(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.
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:
- Steps marijuana businesses took to keep their employees safe.
- Attorneys discuss how cannabis employers should approach COVID-19.
- Finance and accounting maneuvers marijuana companies should consider during a crisis.
- Case studies on how some cannabis companies reacted to supply-chain issues.
- Creative methods marijuana businesses used to keep their doors open.
- Four ways the coronavirus crisis will change the cannabis industry.
- Marijuana companies donated supplies and services to fight the spread of COVID-19.