(at the retail level)
For some CBD is a part of their everyday routine and they purchase it about once a month. For plenty of people though it is a luxury and that they are trying out for the first time, and with a third of Americans unemployed it could be a hard sell for first time consumers.
There have been hints that our food supply chain may take a hit this year which would (maybe?) increase prices? If so many traditional farmers who switched to CBD last year and failed would just go back to soy, corn, etc for the time being.
I don’t like thinking of it this way, but for MED/REC/psychoactive hemp products in a deep recession - as long as people can afford them they’ll buy them. Probably moreso even when it’s extremely financially irresponsible. So if consumption is inevitable… let’s crash the retail market. The chads who raised tens of millions last year upon the assumption that they won’t be in the black for 2+ years will not be able to raise additional capital this year. Hit the market with consistent, fairly priced, no BS products and you will dominate.
I have products in one farm store that stayed open with the grocery stores, and people have been stocking up. I think no matter how bad things get, loyal customers who know it helps their pain will not go away. But as far as attracting new customers, they see it as discretionary spending and a luxury.
I have enough biomass in storage to supply all my customers with oil for another year, so other than a small cbg patch, all of my farm will go into food production this year and those crops will be sold at the local farmers market.
If you were asking me, the key to farmers market sales is to have a variety of products in fairly small amounts. What doesn’t sell at market then gets home canned or preserved. I grew up watching my grandparents live that way. Almost everything I picked to plant can be preserved in some way, lots of beans, black eyed peas, potatoes, sweet potatoes, carrots, and winter squash. I wish I could grow sweet corn but the raccoons are like ninjas. Keeping the deer out is hard enough.
Hemp retail and cbd stores in Texas are closed entirely. Smoke shops have tried to be resources for tp etc. but from my direct hand experience and knowledge if you can sit still and buy things, now is the best time to show off your ability to stay still
i think it will go both ways … at first prices will be low because businesses are failing hard and need the money more than we need them … ppl aren’t spending anything right now. so i think to kickstart business back after this stuff blows over there will be mega reopening sales everywhere ,
then once everything is kickstarted i’m thinking prices will be higher than they once were BEFORE all the corona stuff.
just because it’s harder to procure everything now cuz the supply chains all got trashed. before everyone had inventory for days . nowadays it’s huge demand but at the same time no supply.
Im betting prices will be lower for the things you dont need and higher for the things you do. With so many people being squeezed economically there just wont be the disposable income. Currency printing will eventually make prices go up but it has to get into circulation first.