NEWS BRIEF

Cannabis sector shows resiliency during short COVID-19 recession

The economic recession in the U.S. caused by the COVID-19 pandemic in 2020 was deep but lasted only two months, according to one of the most authoritative groups on the topic.

The National Bureau of Economic Research said this week that the downturn lasted only from February 2020 to April 2020, the shortest recession in U.S. history.

But the recession was fierce, marked by a mind-boggling 31.4% drop in the gross national product for the second quarter of 2020.

It was initially unclear how the legal marijuana sector would fare during a recession, but sales in a number of states showed resiliency from the start.

Cannabis sales in Oregon and Washington state, for example, surged even during the beginning stages of the coronavirus pandemic in the United States.

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