Hoarding runs at big box stores and local grocery stores are also migrating to liquor stores and weed shops as the consumer expects a full shutdown of not only bars and restaurants but liquor stores and weed shops. Sellers of online CBD products are also experiencing a boost in sales as part of the hoarding mentality.
Marijuana Business Daily saw a dramatic jump in online sales for all products as part of panic buying for multiple product lines from CBD Gum to Cannabis Flower and Oils, the article said, ” According to point-of-sale data provided by Seattle-based Headset, daily sales in California spiked 159% on Monday over same-day sales in 2019 “.
The hoarding mentality has effected every market and is changing consumer behavior quickly, and the supply chain is stalling and sputtering as a result of demand exceeding supply. Long lines at airports and other consumer buy points create a herd mentality similar to weather-driven panics you get in front of hurricanes or potentially damaging storms.
The government at the state and local levels has shut down as many points of contact as they can without declaring a Martial Law environment, and the Federal Government is preparing steps to get money in the hands of Americans laid off from the shutdown.
The demand created by hoarding will create spikes for the sellers, but price is not affected as gouging concerns can impact brands so prices remain in line. The real question is how will demand change as the supply chain comes back after markets settle down and the world returns to normal. Many analysts see this having a long term impact on how the consumer buys goods in the future.
This run on cannabis stores could mean a big boost for outside of the controlled direct-to-consumer sales of the powerhouse cannabis company Canafarma.
