As the global economy has come to a halt, a select few industries have actually benefited from the global quarantines and stay-at-home orders.
Grocery stores and wholesalers like Kroger Co (NYSE: KR), Walmart Inc (NYSE: WMT) and Costco Wholesale Corporation (NASDAQ: COST) all saw increases in revenue in March, as did technology companies that enable remote working like Zoom Video Communications Inc (NASDAQ: ZM).
Cannabis is also on that list.
U.S. sales of legal cannabis increased to record levels in March as consumers flocked to dispensaries around the country to stock up on goods. Helping matters is the fact that many states have deemed dispensaries essential businesses, allowing them to stay open and offer delivery services during the pandemic.
This leaves the legal cannabis industry in an interesting spot. On one hand, the fact that the industry has been deemed essential in a time of crisis is a major step forward for the still-nascent industry. On the other, cannabis legalization bills are all but off the table for states in 2020, and this will be the first time the industry will have to contend with a shrinking economy.
The current and future climate legalized cannabis will be discussed Monday at the KCSA Cannabis And Psychedelic Investor Conference. Held in conjunction with the annual national cannabis holiday, executives from 11 public and private cannabis companies will outline how the current climate …
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