For many businesses, an online selling platform is the immediate safeguard against at least part of the decline in in-store sales, as their customers are under quarantine. Considering there is also an increasing need for self-treatment, the great potential CBD businesses carry these days is clear. However meeting the demand in the new situation is quite a challenge for the cannabis industry.
No doubt customer-facing services will remain shut for another month or so.
Just when the consumer base is inclined to grow, access to a face-to-face guided introduction for new customers is somewhat limited. Online now days may be the only way to go, though it is probably most relevant to existing knowledgeable CBD customers.
Now let's assume the demand is maintained, how about a fluent supply-chain? As imported goods are stuck in customs and road transportation is not like it used to, supply chain is a challenge of its own. Sourcing domestic suppliers isn't easy, and will probably won't cover for the gap in full.
Now add to this the need to secure the sales pipeline, while having limited credit. The US stimulus program in place may partially cover for the costs required to run the business, but in a short while, increased credit terms on current deals may be the needed solution.
In short, no adjustment is painless and easy, but as there is no doubt the market is on the rise, calling CBD businesses to think outside the box close the gaps and leverage the opportunity.