Oregon Sets Record Cannabis Sales Due to COVID-19

Representatives of the cannabis industry in Oregon have reported record-breaking sales of marijuana totaling $84.5 million. This surge in sales was largely driven by the statewide quarantine measures.

The Oregon Liquor Control Commission, which also oversees the legal cannabis industry, announced that dispensaries sold more marijuana than during the same period last year. In March 2019, Oregon’s cannabis sales amounted to $61.2 million.

Impact of Quarantine Measures

On March 23, Governor Kate Brown issued a stay-at-home order to prevent the spread of COVID-19. By law, residents were only allowed to leave their homes for essential reasons, such as visiting a doctor or working in critical sectors. They were also permitted to go out to purchase necessities like food, medicine, or marijuana. Failure to comply with the stay-at-home order could result in fines.

The quarantine and isolation led to a wave of panic buying, with many people rushing to stock up on marijuana. As a result, the cannabis business in certain states saw significant profits, depending on the availability and legality of marijuana in those areas.

Trends in Other States

For example, marijuana sales in California have been higher than in previous weeks. However, in other states like Washington and Colorado, marijuana sales have been below average for the same period. This may be because the cannabis industries in those two states rely heavily on tourists, who are no longer traveling.

Potential Challenges Ahead

It is even possible that some cannabis companies may declare bankruptcy due to the coronavirus outbreak. It remains to be seen whether the pandemic is solely to blame for the economic consequences, or if longstanding issues with sales and inefficient management have made the situation worse.