Tens of Thousands of Businesses
are Ordered to Close
BUT Democrats say Pot is Essential
(Washington Post) - As the novel coronavirus rages on, few industries have experienced quite as many highs and lows as California’s cannabis industry.
Just a month ago, it looked like California’s weed trade was headed for a shutdown, which would have landed a devastating blow to many businesses that are already struggling.
Then, state officials deemed pot “essential,” and many stores reported the biggest days of sales since recreational marijuana became legal. Now, a more sobering reality is setting in: The marijuana industry is unable to tap into a federal stimulus package or bank loans.
“There’s no money that’s going to be coming into the sector,” says Nicholas Kovacevich, CEO of KushCo Holdings, a major distributor to marijuana dispensaries. “All of these companies, including us, need to get profitable really quickly or risk running out of money.”
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