The Sunshine State reported its highest ever cannabis sales since medicinal marijuana was legalised in 2016.
The state Surgeon General for Florida, Scott Rivkees, issued an emergency order last week which grants participating healthcare providers permission to conduct consultations via remote telehealth services for a 30-day period, however it will remain limited to existing patients.
This means that existing patients will be able to have their prescriptions renewed during the coronavirus crisis—to ensure their continued access to medicinal marijuana—although those without a cannabis card may have to wait at least a month.
The news follows reports that Florida's medicinal cannabis dispensaries are seeing record breaking sales, as patients stockpile supplies in fear of a potential lockdown.
We saw a combination of an increase in traffic and people purchasing more. Edibles were the other category called out as being high in demand but still not as strong as flower. Cannabis consumption aligns closely with a quarantine or "lock-down" scenario. Consumption for many will likely increase being home all day and not having to travel to work or school or being around other socially.BDS Analytics CEO, Roy Bingham
Over the last week, medicinal marijuana sales in Florida increased by nearly 40%, which accounted for approximately 2,274 pounds of raw cannabis biomass sold.
This is highly encouraging news for investors, as it indicates that some areas of the cannabis industry may potentially be recession proof—in the same way that alcohol and cigarettes are—despite the ongoing economic collapse.
"Patients are stocking up on their medications because they know they are not able to easily leave their houses," Florida Doctor Michelle Weiner said.
"They are also more anxious about the unknown and are using cannabis to calm themselves while they homeschool their kids or learn how to cope with potential decreases in wages from hours lost at work."
This sentiment was also echoed by a report from BDS Analytics, which found that smokable cannabis products are typically "already a daily routine for most inhalable consumers; with the flower stock-up we may see even greater consumption."
"Cannabis consumption across formats ramps in the evening and before bed post work or school."
"Being home could drive greater consumption across all day parts, consuming the 'stockpile' faster than would be typical," BDS Analytics CEO Roy Bingham said.
While sales may be booming, the state has also begun enacting a variety of safety measures to ensure the safety of consumers, including increased curb-side pickup and the expansion of home delivery services.
"Everybody's kind of driving through the fog with no headlights in trying to make the best decisions for patients to access medicine," Physician Barry Gordon said.
This pot stock could reach new heights in 2020 due to Coronavirus
The COVID-19 pandemic is showing no signs of slowing down, and as global markets enter meltdown many cannabis companies are feeling the effects of capital crunch.
While the market crash will continue for some time, it represents a golden opportunity for investors who are capable of riding out the volatility until share prices rally.
Luckily, one pot stock has developed antimicrobial drug that can already treat two superbugs while limiting their ability to develop antibiotic resistance.
Investors can also start picking up shares at rock bottom prices, as global investor sentiment continues to dampen thanks to COVID-19.
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