CNBC’s Jane Wells takes a look at why cannabis stocks are faring better than much of the market.
Steven DeAngelo has seen it all. As the so-called “father of the legal cannabis industry,” he co-founded one of the largest vertically integrated licensed cannabis businesses in California, called Harborside, with four stores and $60 million in annual revenues.
But what’s happened in the last month is something new. “We had our largest sales day ever,” he said. “Sales are up 20-25% at all locations.”
Across the country, sales are sky high in states where legal cannabis has been declared “essential medicine” during state shutdowns, allowing stores to stay open.
Customers appear to be stocking up, and many stores are shifting to delivery. It’s also possible the industry is reaching new customers who, until now, have bought their pot illegally, but want to now take advantage of regulated product delivered to their doorstep.
For access to live and exclusive video from CNBC subscribe to CNBC PRO:
Subscribe to CNBC TV: n
Subscribe to CNBC: C
Subscribe to CNBC Classic: c
Turn to CNBC TV for the latest stock market news and analysis. From market futures to live price updates CNBC is the leader in business news worldwide.
Connect with CNBC News Online
Get the latest news: /
Follow CNBC on LinkedIn: C
Follow CNBC News on Facebook: C
Follow CNBC News on Twitter: C
Follow CNBC News on Instagram: C
#CNBC
#CNBC TV
