(This is an abridged version of a story that appears in the May-June issue of Marijuana Business Magazine.)
When the COVID-19 outbreak ravaged the global economy, the cannabis sector was still licking its wounds from 2019’s vaping crisis.
Thanks to the coronavirus, marijuana businesses were forced to downsize, investors held on to their money even tighter and a possible salvation – the U.S. government’s $2 trillion CARES Act – was out of reach for most in the industry.
But, having become more savvy and resilient during the vape crisis, many cannabis businesses were better suited to weather the coronavirus firestorm.
Some marijuana companies proved in the pandemic that they had developed more mental toughness because of the vape crisis and did not hesitate to fight for “essential business” status when states shut down many operations in response to the coronavirus.
The COVID-19 outbreak forced cannabis entrepreneurs to make innovative pivots to get their products to consumers and to be responsible in ensuring the safety of their employees and customers.
Marijuana Business Magazine took a deep dive into how marijuana companies responded to the pandemic and uncovered some important business takeaways for executives throughout the industry: