Massachusetts made headlines last week with their record-breaking spike in folks obtaining medical cannabis cards. The spike directly followed Governor Charlie Baker’s decision to close recreational cannabis stores, considering them nonessential.
Cannabis stocks in general stumbled in the latter half of last year. Wall Street expects profits, and none of these companies is anywhere near profitability. In the United States, high state and local taxes took a toll on sales, as did the lack of federal legalization of marijuana for either medical or recreational use.
While a fair number of these companies are based outside the United States, many of them trade on U.S. indexes. With Canada legalizing weed back in October of 2018, many hope that the United States will follow in the near future.
Many hemp farmers have not yet been able to access economic relief because funds made available by the CARES Act were not earmarked for agriculture-related businesses. That appears to be changing.
While businesses navigate the impact of the coronavirus, I've found it can be very difficult to maintain a positive mindset. As the CEO of a cannabis consulting company, I've outlined three positive strategies cannabis leaders can consider implementing during these challenging times:
Strategy 1: Refine your policies.
If your company is no longer operating or your business has slowed dramatically, take this time to define or refine every process, procedure and policy that governs the company.
Ontario’s cannabis wholesaler has announced plans for new craft cannabis regulations and to allow on-site cannabis shops for licensed growers.
Ontario’s cannabis wholesaler entity is reportedly planning to create regulations for a craft cannabis market and to allow for on-site cannabis shops at licensed growers/producers, Marijuana Business Daily reports.
When the fog that is the coronavirus pandemic lifts, and the threat subsides, Americans will discover an economy in serious need of repair. Most up-to-date reports indicate that more than 26 million Americans have filed for unemployment, erasing the 22 million jobs gained since the Great Recession in 2009.
A way to get some jobs back? According to prominent cannabis CEO, marijuana legalization is a crucial part of the solution.’
Amid a growing wave of criticism, it’s essential to keep in mind the bipartisan advantages of the cannabis industry, including the charity of several businesses. Cannabis is a proven medicine with distinct economic benefits and a giving community.
As a business coach, I've worked with dozens of cannabis businesses on growth strategy and business operations.
Ten senators today joined 34 members of the U.S. House in calling for the ability of the nation’s cannabis companies in states that are “legal” (for medical or adult use or both) to access any upcoming Small Business Administration (SBA) relief funds during the current COVID-19 pandemic.
