The National Association of Cannabis Businesses said it will cease operations by July 31 because of the difficult economic conditions.
The Wisconsin-based NACB, which was founded in 2017, was a national association for cannabis growers, business owners, suppliers and CBD or hemp affiliates.
“Due to current economic conditions, the decision has been made to cease operations of NACB,” the group said in an email and on its website.
The organization focused on developing national standards for the cannabis industry in a wide range of areas, including hemp, product testing, cash management, cybersecurity and sustainability.
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NACB, headed by CEO Marie St. Fleur, also hosted social equity summits in 2020 and 2021, according to the group’s website, and developed social equity guidelines.
The organization was a proponent of federal legalization and provided commentary on important adult-use markets such as Illinois and New York.