The one, two, three punch of the vape crisis, the pot stock crash and now Covid-19 have been brutal for many cannabis companies. But just about all insiders remain bullish on the industry’s long term prospects.
- At New Cannabis Ventures, Alan Brochstein sees silver linings. “We are more optimistic than ever that legalization efforts will be successful when the crisis passes,” he writes. Plus, he points out, in response to the pandemic, several states have liberalized how consumers obtain cannabis.
- Nancy Whiteman, CEO of multi-state edibles player Wana Brands, writes businesses need “win-win thinking” to overcome the crisis. For example, “At Wana we are offering a 10% discount to our dispensary partners with outstanding accounts receivables who were willing to pay in a timely manner, regardless of how old the account is.”
- Nick Kovacevich, CEO of ancillary conglomerate KushCo Holdings, suggested the pandemic could hurt the illicit market. By contrast, in a recent interview with WeedWeek, he said it probably would empower them.
- Point of sale software company Green Bits raised $23M in Series B financing from investors including Tiger Global Management (a giant, mainstream investor), Casa Verde and DNS Capital.
- In the next few months there may be great opportunities for real estate deals.
- MJBiz also looks at some of the ways companies are trying to boost morale.
- Salaries in hemp are way higher than in traditional agriculture.
Hemp Industry Daily