The rise in cannabis demand in March was not just an anomaly but continued into April. It appears Americans were getting high during lockdowns to cope with pandemic stress.
Bloomberg, citing data from BDS Analytics, said cannabis sales erupted in April as dispensaries in many legal states were declared essential businesses.
On a year-over-year basis, April pot sales in Maryland doubled, sales in Arizona rose 49%, Oregon saw +40%, Colorado +8%, and California +4%. However, Nevada reported a 30% decline for the month due to a collapse in the travel and tourism industry, or mainly because Vegas was closed.
BDS data also showed sales on April 20 (4/20, also known as a marijuana holiday) were not stellar when compared to last year.
"Overall, 4/20 sales in California, Colorado, Nevada, Oregon, and Washington fell 22% from 2019, according to data from Headset Inc. That may be at least partly because the celebration fell on a Monday this year and a Saturday last year," Bloomberg said.
At the beginning of the lockdown, we noted how Americans were panic hoarding pot, long lines outside of dispensaries were spotted across the country.
- It's Not Just Toilet-Paper & Hand-Sanitizer - Condoms & Pot Sales Soar Amid Global Lockdown
- Vice, Vice, Baby! Americans (Ab)Use Porn, Booze, & Chocolate To Cope With Lockdown
The pot industry appeared to be booming during lockdowns, though ETFMG Alternative Harvest ETF (MJ) has plunged by at least 65% in the last year. No love for pot stocks?
With the economy in the dumps, tens of millions unemployed, and a pandemic still raging - Americans are heavily medicating themselves with pot.