Let’s face it: 2020 has been brutal. A worldwide pandemic. An financial recession. And a hyper-partisan presidential election.
Even for the hashish business—with its historical past of federal raids, draconian rules, counterfeiters and extra—2020 posed challenges like no different.
Most of the trials from the previous yr are attributable to the coronavirus pandemic and the deadly menace it posed to hashish business staff and customers. Beyond that, executives noticed provide chains from China snap nearly in a single day, stalling deliveries of vape elements and packaging. Meanwhile, governments in many markets mandated that hashish retailers finish in-store gross sales, forcing them to pivot to supply and curbside pickup.
Not everyone may hack it.
Making the lower
Coming off a troublesome 2019 that included a vaping well being disaster and a retreat amongst hashish buyers, 2020 delivered a further punch that broadsided many companies, from multistate operators that went bankrupt or laid off scores of staff to small companies that have been compelled to promote their licenses.
“Throughout this, we’re adapting. We don’t know how long it’s going to go on. Years? A month? We don’t know,” stated Brandon Rexroad, CEO of Portland, Oregon-based MSO Shango Premium Cannabis, which does intensive enterprise in Las Vegas. “But you don’t want to be the guy who’s waiting. There were some retailers in Vegas that just shut their doors.”
Many marijuana companies embraced the challenges that 2020 threw at them and found they might not solely survive the yr however thrive.
Marijuana Business Magazine has scoured a number of information sources and enterprise indicators to convey readers insightful tables displaying which publicly traded companies excelled this yr, which of them didn’t and why.
We additionally recognized eight smaller companies that survived and infrequently thrived in 2020. These aren’t essentially the largest, greatest or most worthwhile hashish companies in the United States—developing with a quick, definitive checklist can be almost inconceivable. But the companies highlighted in these pages demonstrated what it takes to succeed.
Key measures and yardsticks included:
- Top gross sales positions in varied states, in accordance to information from Seattle-based hashish analytics agency Headset and LeafLink, a New York-based marijuana business wholesale stock and ordering platform.
- The variety of new sufferers or prospects added by companies.
- Unusual and/or revolutionary methods that allowed companies to rebound from adversity.
Some different keys to success included good stock administration, aggressive discounting, artful advertising and marketing, product selection, information gathering and evaluation in addition to rising self-reliance.
The tales and information in this bundle are meant to provide perception and inspiration for marijuana companies coping with adversity in the years to come. Read in regards to the following companies: