10 Tips for U.S. Cannabis Businesses Facing an Economic Downturn
By Phil Silverman
May 20, 2020
The following is an excerpt of an article originally published by Hemp Industry Daily.
With businesses around the country shuttered and millions of Americans out of work because of the coronavirus pandemic, the U.S. is facing its gravest economic crisis since the Great Depression.
Below are 10 tips cannabis businesses should follow when facing an economic downturn.
This list is not necessarily unique to cannabis businesses.
But in an industry that’s already subject to greater federal, state and local scrutiny, these concepts can serve as a guide for those seeking to relieve their financial stress.
1. Don’t ignore signs of trouble.
Delaying the development of a strategic plan to address financial problems can eliminate options later on.
For example, many cannabis companies can improve their financial situation by liquidating assets, but delays in obtaining state and local regulatory approvals tend to depress the value that an interested party will pay.
If this is a part of your strategy, you need to prepare to expedite these regulatory processes now.
Read the full article here.