During the great American lockdown, marijuana sales are generally up, providing an opportunity for the industry. In most states, cannabis has been deemed, like alcohol, an essential service. This has been a financial boom for retailers and their investors and led to an uptick in sales for product companies.
Canopy Growth (NYSE: CGC), which is tied to Constellation Brands (NYSE: STZ), is seeing a slight rebound of their stock, as their liquor, beer, wine, and cannabis sales are very healthy. This gives the cannabis industry a window to gain larger acceptance with the consumer public. Millions of Americans are looking for something today to provide some mental relief. Medical marijuana can be used to help ease anxiety and help manage stress in an uncertain world.
“What’s important is that cannabis is considered a medicine, and people need access to the medicine during this time,” said Chanda Macias, of the Washington, D.C.-based National Holistic Healing Center, and a board member of the National Cannabis Roundtable advocacy group.
One opportunity for medical marijuana companies to scale quickly is via The Fresh Toast. Through an exclusive partnership, they work with 1.7 million healthcare professionals including 800,000 physicians (80% of practicing doctors) and 900,000 nurse practitioners, physician assistants, pharmacists, and medical directors to educate on medical marijuana. They have, by significant numbers, the largest engaged number of professionals who recommend or prescribe medical marijuana products. With a proven track record with companies like Pfizer Inc (NYSE: PFE) and Merck (NYSE: MRK), The Fresh Toast has helped the industry engage with 50,000 healthcare professionals in just the last month.
Though many companies have already signed up for the program, now is the opportunity for more medical/CBD companies to scale as to meet rising consumer demand. Patients are stressed, and medical marijuana can be an easy, non-addictive prescription during a short-term global crisis.
The challenge for companies is to have the resources and infrastructure to grow quickly over 1-3 months. As in any crisis, there is a chance for companies to grow and meet the demand of a changing business environment.
Lead image by Ilona Szentivanyi. Copyright: Benzinga.
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