The coronavirus has served to completely dismantle growth among many industries and not just marijuana stocks. In the past three weeks, we have witnessed billions in the marijuana market value lost because of this pandemic. Of course, it is an awful time and this is a tragic event, but there may be some long term effects that could end up being positives for certain pot stocks. The cannabis industry, in the long run, will be resilient as it always is.
But, to what extent this pandemic will affect the marijuana industry remains unknown. And, the theme of the unknown remains extremely present in the industry today and in the foreseeable future. For some time, we have been witnessing cannabis stocks being traded off of fear rather than their intrinsic values. Because of this, much of the market has remained skewed. The coronavirus has shown that there could be some lasting effects that may help to solve future challenges amongst certain pot stocks to watch.
But in what ways will this virus help the industry? In the short term, it is unclear. In the long term, however, we have a better chance of identifying what changes will take into effect. Again, no one knows what will happen next month or even next week. And because of that notion, everything is speculation right now. So with that in mind, these changes could become strongholds in the cannabis market moving forward.
Demand for Cannabis is Increasing
One of the very real trends that we have witnessed in the cannabis market recently has been a massive rise in the demand for marijuana. The states that have legalized cannabis, have chosen to make dispensaries essential services amidst this pandemic. In addition, many of those who before would not have turned to cannabis, have now decided to take the leap.
This means that we could see more lasting consumers continue to purchase cannabis in the industry. In addition to this, with many products for pain relief now being unavailable in certain areas, people have decided to use cannabis to solve their medicinal issues more than before. So, with that we could see a lasting effect in the cannabis industry moving forward.
The Methods For Cannabis Buying Are Changing
Buying cannabis is something that many thought would be challenging during this pandemic. But, dispensaries quickly learned to adapt to the new ways that the industry is functioning. This means that many retailers have begun to adapt delivery services as well as curbside pick ups. This is one way that companies have been able to forgo the restrictions around selling products during this time. Michigan recently became the latest state to allow for the measures regarding social distancing and cannabis purchasing to be lessened.
The state has worked to provide various services such as delivery to those who need it or otherwise could not get their cannabis. But, state laws continue to change and the infrastructure surrounding cannabis should continue to change as well. Because of this, the hopes are that demand will continue moving forward. But, all is up in the air right now and it seems like it may be that way for a while. All we can do is hope for the best and continue to push on to the future.