COVID-19’s Impact on the Cannabis Industry: Industry Leader Outlook
- In preparation for its Global Cannabis Town Hall, New Frontier Data surveyed leading industry stakeholders about the impacts of COVID-19 on the industry and their cannabis-related activities.
- Beyond unanimous expectations that the pandemic would spark an economic recession, concerns centered on maintaining sufficient operating capital in a financially constrained market, and ensuring that company staffs remain healthy.
- A majority (58%) felt that the legal cannabis industry will be impacted less severely than other economic sectors.
- Turbulence in the industry is not deterring investors; on average, eight among 10 reported that their industry-related investments would either increase (59%) or stay the same (21%).
- Coupled with a strong investment outlook for the sector, confidence that the cannabis industry is favorably positioned to survive COVID-19 suggests significant forthcoming interest from stakeholders in other sectors seeking relatively recession-proof industries despite a broader economic downturn.