Background: The COVID-19 pandemic and associated public health measures implemented to mitigate transmission may increase stress, which, in turn, can be associated with changes in cannabis use. This study examined the associations between health-related and socioeconomic stressors associated with the COVID-19 pandemic, and reported increases in cannabis use. Indirect effects of health-related and socioeconomic stressors on increased cannabis use through cannabis coping motives were also tested. Methods: Cross-sectional survey data, based on responses from a convenience sample of 755 Israeli adults who reported frequent consumption of cannabis for recreational purposes, was analyzed using structural equation models. Results: About 35% of the respondents reported that they agreed to a large/very large extent that their cannabis use had increased since the COVID-19 pandemic had started. Both health and socioeconomic stressors were related to increased cannabis use during the pandemic, and coping motives mediated this relationship. The direct and indirect associations of socioeconomic stressors and increased cannabis use were stronger than the associations of health-related stressors. Conclusions: Cannabis consumption may serve as a means of coping with health and socioeconomic COVID-19 stressors. Particular attention should be placed on socioeconomic stressors as these may be particularly important in understanding coping related cannabis use during the COVID-19 pandemic.