3 Things U.S. Cannabis Supply Chains Need to Beat COVID-19
Coronavirus is overtaking the United States and cannabis trade is changing greatly as a result. Studies are showing retail trends never seen before in the legal market. New issues are rising across the cannabis supply chain. There remains endless speculation on emerging market data.
Yet, where are the conversations around possible solutions? What does this pandemic illuminate about underlying problems in cannabis supply chains? Next Friday, our team is hosting a webinar on this topic. In the meantime— here are 3 things U.S. cannabis supply chains need right now.
An Accessible Digital Supply Chain Network
As shelter-in-place mandates are being issued and the country prepares for a recession, cannabis supply chains will inevitably need this new technology: a free or low-cost digital network interface for transacting and connecting.
Accessibility and connectivity during times of limited financial prosperity and travel are essential for cannabis supply chains to endure. A low-cost supply chain network assures marketplace connectivity to any cannabis business that needs to cut expenses.
Interconnected cannabis businesses could trade and adapt effectively under changing economic demands. For example, with retailers, diversified portfolios of distributors could lead to cheaper products, higher grade materials, and ultimately happier customers.
Competitively Priced Digital Marketplaces
A digital marketplace encourages a multitude of advancements. Made accessible through low costs, these interfaces encourage marketplace connectivity in times of financial duress. Affordability enables cannabis supply chain players to diversify opportunities and create new relationships.
Competitive prices are essential to cannabis market flexibility in changing economic circumstances. In the current economy, pricing will be of paramount importance in keeping consumers engaged with legal markets. If a rigid marketplace only retains unaffordable prices, cannabis supply chains could lose consumers.
A New Transaction Process
An important part of an accessible digital marketplace is a seamless listing and transaction process. In the age of coronavirus, business-related travel and in-store inventory reviews are generally no-longer feasible under restrictions. If cannabis businesses can offer detailed digital representations of inventory online, connectivity would be maintained throughout the supply chain and transactions could be streamlined.
This advancement holds value beyond current circumstances in the United States. Cannabis businesses would have more efficient technology to transact and distribute inventory to a wider breadth of clients. With these technologies, cannabis supply chains could honor current health advisories while developing greater marketplace integrity in the long run.
