competitors with greater financial resources and the impact of competitive pricing. In the light of these uncertainties, the forward-looking events referred to in this release might not occur. These statements have not been evaluated by the Food and Drug Administration. These products are not intended to diagnose, treat, cure, or prevent any disease.

Contact:
Puration, Inc.
Brian Shibley,
info@aciconglomerated.com
(800) 861-1350

Source: https://otcprwire.com/pura-concludes-farmersville-meetings-deal-imminent/

Continue Reading
Esports2 hours ago

cogu joins MIBR as manager and coach

Energy2 hours ago

Strategic Resources Files Mustavaara Technical Report

Energy2 hours ago

Ur-Energy Announces Extension of State Bond Loan and Provides Update

Energy3 hours ago

Pettit Marine Paint Develops the Most Effective Anti-fouling Paint to Hit the Market in Many Years – ODYSSEY® TRITON

Energy3 hours ago

Core Lab Reports Third Quarter 2020 Results From Continuing Operations:

Energy3 hours ago

A Difference-Making Disinfectant

Automotive4 hours ago

How Car Tires Are Manufactured

Medical Devices4 hours ago

5 Real World Applications of the Doppler Effect

Big Data4 hours ago

Join Hands with Instagram’s New Algorithm to Boost Your Business’s User Engagement

Energy6 hours ago

BioMicrobics Acclaimed by Frost & Sullivan for Its Continuous Innovation-led Growth in the Water and Wastewater Treatment Market

Energy7 hours ago

SME Education Foundation Seeks Industry Involvement for Unadilla Valley High School Initiative to Create STEM Opportunities for Students

Energy7 hours ago

Verisem Acquires State-of-the-Art Vegetable Seed Processing Facility, Further Enhancing Capabilities

Energy7 hours ago

Global Synthetic and Bio Based Polypropylene Market 2020-2026 Growing Demand in the Automotive Industries

AR/VR7 hours ago

AI-Driven Dynamic Filmmaking is the Future

Energy8 hours ago

Growing Concerns around Global Warming Are Set to Drive Hypercar Market Forward: TMR

AR/VR9 hours ago

Angry Birds VR and Acron: Attack of the Squirrels Gear up for Halloween

Crowdfunding9 hours ago

This Is a $103 Billion Profit Opportunity

Energy9 hours ago

Power Plant Boiler Market by Type, Capacity, Technology, Fuel Type, and Region – Global Forecast to 2025

Energy9 hours ago

Rising Phoenix Royalties Announces Second Yoakum County, Permian Basin, Oil and Natural Gas Royalty Acquisition

Energy9 hours ago

Chem-Dry Grows Amid Pandemic with Signed Agreements to Open 64 New Franchises Across the Nation

Energy10 hours ago

Key Trends and Recent Innovations in Powder Bed Fusion, IDTechEx Identifies

Blockchain News10 hours ago

Bitcoin Breaks $12K Resistance and Aims for $14K as BTC Rallies Higher in the Expense of Altcoins

Energy10 hours ago

Pasternack Now Offers a Broad Selection of Field Replaceable Connectors Available for Same-Day Shipment

AR/VR10 hours ago

Star Wars: Tales from the Galaxy’s Edge Gameplay Trailer Drops With November Date for Oculus Quest

Crunchbase11 hours ago

The Briefing: RVShare raises over $100M, Google disputes charges, and more

Blockchain11 hours ago

Mode Adds Bitcoin to Reserves, Joining Microstrategy and Square

Blockchain11 hours ago

Has Bitcoin met its match with this altcoin?

Crunchbase11 hours ago

Syte Sees $30M Series C For Product Discovery

Blockchain News11 hours ago

What could a Democrat Sweep in US Elections mean for Bitcoin?

Blockchain11 hours ago

Yearn Finance Adds GUSD Vaults and Updated Keep3r Network Details

Blockchain11 hours ago

B2BX Exchange Announces B2BX Token Buyback

Blockchain11 hours ago

Coinend: 1, 2, 3 Take off -New Gamified Crypto Prediction Platform!

Coinpedia12 hours ago

GenTech Proudly Secures Deal with TruLife Distribution to Drive Growth in SINFIT Digital Sales

Blockchain12 hours ago

Coinend: 1, 2, 3, Take off – New gamified crypto prediction platform!

Blockchain12 hours ago

PayPal to allow transactions in Bitcoin, Ethereum etc. from 2021

Blockchain News12 hours ago

Ripple CTO Assesses XRP as a Bridge Cryptocurrency Between CBDCs, Stablecoins, and Fiat

Big Data12 hours ago

Top 10 Big Data trends of 2020

Fintech12 hours ago

5 Things to Know Before Investing in Bitcoin

Crunchbase12 hours ago

Intellimize Closes $12M Round Of New Funding

Crunchbase12 hours ago

Fintech Startups Broke Apart Financial Services. Now The Sector Is Rebundling

Trending