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June 22, 2020, 9:02 a.m. EDT

COVID Spikes a Tsunami of Cannabis Sales

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Jun 22, 2020 (NetworkNewsWire via COMTEX) -- CannabisNewsWire Editorial Coverage : COVID-19 has devastated most businesses but created a surge in cannabis sales--a trend that's likely to continue.

Strange bedfellows, COVID-19 and cannabis. As the pandemic wreaked havoc on the U.S. and global economies, cannabis sales rocketed higher across multiple markets in North America. California cannabis sales soared nearly 160% compared to the same day in March 2019, while sales in Washington rocketed 100% and Colorado saw a 46% increase on the same day. This surge doesn't appear to be a flash in the pan either. An emerging leader in the U.S. cannabis marketplace, Cannabis Strategic Ventures (otcqb:NUGS) ( NUGS Profile ), is now on pace for over $2.7 million in quarterly sales and approximately $11 million in annualized sales, based on its strong performance in April and May. Simultaneously, the company increased its harvest size by as much as 2.5x and is now selling product at an 11% premium to industry standard. Like any industry, the real winners in the cannabis markets are tied to sales and earnings growth. Canopy Growth Corporation /zigman2/quotes/200603886/composite CGC +0.41% has continued to release new products for a variety of markets while attracting significant investment from the beverage sector. Cronos Group Inc. /zigman2/quotes/206842762/composite CRON -0.86% has continued to work on expanding its international reach. With a similar focus on growth, Aurora Cannabis Inc. /zigman2/quotes/210559470/composite ACB +3.88% has acquired another company to expand its reach from Canada into markets in the United States. Organigram Holdings Inc. /zigman2/quotes/209289540/lastsale OGI +2.96% , whose business was initially disrupted by COVID-19, has begun a phased...

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COMTEX_367215668/2557/2020-06-22T09:01:59

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/zigman2/quotes/200603886/composite
US : U.S.: NYSE
$ 17.32
+0.07 +0.41%
Volume: 2.57M
Aug. 13, 2020 4:00p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$6.42 billion
Rev. per Employee
$115,039
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/zigman2/quotes/206842762/composite
US : U.S.: Nasdaq
$ 5.74
-0.05 -0.86%
Volume: 3.08M
Aug. 13, 2020 4:00p
P/E Ratio
12.49
Dividend Yield
N/A
Market Cap
$2.02 billion
Rev. per Employee
$55,248
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/zigman2/quotes/210559470/composite
US : U.S.: NYSE
$ 10.18
+0.38 +3.88%
Volume: 3.33M
Aug. 13, 2020 4:00p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$1.11 billion
Rev. per Employee
$94,401
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/zigman2/quotes/209289540/lastsale
US : U.S.: Nasdaq
$ 1.39
+0.04 +2.96%
Volume: 2.54M
Aug. 13, 2020 4:00p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$261.63 million
Rev. per Employee
$49,972
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