Cannabis Becomes Bright Spot In Pandemic World

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It seems most businesses are reporting dismal outlooks during the pandemic. Event organizers, airlines, bars, restaurants, theatres – you name it everyone is suffering. Everyone except cannabis.

Business intelligence from Akerna (Nasdaq: KERN) said that cannabis sales are thriving during the COVID-19 pandemic. The company provided the following statistics:

The numbers March 11 – March 18:

  • Medical cannabis sales: Up 20.8%
  • Recreational cannabis sales: Up 11.6%
  • Flower sales: Up 22.6%
  • Vape sales: Up 9.7%
  • Edible sales: Up 12.4%

“Cannabis operators are running an essential business,” said Ostap Rapeyko, business intelligence analyst, Akerna. “On March 11, when major news of the potential impact of COVID-19 indicated changes in lifestyle, buying patterns were at normal rates. However, a week later, on March 18, sales increased by 19.2% overall.”

Columbia Care Sets Weekly Record

Columbia Care Inc. (OTCQX: CCHWF) reported preliminary revenue for the week ending March 14th, as well as preliminary year-to-date revenue for January 1 – March 14, 2020.

Preliminary Results (vs. same prior-year period)

  • Revenue for the week ended March 14, 2020 increased 156% to a weekly record $2.8 million
  • Year-to-date revenue through March 14, 2020 increased 131% to $23.6 million
  • Results include only a partial benefit of the Company’s six dispensaries opened during the first quarter of FY 2020

The results were repeated across the board with the following State Level Operational Highlights (week ended March 14, 2020):

  • MA: record weekly revenue
  • OH: record weekly revenue, including single day revenue record in Dayton
  • CA: record weekly revenue, including single day revenue record in De Soto
  • DE: record weekly revenue, including single day revenue records in Rehoboth and Wilmington
  • PA: single day revenue records in Allentown and Wilkes-Barre
  • IL: record weekly revenue, including single day revenue record in Chicago
  • FL: record weekly revenue
  • MD: record weekly revenue
  • PR: record weekly revenue

In a sign of support for the company, members of the Columbia Care management team and board of directors will be able to purchase shares in the open market, beginning March 19, 2020.

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