The global pandemic has made the situation even worse, and investors now are looking for companies that will simply survive. There are only two names in the legal-marijuana sector that investors can look to for relative safety.
Cannabis dispensaries saw their sales soar by double digits. One company dealt with hour-long lines at its Pennsylvania stores. In California, for instance, daily sales were up by more than 50% during the first few weeks of March and reached a peak of 159% mid-month.
Jamie Pearson, CEO of California-based Bhang Inc, which makes cannabis-infused beverages, chocolates and other products, said sales were booming and should boost revenue and profits this quarter.
Roy Bingham, CEO of cannabis market research firm BDS Analytics, said he expects the industry to not only ride out the coming economic storm but continue to grow. His firm has yet to revise its prediction of a 30% jump to $17 billion in U.S. retail sales for 2020. “First, you have this existing core demand; 65% of cannabis consumers consume on a daily basis,” said Bingham. “And now you have people who can’t go to the gym or the bar and are locked up at home, where about half of all cannabis consumptions happens anyway.”
The growth in cannabis sales appears to have brought some relief to cannabis stocks, which have been going through a rough period.
Hemp Naturals, Inc. (OTC: HPMM) is a developmental stage company that plans to research, develop, acquire and sell products containing CBD, including CBD infused Gummies, CBD infused tinctures, and many more CBD products currently being developed.
The true health and wellness benefits of hemp extract are only now being realized! Research has shown that our bodies are truly BUILT to accept the amazing phytonutrients and heart-protectant fatty acids contained within pure hemp. It’s a superfood that when taken regularly, provides a broad host of amazing physiological benefits.
Our hemp extract has unparalleled bioavailability for maximum effect.Our hand-crafted Premium CBD Gummies are USA made in an FDA audited and GMP compliant facility with pure Colorado hemp CBD. They are All Natural, Organic, Gluten Free and Non-GMO. Precisely 25mg of Hemp Extract per gummy. Third-party tested for: NO THC. NO CHEMICALS. NO PESTICIDES.
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If the snowball starts rolling toward a bullish event, the bounce buying volume coupled with the long buying volume from bulls and momentum traders could create an extremely volatile near-term spike in Hemp Naturals, Inc. (OTC: HPMM) stock.