Digital Cannabis to the Rescue
Everybody’s going virtual in the face of the coronavirus pandemic.
Virtual offices. Virtual schools. Virtual pubs, even.
So why not have some virtual 4/20 celebrations too?
Marijuana Business Daily reports that cannabis companies are planning on hosting elaborate virtual celebrations for the unofficial cannabis holiday on April 20.
What’s on the menu?
Several cannabis brands are hosting live concerts – events that attendees can visit from the comfort of their homes. Others are planning discounts and giveaways that can be redeemed online via delivery services.
It’s a safe bet that these events will be well attended. With more idle time at home, consumers are looking for alternative social events.
Virtual happy hours have become all the rage, for instance. Groups of even up to 10 or 15 people have gotten together to stay in touch. Allowing for a relaxed and comfortable setting to socialize.
St. Patrick’s Day was the last big holiday people celebrated, so it’s no wonder people want to celebrate 4/20 in some fashion with each other.
And cannabis sales have skyrocketed because of it.
So far, the spike in cannabis sales appears to be a one-time stock-up rather than being linked to ongoing increased consumption. But it’s still a bit too early to know what COVID-19 cannabis trends wind up looking like over the weeks and months ahead.
Meanwhile, the decision in Massachusetts to lump recreational marijuana stores alongside the list of nonessential businesses forced to close in the state could drive anxious pot buyers in other states to stock up.
Massachusetts’ governor, Charlie Baker, made the call to close the state’s 14 recreational dispensaries out of concern that as one of just three New England states with legal adult recreational use, the stores could bring in unwanted traffic from neighboring states at a time when public health officials are trying to keep folks isolated.
That concern is precisely why legal cannabis delivery remains such an important business – and will likely remain that way for the rest of 2020.
In interviews with Benzinga, reps from California cannabis delivery services Eaze and Driven (OTCBB: DRVD) both reported a rise in new customers who weren’t previously on the platforms before COVID-19.
“For example, on March 19, our new signups to the site increased by 122%. Our first-time deliveries were up like 73%. That’s compared to any other Thursday versus March 19,” said Eaze communications director Elizabeth Ashford.
Driven is seeing similar growth — with over an 100% increase in sales and an 89% increase in new customer signups.
As we stated last week, people have loaded up in preparation for the quarantine. But only time will tell where this uptick in sales will drive businesses like Driven.
To a bright future,