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The stimulus checks that many Americans are beginning to receive this week could also stimulate the cannabis industry, namely the dispensaries. Viridian Capital Advisors said it expects the latest stimulus check will translate to higher than normal retail sales in the near-term, as well as inflated wholesale prices, which are driven by that stronger retail demand.
The last time Americans got a stimulus check, cannabis companies said they saw increased demand. No doubt being declared an essential service helped as many dispensaries could make deliveries or offer curbside service. Viridian said that in reporting second-quarter 2020 results, nearly all the industry’s leading operators attributed a boost in sales to stimulus payments. Cannabis tech company Akerna (NASDAQ: KERN) published a flash report stating that April 15th (right after many Americans received stimulus checks) was the biggest Wednesday for legal cannabis sales in history with both ticket size and total revenue up over 50% compared to a normal Wednesday in 2020. Viridian added, “We note that the April 15th sales uptick came just weeks after a stockpiling of cannabis had occurred in late March 2020 and at a time when Massachusetts rec sales were prohibited, and Nevada sales were restricted, making the increased sales level following the stimulus receipt seem even more significant.”
The post Dispensaries Could Get A Lift From Stimulus Checks appeared first on Green Market Report.
420GrowLife
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Debra Borchardt, KahliBuds, 420GrowLife
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