2020 was a year unlike any other, and this goes for the cannabis industry as well. So how did cannabis fare last year?
When the coronavirus hit, the world was brought to a screeching halt as citizens across the globe were told to shut their stores and stay indoors. The lockdowns resulted in a huge spike in unemployment and business closures, in addition to the growing number of cases and deaths from COVID-19.
Needless to say, 2020 was a tumultuous year for nearly every individual and industry imaginable. In light of this, however, the cannabis industry managed to secure some real triumphs in the face of adversity and continued to progress in many respects.
Here's a list of some of the wins that the cannabis industry achieved throughout 2020.
1. The Cannabis Industry Adapted to COVID-19
COVID-19 presented an unforeseen and unique challenge for many industries, and on top of this, none of the federal initiatives in the U.S. that were designed to help companies weather the COVID-19 storm – such as the Paycheck Protection Program or the CARES Act included provisions for the cannabis industry.
However, despite this, the industry managed to adapt and thrive.
Firstly, in light of the growing legitimacy of cannabis-derived medicines, cannabis dispensaries were deemed "essential" in both the U.S. and Canada, allowing them to remain open amid the lockdowns. This essential status of the cannabis industry in and of itself was symbolically significant, cementing the industry's role in society, though it also allowed the industry to thrive.
Regardless of the "essential" status of cannabis dispensaries, the industry had to adapt to the new lockdown rules nonetheless and did so by implementing curbside pick-up and e-commerce systems that allow consumers and patients to access their cannabis while …