2020 was probably the worst year most have us have ever lived through. With a global pandemic, millions sick, thousands dead, gatherings canceled, families apart, businesses closed, curfews, lockdowns, layoffs, stress, uncertainty and fear; there doesn’t seem to be much to be thankful for. But, we’re still here and that means we’re doing something right.
It wasn’t all bad news for everyone though. Certain business sectors actually saw growth in the face of a pandemic. Work from home-based businesses, delivery services, or businesses that offer products for stress reduction and anxiety relief saw major increases in their sales. One of the big winners of 2020 was the CBD and Cannabis industry as a whole. More and more people were looking for home remedies to help alleviate stress or elevate their mood in a safe way. This didn’t always come in the form of combustible marijuana flower either. CBD, which was already booming, saw an even further increase in its interest and consumption in the general public here in Canada (as well as abroad).
Why Cannabis and CBD?
Canadian CBD Credit Card Processing Company
Let’s face it, with more time on our hands at home, we had to come up with more creative ways to entertain ourselves, our children, and our pets. Cannabis is just one of those substances which is far safer than alcohol (in terms of its addictiveness and impairment danger). Video game sales have now surpassed all sports and all cinema revenue in the United States in 2020, which is absolutely incredible. As people spent more time at home watching movies and playing video games, many of them have been enhancing their experiences and immersion using cannabis-based products.
When you have more time on your hands and can’t even go out to a bar or a birthday party, sitting at home and playing video games with a new cannabis strain fit the bill for many folks this calendar year.
See our article on What is CBD and Who Buys It? Here.
Expectations of 2021?
This will depend on what angle you’re taking. If we consider our day-to-day life expectations about the pandemic we know that vaccines are rolling out but I wouldn’t expect to be bumping elbows in a packed night club anytime soon. The point is to keep your expectations in check as it can be easy to get let down when you’re hoping for something that doesn’t come.
But what about Cannabis and CBD business expectations? These are all high expectations. As the cannabis stock market industry is booming, cannabis sales and CBD sales in-store and online are higher than ever before, it’s safe to say there are good expectations for CBD businesses this coming year. More product lines, greater demand, and greater ways to reach new customers all add up to good prospects for properly placed businesses in 2021.
Cannabis and CBD Touchless Payments are Paramount
Yes, man people are now shopping completely online and that is good for businesses selling cannabis or CBD through their ecommerce website. If you don’t have a website to offer your products yet, this is something you should be looking to do immediately. But what about for physical stores, what can they do to increase the safety and cleanliness for every patron who enters their store?
Touchless payments.
Touchless payment systems were important before the pandemic as people carry cashless and less, but when the pandemic hit that became one of the most important items for all brick and mortar businesses. We all know paper money is dirty and touching the same touchscreen, number pad, or pen to sign a receipt as everyone else who entered a store is no longer seen as safe amidst a global pandemic. Through offering touchless card readers you can ensure another measure of safety for all of your customers. This will give customers more peace of mind to come in and shop. After all, CBD and Cannabis are also used medically, and if someone with a pre-existing condition is terrified of entering a store, giving them safer options can go a long way for safety and create returning customers.
Make 2021 a Great Year
No matter what let’s do our best to stay positive in 2021. We may see further restrictions on our lives but remember that is for our safety. Don’t delay improvements to your business’s operation either. The customer experience is paramount but so too is your experience with your banking and credit card processing services. Are you sure you’re getting the best possible rates on transactions? What about direct deposit time frames? Can you get help if you need it?
If you’re unhappy with your current Canadian CBD Credit Card Processing Company, then it’s time to make an update. Get better rates from a merchant who actually knows who you are and who understands the cannabis industry.
We are investors in the Cannabis industry for more than a decade and work closely with marijuana + CBD businesses of all shapes and sizes. Call today for a consultation with Stuart Lutterman (right here in Montreal), and see what we can do to keep your businesses more relevant in 2021.
