Just as the global economy was finally recovering from the 2007–2008 financial crisis, the coronavirus pandemic struck, effectively plunging the world into the worst recession since World War 2. International travel came to a near-total standstill as countries tried to prevent the virus from entering their borders, disrupting global supply chains. The resultant lockdown and self-distancing orders were devastating for most industries; one of the hardest hit was the hospitality sector, which shouldered millions of lost jobs.
The cannabis industry fared relatively well, on the other hand, with cannabis companies reporting month-over-month sales records even as the pandemic ravaged the economy. In the United States, states with legal cannabis markets such as California collected as much as $2 billion in cannabis tax revenue. A year after the virus first appeared in Wuhan, China, countries are looking to rebound from the 2020 economic slump, and cannabis tourism represents quite a lucrative opportunity.
With several states and countries adopting pro-cannabis policies, people residing in jurisdictions that don’t allow cannabis have been traveling to those that do to purchase and consume cannabis. Dubbed cannabis tourism, the “New York Times” reported that the phenomenon was on the rise in 2019, with travel entrepreneurs organizing cannabis-infused experiences such as bus tours of grow facilities, food classes and painting classes.
Research from the Colorado Tourism Office (“CTO”) and partner Strategic Marketing and Research Insights (“SMARI”) reveals that for 6.5% of the people who traveled to Colorado between 2013 and 2018, cannabis was one of the reasons they visited the state. Additionally, 16% of travelers who visited the state in winter 2018–2019 and 15% of 2018 summer travelers also visited a cannabis dispensary or store. SMARI found that cannabis-motivated visitors tend to have longer trips compared to the average visitor, spending 5.1 nights in the state versus 4.6 nights.
And this type of tourism is not confined to just the U.S.; Thailand is planning Southeast Asia’s first-ever medical cannabis tours in 2021 to attract foreign investment, and Canada is evaluating how to use its flourishing cannabis industry to help revive the economy as well as boost national and international tourism. Countries such as Spain, Germany, Jamaica and Uruguay also offer a variety of cannabis-infused experiences to cannabis tourists.
With businesses offering a wide range of exciting cannabis-inspired experiences coupled with higher-value cannabis products such as vape pens and topical creams, cannabis tourism can provide plenty of revenue for countries, states and cities looking to rebound from the COVID-19 recession.
Away from Canna-tourism, many cannabis companies have taken innovation to a whole new level. A clear illustration is the work being done by CannAssist International Corp. (OTCQB: CNSC) through its fully owned Xceptor Labs, which has introduced CBD tinctures, creams, pet drops and capsules with higher absorption levels into the market.
NOTE TO INVESTORS: The latest news and updates relating to CannAssist International Corp. (OTCQB: CNSC) are available in the company’s newsroom at https://cnw.fm/CNSC
CNW420 spotlights the latest developments in the rapidly evolving cannabis industry through the release of two informative articles each business day. Our concise, informative content serves as a gateway for investors interested in the legalized cannabis sector and provides updates on how regulatory developments may impact financial markets. Articles are released each business day at 4:20 a.m. and 4:20 p.m. Eastern – our tribute to the time synonymous with cannabis culture. If marijuana and the burgeoning industry surrounding it are on your radar, CNW420 is for you! Check back daily to stay up-to-date on the latest milestones in the fast -changing world of cannabis.
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