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The sector was already shaky before COVID-19, but companies must now have the right mix of cash, pot and sales channels to make it to the other side

Before the outbreak of COVID-19, cannabis stocks had plummeted from fattened valuations as they failed to find promised profit and seemed at risk of bankruptcy. The global pandemic has made the situation even worse, and investors now are looking for companies that will simply survive.

The coronavirus outbreak has put weed legalization — a movement that has made considerable strides in recent years with 11 states now allowing recreational marijuana and 33 permitting medical cannabis —  on the back burner in states around the country, as politicians focus their efforts on combating the epidemic and the future of ballot referendums on the issue is thrown in the balance due to social distancing guidelines.

Marijuana legalization in Mexico looks hazy this year. While the country planned to legalize marijuana in October 2019, issues came up. After a lot of deadline extensions, the country was ready to legalize marijuana by the end of April 2020. However, the Mexican Supreme Court has extended the deadline again. The new deadline is partially due to the COVID-19 pandemic.

U.S. cannabis CEOs say the chances for federal marijuana legalization will dramatically increase in the wake of the coronavirus pandemic, after several states declared dispensaries essential businesses, allowing them to remain open during stay-at-home orders aimed at halting the spread of the virus. 

CNBC spoke with the leaders of U.S. based cannabis producers Cresco Labs, Curaleaf and Green Thumb Industries as well as cannabis investor Matt Hawkins about the state of the industry ahead of April 20, also known as “4/20,” the unofficial holiday for recreational cannabis users.

As the global economy takes a COVID-19-triggered downturn, what can the cannabis industry expect?

Is cannabis recession-proof? Many industry experts have weighed in with a resounding "Yes!" But is this entirely realistic or just wishful thinking? The nascent cannabis industry may come out of the pandemic in better shape than many others, but it's likely to go through a period of significant transition.

The cannabis community is finding creative ways to celebrate the biggest day in weed while under stay-at-home orders

While COVID-19 cases peak and stay-at-home orders remain in place, the National Organization for the Reform of Marijuana Laws (NORML) is advising cannabis consumers with access to legal weed to 

Last week, the U.S. Department of Agriculture (USDA) approved Florida’s plan to let farmers grow hemp in the Sunshine State.

On Thursday, the USDA announced the approval of Florida’s and Kansas’ plans for hemp production.

There are more headwinds this month that will likely impact pot sales.

March was a strong month for pot sales. As the coronavirus pandemic put consumers on edge, many people loaded up on cannabis, presumably in anticipation of prolonged stays at home. However, the data suggest that sales surged during the first half of the month, while sales began to decline toward the end of the month. Some industry experts went so far as calling pot "recession-proof" and similar to alcohol in its resiliency.