While some companies have responded to the current COVID-19 pandemic with opportunism, price-gouging and hoarding, many more have responded with compassion. Some companies have announced that, even though they are closed due to the health emergency, employees will continue to get paid. Grocery stores are announcing policies to let senior citizens shop early. Restaurants are going the extra mile to roll out no-touch delivery options, so you won’t have to miss out on your favorite foods while you’re self-isolating inside your homes. The CBD industry is responding as well, with many providers in this new industry taking extra measures to ensure that those who rely on their products for stress and pain can continue to have access to it.
The COVID-19 pandemic is bringing devastation on several fronts: Our nation’s health and well-being is now at risk. Citizens are faced with serious shortages and price gouging at the hand of opportunistic vendors and may not be able to purchase what they need. Economically, small businesses are at risk of closing down permanently, and layoffs are already underway. People will lose their jobs and the tanking stock market could trigger a global recession. Stress levels are running high.
Those in the CBD industry are, like every industry across the board, concerned about the economic impact of the pandemic. As a new industry dominated by mostly younger companies, it is especially vulnerable. Despite the challenges, CBD providers have responded with compassion. “This is a new industry which was founded not just as a result of legislation that made CBD legal, but founded by people dedicated to health and wellness,” said Brian Baum, CEO of Cannovia, a leader in providing quality CBD products. “As people turn to our industry looking for solutions to cope with the heightened stress that the global pandemic has caused, we are proud to be a part of the solution.”
In that spirit, Cannovia has announced that they will reduce the price of all of their CBD Full Spectrum and THC-FREE oil drops and Agave Beverage Powder by 50 percent. “We believe it is important to make sure our products continue to be available, and at an affordable price during this stressful time,” said Baum. “We all have a role to play in the challenges we as a country are now facing, and we want to do our part to help our neighbors.” According to Cannovia’s press release, the price reduction “is in effect until such time as the coronavirus pandemic has officially been declared to have passed.”
As consumers struggle to find common items like tissue, toilet paper, hand sanitizer and antibacterial wipes at their local stores, they also worry over availability of CBD, and CBD retailers are already seeing a spike in demand. A growing number of consumers have come to rely on CBD for pain and stress, and many are naturally worried about being able to have continued access to it.
Those who are affected by the pandemic are anxiously looking for ways to relieve the stress, with some therapists and psychologists recommending regular exercise, a healthy diet and regularly connecting with others, even if it’s online or over the phone. “Many have also found that CBD helps manage stress,” said Baum. CBD promotes homeostasis of stress response mechanisms by stimulating the body’s endocannabinoid system, supporting a sense of calm.
Although demand for CBD is rapidly escalating, Baum notes that his company’s vertically-integrated supply chain is capable of keeping up. Since most of the industry’s supply is domestic, the CBD industry is not as vulnerable as some other products which depend heavily on China. Still, even before the COVID-19 crisis, industry analysts predicted a major spike in demand, which may be difficult for a new and still emerging market to satisfy. Farmers are only now gearing up to switch from crops like tobacco to hemp, and doing so is complex and takes time.
“It is also important to understand the benefits of CBD during this crisis, and what CBD can, and can’t do for you,” said Baum. “While some unsubstantiated claims tout CBD as a preventive measure against coronavirus, there is no scientific evidence that CBD, or anything else at this point, can prevent it or cure it. However, many people have found relief from the common symptoms of coronavirus such as aches and pains by using CBD, as well as relief from the stress that can be caused from isolation during the pandemic.”