Business
Leafbuyer Technologies, Inc. CEO Provides Statement on Cannabis Industry amid COVID-19 Outbreak
Leafbuyer Technologies, Inc. CEO Provides Statement on Cannabis Industry amid COVID-19 Outbreak.
About this update from Leafbuyer Technologies, Inc.
[{"type":"text","content":"DENVER, CO / ACCESSWIRE / April 2, 2020 / Leafbuyer Technologies, Inc. ("Leafbuyer" or "the Company") (OTCQB:LBUY), a leading cannabis technology platform, prepared a statement regarding the impact of the COVID-19 pandemic on the cannabis industry. Leafbuyer employees interviewed clients, assembled internal platform analytics, and presented findings to the executive team.Kurt Rossner, CEO of Leafbuyer, stated, "Many cannabis businesses of every variety are being affected by the COVID-19 outbreak. Dispensaries have experienced a surge over the past two weeks as consumers and patients rush to stock up. We've seen this on Leafbuyer.com in ordering activity and in the po­­pularity of bulk deals. Edibles are outperforming other categories in popularity, likely due to a lack of smoke or vapor that may affect the lungs.Our dispensary clients are increasing use of the Leafbuyer Order Ahead and Delivery services as they continue to operate while practicing social distancing. When possible, dispensaries in some municipalities are utilizing drive-through and curbside delivery options. We predict that these shifts in the way local retailers transact with consumers will become the status quo. While we hope that these isolation measures will end within a few weeks, some experts predict that the crisis will last many months.We are encouraged to see that states with legal cannabis are overwhelmingly declaring dispensaries to be essential businesses, guaranteeing consumer and patient availability. Our business model is perfectly aligned with the new social distancing measures as our dispensary customers will still need our online ordering, delivery, and communication solutions. These tools will help them through these unprecedented times.Legal states are incentivized to keep dispensaries open as the tax revenue from cannabis sales helps soften the economic impact to state budgets. States that have not legalized medical or recreational cannabis could be looking to legalize much more quickly to help cover the impact of COVID-19 on state revenue shortfalls.Our CBD clients, especially those with e-commerce websites, have also seen increased orders in recent weeks. Brands with products that directly target anxiety and stress are seeing the greatest increase. As discretionary spending decreases in the comin...