How COVID-19 Impacted on Industrial Hemp in Chemical & Materials Industry ?

COVID-19 Impact on Industrial Hemp

Industrial hemp is a type of plant which is related to cannabis species and it is used worldwide to create various types of industrial products for the consumers. Hemp is an origin of fiber and oil seeds grown in more than 30 nations. In the U.S., hemp production is controlled under drug enforcement laws.

industrial hemp

IMPACT ON DEMAND

CBD oilCOVID-19

Sales in Denver on March 23rd, 2020 were up by 392 percent over the same weekday prior to the stay-home order. After the state forced in-person retail operations to close, a Reno delivery service saw a 400 percent rise in revenue. In the U.S., places that had legalized sales, the determination of retail store closing or staying open as vital infrastructure or urgent medical needs was inconsistent.

After the lockdown in the country, cannabis dispensaries experienced a significant rise in sales and new customers.

For instance,

· In March 2020, the Orange County Register noted the increase in the overall sales by 30% in one week.

· In California, Oakland-based marijuana delivery service registered tripled the sales in one week.

IMPACT OF COVID-19 ON HEMP OIL

medicines


IMPACT ON SUPPLY CHAIN

Supply chain has been affected more due to the COVID-19 lockdown. Manufacturers are not being able to clear the old stock in the inventory and not able to manage the future demand of the marijuana grow kits in several industries which are impacting the North America marijuana grow kits industry for recreational. Due to the lockdown, there is a shortage of supply as most of the countries sourced indoor growing facilities products such as grow lights, pots and other agricultural commodities from other countries and the disruptions led to an anticipated 2- to 3-month delay for the grow kits materials.

hemp oil

STRATEGIC DECISIONS FOR MANUFACTURERS AFTER COVID-19 TO GAIN COMPETITIVE MARKET SHARE

cannabis

For instance,

· The executive director of National Organization for the Reform of Marijuana Laws said, “Cannabis or marijuana is a safe, reliable and effective treatment that millions of consumers can rely for maintaining their daily lives while suffering from diseases and ailments.”

· In April 2020, Leafly, the U.S. based cannabis website launched a cannabis delivery service for Arizona, Florida, Maryland, Michigan, Nevada, New York and Oregon.

CONCLUSION

marijuana

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