Cannabis marketing data firm New Frontier Data yesterday hosted a day-long webinar on the effect of the coronavirus (COVID-19) crisis on the global cannabis and hemp industries.
Moderated by CNBC’s Tim Seymour and Amanda Drury, and former FOX News announcer Carl Cameron, the Global Cannabis Town Hall: New Economic Realities featured online panels with cannabis and hemp industry members from Asia, Europe, Latin America, and North America. Webinar segments were separated into discussion topics by geographical region.
Hoban Law founder and attorney Robert Hoban countered that the cannabis industry may not be well-defined enough in the United States, to claim recession-proof status.
Hoban also suggested that in an economic downturn, brought on by the coronavirus crisis, industry companies would have to re-evaluate their business models. In a recession, company closures for those without the wherewithal to withstand a downturn could eventually become a reality. “Collaboration” and partnerships, Hoban said, may force these companies to “rethink their trajectory to success.”
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