Many businesses have been struggling during the pandemic, but the cannabis industry is not one of them. Cannabis businesses were deemed essential and therefore have been working throughout the stay-at-home orders. And their business has been booming. One need only look at California’s state tax revenues to see it, as those from cannabis businesses have doubled in Q3 2020 compared to Q3 2019, jumping from $171 million to $371 million. The president of the Long Beach Cannabis Association, Adam Hijazi, has witnessed multiple first-time buyers every single day.
Of course, it’s entirely possible that this growth is despite the pandemic and not because of it. It’s only been three years since recreational cannabis was legalized. There’s still plenty of room for the industry to grow, and more businesses are opening each year. The legal cannabis business is so fresh that the illicit market still accounts for a large portion of cannabis sales. The Long Beach Economic Development and Finance Committee is even considering making starting a legal cannabis business easier to encourage this highly profitable new market.