It’s no secret that cannabis has been doing well during COVID while other industries are struggling, but now, there’s a new reason why the industry is thriving. As the election nears, sales and stocks of both cannabis and firearms and soaring.
Many believe this is because of the growing social unrest in the U.S., as well as the possibility of a Democratic election sweep that could legalize cannabis and enact stricter gun control. As a result, people are jumping to stock up on guns just in case they are no longer readily available, and also investing in cannabis, as they expect the industry to thrive.
“Sales this year started off like any other year,” said Garrett Porter, a machine gun manufacturer based out of Apopka, Florida. “We anticipated a build-up toward election. But with COVID, a panic was created that unfurled into the civil unrest that followed.”
Guns, Drugs, And Money
Porters’ company, Special Ops Tactical, says they have sold 20,000 semi-automatic machine guns in 2020 and plan to make 10,000 more. In a normal year, they sell between 5,000 to 9,000.
“There became this heightened sense of concern for American citizens and a fear of the unknown,” he added. “A lot of people wanted to arm themselves. Sales have been extremely high – as much as 10 times higher than normal.”
Ammo sales have also been soaring. Jake Felde, chief executive of Lucky Gunner ammo company, claims that guns and ammo are like toilet paper; you can tell there’s trouble brewing when they are flying off the shelves.
“Traffic to our site is about double what we would consider ‘normal,’” he said. “We’re doing all we can to keep the most popular calibers in stock right now.”
“When you go to the store and you don’t see toilet paper on the shelves, it tends to make people stock up on all sorts of items that they may need in a pinch, whether that’s canned corn, water, or items to keep your family safe.”
In light of the concern sweeping the nation, shares from major gun manufacturers like Smith & Wesson and Vista Outdoor have doubled and then some since March.
Additionally, cannabis stocks have been on the rise, although not quite to the degree that gun stocks have been. Shares of the 10 largest companies in the U.S. and Canada have increased by at least 20 percent since August according to Viridian Capital Advisors.
Cannabis sales are then expected to rise even more, up to 40 percent more, in 2020. If Biden and Harris end up taking the election, and the Senate is also swept by democrats, this number could be even higher. Many are also banking on the fact that Kamala Harris has commented on being pro-cannabis.
There’s no guarantee that Democrats will sweep the elections, though many are hopeful for what that would mean for the nation and for cannabis. But, as election day approaches, we can hope that all the joints purchased see a lot of use, and the guns purchased do not.