As commerce grinds to a halt across many sectors amid the coronavirus pandemic, it’s clear we are headed into the first recession of America’s legal marijuana era. In short order, we’re going to find out how regulated cannabis markets and businesses truly fare in times of economic slump.
Much remains unknown at this stage, and it is unclear whether cannabis is fully recession-proof. But having built and managed high-growth businesses in other tightly regulated industries and sustained them through previous economic downturns, I can tell you cannabis has plenty going for it that other sectors do not—and that bodes well for the industry’s trajectory during a downturn.
This won’t come as a surprise, but it’s worth repeating: People like cannabis—a lot. Legal cannabis sales have skyrocketed over the past five years and are projected to increase to $75 billion over the next decade. That’s a lot of weed.
There’s no reason to think an economic downturn—even an unprecedented, pandemic-induced recession like this—will negate the ever-increasing demand for cannabis.
Consumers across America were quick to stock up on cannabis products as states and cities began moving to shut down nonessential services, with dispensaries in states like California reporting record sales in March and April. It turned out stockpiling was unnecessary, as state after state deemed cannabis sales in legal dispensaries an essential service for consumers. In fact, more than a dozen states mandated that, similar to pharmacies, dispensaries should remain open amid the broader closure of retail establishments.
To be sure, the industry will be impacted by the coronavirus pandemic, but demand should remain steady. We may even see a continuing surge. A recent Pew study found almost 50 percent of consumers use cannabis to relieve anxiety. Cannabis can’t change the spread of the virus, but it can provide palliative relief in a stressful world.
Even if recreational sales were to slow or stop during this pandemic, medical sales likely would remain strong. People need medicine regardless of economic cycles. That’s been clearly demonstrated in states like Massachusetts, where recreational sales have been halted for the time being, but medical marijuana sales remain in place.
This won’t come as a surprise, but it’s worth repeating: People like cannabis—a lot.
It is possible medical sales may even rise in the near term, as consumers who have been procuring cannabis through the recreational system shift over to the medical system. Portland, Oregon, for example, is allowing medical cannabis businesses to continue operations regardless of payment issues or license expirations.
Cannabis is still an exciting new industry, filled with untapped opportunity and boundless potential. An economic recession won’t change that growth trajectory. Think about it: The United States hasn’t even passed federal legalization yet.
This industry is just getting started.
That said, what we are likely to see during this pandemic is the expedited demise of insolvent and poorly run cannabis companies, as supply-chain issues and other extenuating circumstances disrupt business as usual—and with no federal assistance available for the cannabis industry, the problem will be compounded.
But well-run companies that are protecting employees and customers from illness, along with having rock-solid standard operating procedures and plans for supply-chain management challenges, should fare well enough even in a recession—provided they have ample cash to cover payroll and expenses.
It is critical state governments and municipalities recognize a prime source of tax revenue must be supported from within if the multibillion-dollar federal bailout measure can’t be accessed by cannabis businesses. At first blush, it appears very little, if any, of the funds from the federal stimulus package will be used to help the cannabis industry. This must change. More than 200,000 people work in the industry, and federal and state governments must protect that workforce—to say nothing of the tax stream—from disruption.
In this environment, companies that can continue to deliver what they promise, and do it on time, are primed for success. If we do see some companies start to fold, particularly those in the cultivation category, wholesale flower prices may rise. In a scenario where demand begins to outstrip supply, well-prepared cultivators, in particular, could see a meaningful increase in profits as the pandemic plays out.
Above all, the companies that do the best during the months ahead will be the ones that continue operating with integrity amid the chaos and uncertainty. Companies that do right by their employees, customers, and partners—the ones with a strong culture and strong values—those are the ones that will thrive.
Steve Gutterman is chief executive officer at General Cannabis Corp., a publicly traded company that focuses on acquiring licensed cannabis cultivation, manufacturing, and retail assets in mature markets. He has held senior roles with Harvest Health & Recreation, one of the nation’s largest multistate cannabis operators; Mobile Accord; and E*TRADE.
Authorities Incinerate Nearly 15 Tons of Cannabis in Morocco’s Dakhla
Rabat – Authorities in Dakhla, southern Morocco, incinerated 14.53 tons of cannabis resin and other drugs on July 4.
The south inter-regional directorate of customs said the incinerated drugs also included 6.33 tons of fragrant tobacco, 144,941 packs of cigarettes, and 150 kilograms of kif, a type of cannabis.
Authorities also incinerated 28 kilograms of tobacco leaves, 220 grams of tobacco powder, and 180 liters of gasoline.
Moroccan customs services estimate the value of the destroyed drugs at MAD 154 million ($15.887 million).
Security services in the Dakhla Oued Eddahab region seized the drugs in less than three months.
Representatives of local authorities and security services supervised the incineration. Taoufik Mohamed Abdouh, the authorizing officer of customs in Dakhla, said the operation reflects the efforts of Morocco’s security units to combat international drug trafficking and smuggling.
Abdouh said he is satisfied with the efficiency and mobilization of all security services, including customs, the Royal Gendarmerie, and national security to combat drug trafficking.
Saturday’s operation followed other recent security processes to incinerate large quantities of cannabis resin and other drugs in Laayoune and Dakhla.
On July 1, authorities incinerated 12 tons of cannabis resin, as well as 36 kilograms of kif and 29 hookahs.
On June 30, authorities incinerated 15 tons of cannabis resin, as well as 14 tons and 664 kilograms of fragrant tobacco, and psychotropic…
Best CBD Oil Company in Dublin & Ireland
Cannabidiol ( CBD ) is a fairly new health and wellness supplement that is not only taking Ireland by storm but also the rest of the world. Ireland’s legal CBD market is growing rapidly and these products can be purchased easily online or through the many retail stores dotted along our high streets.
In Ireland, CBD is legal and not included in the Misuse of Drugs Act like other cannabinoids found in the hemp plant. CBD is one of the primary compounds found in the industrial variety of cannabis sativa known as hemp. CBD is also not currently authorised as a medicinal product through the Health Products Regulatory Authority (HPRA), and no official medical or health claims have been made about CBD or its related products. The majority of CBD or hemp products are authorised and marketed as regulated food supplements, but this is not always the case. These regulations and laws are slowly helping develop a framework for a legal regulated CBD industry in Ireland.
Many products are marketed as CBD oil, CBD hemp oil and hemp seed oil are available on the Irish market. The oil is essentially the raw cannabinoid that is extracted from the cannabis plant. In legal terms CBD is only extracted from hemp, as well as contains no more than 0.2% THC (Tetrahydrocannabinol ), the psychoactive cannabinoid found in cannabis. A variety of extraction methods are used for processing hemp such as solvent methods using supercritical CO2 or ethanol to make hemp-derived foods or ingredients.
Hemp seed oil is exactly that, like any other vegetable oil, hemp seed oil is extracted from the cannabis sativa seeds using traditional cold-pressing methods. Hemp seed oil naturally does not contain CBD, but may contain traces.
CBDoily is an established company that provides a variety of premium lab-tested CBD products. These products are made from quality hemp grown in the USA and EU. Their products are THC free so you won’t have to worry about getting high. They are also both Halaal and Kosher certified as well as contain absolutely no GMO’s. This homegrown Irish company provides grade A+ lab-tested CBD made by reputable suppliers.
“We started this website to become the Number 1 CBD Oil Company in Ireland. In the last 5 years, we’ve been travelling around the US to find out more about the hemp and cannabis medicinal properties. We were so amazed by our findings that we decided to launch our store and a blog where we will share our experiences and findings. Every single person deserves to live a healthy life and we are proud to take our time and research the benefits of cannabis and hemp products.”
They don’t just offer CBD oil but also offer a wide variety of quality CBD products such as edibles, capsules, vape juice, creams and CBD oil for pets. A bonus is free and fast shipping for all orders over 60 euro. Try their friendly customer support service through their live chat feature on their website, they would be glad to answer any questions you may have about their products, before you make your purchase. CBD Oil Dublin, buy from a trusted company that delivers.
Cannabis pharmacy hopes to open in Park City this fall
Add medical marijuana to the list of industries upended by the coronavirus.
Earlier this year, Utah officials envisioned the state’s 14 cannabis pharmacies would open in two waves, one in March and another in July, after medical cannabis was legalized in the state in 2018.
But July 1 has come and gone and only three locations are up and running statewide.
Deseret Wellness, the group behind the pharmacy planned in Summit County, says it will likely be this fall before the only location on the Wasatch Back will open.
Jeremy Sumerix, market president for Deseret Wellness, said the firm has been making progress since being named a license-designee in January, switching locations from a business park near U.S. 40 in Summit County to a Kearns Boulevard location within the Park City limits and securing an administrative approval from the city.
Support Local Journalism
The pharmacy will be located in a basement suite in the Emporium shopping center, 1351 Kearns Blvd. In mid-March, Park City granted Deseret Wellness, a New York and Pennsylvania-based LLC, an administrative permit for the site, and Sumerix said the firm is pleased with the progress.
Original Author Link click here to read complete story..
UK fintech startup pirkx launches in Australia
U.S. stock futures are flat as global coronavirus cases climb at record pace
Bitcoin Just Plunged Under $9,000: Here’s What Analysts Are Saying
Ethereum’s Vitalik Buterin may have made crypto-tribalism worse
Blowout jobs report may have missed a troubling trend linked to coronavirus
Bitcoin Stagnates, Criminals Targeted, $288K Prediction: Hodler’s Digest, June 29–July 5
Boris Johnson pledges £1.5bn lifeline to keep UK’s arts sector afloat
Altcoin ‘Mass Extinction’ Will Likely Precede Next Bitcoin Rally, Crypto Whale Posits
Antifa Threatened With Extremist Status: No Longer Thinks Bitcoin Is an Alt-Right Currency Antifa and BLM Will Make Bitcoin Edgy Again
Coronavirus: Texas mayors warn of ‘serious trouble’ as cases surge across US
3 Reasons Why Bloomberg Calling Bitcoin a ‘Resting Bull’ Is Inaccurate
Tesla Begins Taking Cybertruck Orders In China, Will Drive One Across America
Syringes Put the Squeeze On This Mini Drill Press
Will Bitcoin Hit $288,000 by December of 2021? New Poll Reveals Crypto Trader Sentiment on BTC
Textbook Pattern Predicts Ethereum Will Plunge Over 20% if $220 Is Lost
Litecoin short-term price analysis: 05 July
Bitcoin Surged 150% After This Signal Last Appeared. It’s Almost Back Again
Commentary: The power of control
Ripple Price Prediction: XRP/USD Is Stuck Between $0.17 and $18, as the Downtrend Is Unrelenting
Coronavirus live: Spain puts part of Galicia back into lockdown; doubts over Republican National Convention
Trump claims victory as US nears 130,000 coronavirus deaths – live
Smart Vending Machine Maker Popcom Crowdfunds $1.3M
Tencent’s new blockbuster US game studio is led by a ‘GTA’ veteran
Is Recogni Critical To Autonomous Vehicles From Legacy Automakers?
Philippine Regulator Warns Against Crypto Schemes
Cardano long-term price analysis: 05 July
Voice Social Network Officially Launches On EOS Blockchain
Block Fi Has Seen Its Income Double in Two Months
Cardano (ADA) May Soon Crater by 25% as Massive Resistance Looms
Junkyard Gem: 1973 Chevrolet Vega with V8 Swap
Statistics for Data Science: What is Skewness and Why is it Important?
Brock Pierce Announces He Will Run In The 2020 US Presidential Elections
VeChain Blockchain For Food Tracking Will Trace $300B By 2027: Report
Ethereum Is Lacking Momentum Even With New Signs For Rally
Authorities Incinerate Nearly 15 Tons of Cannabis in Morocco’s Dakhla
Trump signs PPP extension, program lives until August 8
Iran admits incident at Natanz nuclear site caused major damage
Binance Supports New Ontology 2.0 Upgrades
Best CBD Oil Company in Dublin & Ireland
As Ethereum 2.0 Mainnet Gets Ready to Launch, Co-founder Vitalik Buterin Admits Developers Overlooked Sharding, Proof of Stake Design Issues
Fintech1 week ago
Hong Kong Insurtech Enters Austria
Automotive5 days ago
Variables Complicate Safety-Critical Device Verification
Start Ups1 week ago
Amazon acquires self-driving car startup Zoox for over $1.2 billion
Start Ups1 week ago
Tesla CEO Elon Musk: ‘Who controls the memes, controls the Universe’
Blockchain6 days ago
Bitcoin Solves This: $2.8 Billion Worth of Gold Counterfeited by Chinese Company from Wuhan
Blockchain7 days ago
ABA Global Signed Strategic Partnership with GCOX
Gaming6 days ago
Rat King – The Last of Us Part 2
AI6 days ago
This Tiny House Is 3D Printed, Floats, and Will Last Over 100 Years