Stepping into the cannabis market in a timely advantageous manner, Herb Industries positions itself amongst one of the potential global leaders of this transformative sector. Emerging amidst the resolution of the COVID-19 pandemic, economic recovery is a massively debated topic. Fortunately, we are involved with a market that not only provides an abundant variety of innovative medical formulas, but also presents incredible opportunities for economic growth.
Though many sectors have been negatively affected by the pandemic, the cannabis market does not appear to be one of them. In fact, the United States has seen an increase of 67% within nationwide cannabis sales in 2020. Could this be a sign of worldwide industry growth? The coined term ‘’essential business’’ came rising to the rescue, marking a game changing epitome of sales despite the global crisis. Though civilians could not attend the movie theater or a fitness centre throughout this period, stocking up on cannabis remained a legal and vitally deemed possibility.
Taking a look at Europe’s governmental position, cannabis was inclusively defined as an ‘’essential service’’ of Spanish clubs (non-profit organizations where cannabis is cultivated and administered to registered members). The providing locations remained open throughout pandemic restrictions by abiding to safety compliances such as mask utilization, social distancing, and take-away services.
In similarity to Spain, eleven states within the U.S.A considered cannabis dispensaries as ‘’essential businesses,’’ resulting in a seen escalation of revenues.
Cleverly adapting to the ongoing situation, delivery services partook in a significant boost, and several companies adopted a drive-thru selling strategy, demonstrating one of the many forms of strategic reshaping during COVID-19.
Further around the globe, Canada’s internationally recognized cannabis market did not face any intervention; instead, legal cannabis retailers remained open and active, witnessing a profitable increase in sales.
With cannabis as a vital medication for an extensive number of patients, it is conclusive that medicinal users compiled prescriptions while recreational users seeked for a more entertaining lockdown period. A soar within cannabis stocks is consequently notable.
Though the infrastructural development of cannabis grow houses was slowed down, this delayed initiation is compensated by promising post-pandemic recovery benefits.
According to recent studies, the regularization of cannabis generates 1,6 million new jobs and a total labor income of $260,732,000 alone in the United States. Increased tax revenue and work opportunities are clear reasons why numerous states have looked at cannabis as a helpful method of economic improvement. The famous magazine Forbes has mentioned it as a “huge job creator,” and CNBC stated clearly that the marijuana industry is the “fastest-growing job market in the country.”
In Colorado, the so-called ‘’Marijuana Tax Cash Fund’’ was initiated in 2014 in order to direct governmental cannabis profits into other areas of society, such as education, mental health and the environment. The state has already gained over $1billion of tax revenues, with an entailing 16.4% being successfully implemented into education and 12.5% into Charter schools. Additionally, Washington utilized its 314.8 million fund into an initiative that aided in the provision of health insurance for low-income residents, indicating yet another outcoming welfare.
Such improvements are now of strongly pursued focus, as COVID-19 has left the United States and many other countries with disastrous economic deprivations.
Thanks to cannabis, certain statistics still show some form of enhancement:
As claimed by Leafly’s fifth annual jobs report, the United States gained 77,300 full-time cannabis industry jobs in 2020, despite the devastating pandemic. This translates to 32% year-over-year employment growth.
Herb Industries’ Research & Development team is currently looking at cannabis as a potential treatment and preventive medicine for COVID-19, focusing on the anti-inflammatory properties of high-CBD extracts.
All in all, the future of cannabis investments is bright, and its rising consistency is opening pathways of multiple purposes. As society climbs out of its losses, cannabis stands more and more attractively in the offers of worldwide restabilization. By establishing high-profile partnerships, Herb Industries maintains updated knowledge of the market and shines as a superlative participant.