WHAT DOES 2021 HOLD FOR THE INDUSTRY?
Another year has come to pass and what a insane year it was to say the least. The world was thrown into a global pandemic turning industry's into winners or losers almost overnight. One of those industry winners was definitely Cannabis. Due to it being used for medical use cannabis businesses were scheduled as essential businesses in both USA and Canada allowing them to stay open during the ongoing lock downs. The lockdowns also kept people at home from work and in turn a 20% increase in cannabis use was seen.
This boost in use was seen across the industry bringing in more business then usual for dispensaries, producers and other companies connected to the industries.
But now the new year is here along with the release of vaccines for the covid pandemic, so will we see a return to normal and see a drop in use and the Industry as a whole? It's hard to say, especially with news of a new mutated version of the virus spreading.
I think just like last year we will continue to see huge numbers of people learning to grow their own at home for supply security. When the Pandemic 1st hit there was a large run on growing supplies and judging by YouTube there was a big influx of new growers learning how to produce their own cannabis. The gardening industry saw the same rush and because we are living in crazy times I see this trend sticking around for a few years to come until all the dust settles. But if more and more move to growing their own and find how much money it saves it may cause a drop in sales of store bought cannabis.
2020 was another big year for legalization of more medical and recreational states across the USA adding 5 new ones to the board. The legal cannabis states now have majority and popular support of the entire country for ending the war on cannabis. Will we see the full legalization of Cannabis this year in 2021? After last year I'd say anything is possible.