Add “global pandemic” to the list of challenges faced by the sputtering cannabis industry.
The coronavirus COVID-19 is tearing across the U.S. economy. Businesses everywhere are making very difficult decisions. In many cases, those decisions are being made for them. As I write this post on the evening of Sunday, March 15, the Federal Reserve has slashed the federal funds rate to zero, the Center for Disease Control (CDC) has recommended cancellation of all events with 50 or more people, and a cascade of state and local governments have shuttered everything from schools to bars. All of that happened in the last few hours. By the time you are reading this, the crush of news will only have accelerated.
That’s the very big picture. But you run a small (or small-cap) cannabis business. What should you be doing? Here are some high-level thoughts for the “prepare and don’t panic” crowd.
If you haven’t yet issued guidance to your employees, you are behind the curve. This is a crucial step, whether you have 1 or 100 staff. So get a plan together and get an email out right away! If you have a payroll system, employee handbook or other