Like Toilet Paper, Panic Buyers Snap Up Pot: Cannabis Weekly

• Sales of recreational cannabis spiked as shortages feared

• Edibles sales soar, flower sales slump amid Covid-19

Cannabis may not be quite as essential as toilet paper, but consumers rushed to stock up nonetheless amid fears of widespread store closures.

On March 16, sales of recreational cannabis were up 159% in California compared to the previous year, jumped 100% in Washington state and grew 46% in Colorado, according to data from cannabis analytics firm Headset Inc.

There was a modest increase in the number of buyers but most of the jump came from bigger purchases: Washington consumers spent an average of $33.70 per basket, up 22% from the prior week, Headset said.

Leaflink Inc., a wholesale marketplace, saw a similar trend with a 48% increase in orders week-over-week as retailers restocked following a busy weekend. And online directory Weedmaps reported a 350% spike in delivery and pick-up orders on March 16 versus the week before.

Interestingly, consumers seemed more focused on edibles than smokable products, perhaps because they’re conscious of the respiratory effects of Covid-19. Edibles orders increased by 18% while flower orders fell 21%, according to Weedmaps. [Read More @ Bloomberg]