(This is an abridged version of a story that appears in the July issue of Marijuana Business Magazine.)
When the Great Recession hit in late 2007, the cannabis industry showed little resemblance to what it is today, with only a few businesses operating now that were open then.
Today, thousands of growers, retailers, manufacturers and ancillary companies operate across more than 30 states — and they now confront a major economic downturn.
For many in the cannabis industry, this might be the first recession they’ve faced as an executive — or even as a professional. Steering a company or business unit through any recession is daunting, especially one of this magnitude.
Nevertheless, past recessions can offer lessons for how to cope. To that end, Marijuana Business Magazine assembled a quartet of cannabis executives who have weathered the nation’s past three recessions:
- The savings and loan crisis of 1990-91.
- The dot-com bust of 2001.
- The subprime mortgage debacle of 2007-09.
Four cannabis executives share lessons they learned from previous recessions and how they are applying them to the current downturn.
To read more about lessons learned from past recessions, click here.
Omar Sacirbey can be reached at [email protected]