Cannabis Revenues Soar by up to 60% – Sector Booming Since Corona Pandemic

Sales of cannabis products in Oregon in May were up 60% compared to May of last year. This is shown in a new infographic from Kryptoszene.de. This upward trend can also be seen elsewhere – various stocks across the cannabis industry outstripped indices such as the DAX.

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Cannabis sales in Oregon climbed to an unprecedented $103 million per month. This compares to $64.38 million in May last year, according to data from the Oregon Liquor Control Commission.

Meanwhile, there is much to suggest that consumers are buying more cannabis, especially since the outbreak of the corona crisis. In March for example, California retailers sold more marijuana on 84.62% of all days than in the days before the outbreak of the pandemic.

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Cannabis Stocks Make Disproportionate Gains

While the DAX rose by around 16.6% last month, numerous listed cannabis companies were able to chalk up even stronger gains. Aphria’s market value climbed by 48.2%, and the price of shares in Cronos rose by 45.5%.

Despite such price increases, higher demand is not currently translating into Google searches, as the infographics show. In a 5-year review, the Google trend score these days is just 19, with a value of 100 representing the largest possible relative search volume.

Developments in the Cannabis Market

Progress seems to have been made recently in the area of legalisation. For example, the federal states of Bremen and Thuringia are in favour of pilot projects to dispense cannabis without a medical prescription. To achieve this the states have submitted an application requesting that narcotics laws be amended accordingly.

Even in the face of the corona crisis, the marijuana sector seems to be getting off comparatively lightly, despite some securities still trading lower than before the stock market crash on February 19.