We’re at a unique time in our history – one where the world has come together to fight an invisible enemy: the COVID-19. First and foremost, the hearts of our Botanical Solutions team go out to those who have lost loved ones and to those who are still fighting this rapidly spreading illness. Let’s face it, we are all attempting to navigate through uncharted waters.
This pandemic is challenging our population and health care system. Every day, it seems like we’re waking up to news about medical supply shortages, community lockdowns, and increasing mortality rates. At the same time, we’re hearing heartwarming stories about individuals and companies stepping up to offer financial and manufacturing support. Stories of communities coming together to address these shortages and provide the best possible care for our fellow citizens fighting this illness.
However, there is also significant collateral damage caused by this pandemic. Financial markets have plummeted and most industries have been negatively impacted by COVID-19. We are seeing massive layoffs and disposable incomes dropping dramatically as this virus rattles our economy. Secretary of the Treasury, Steve Mnuchin, stated that unemployment could soar to 20% in the U.S. as a result of the novel coronavirus.
Unfortunately, the CBD industry may also feel the impact of COVID-19. Many people rely on CBD products to help them with managing pain, anxiety, insomnia, and other health issues. It stands to reason that products we use to relieve these issues will be among the last things we need to sacrifice during this difficult time. However, it is also likely that large numbers of people using CBD products have faced layoffs, reduced work hours, and a drop in disposable income. This could result in a decline in CBD demand and sales in the near term.
During difficult economic times, the best thing we can do is act proactively to maximize our opportunity to ride out this storm. It is critical for all companies in our industry to identify the ways we can maximize our efficiency without sacrificing quality, efficacy, or customer experience.
At Botanical Solutions, we are committed to doing everything we can to help and support our community during this difficult time. If we all do our part, we will collectively have an enormous positive impact.