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Alex Halperin was fairly new to cannabis when he noticed a lack of business reporting for an industry that was the fastest growing industry in the nation. Today, he is the founder of Weedweek, one of the top media companies that solely cover the cannabis industry. Alex joined David Belsky this past Wednesday to discuss the current events of the Cannabis Industry. They cover everything from essential services designation of cannabis to the success and failures of brands during this time.
While allowing cannabis businesses to qualify for the small business loan under the PPP would be have been beneficial to the whole industry, the designation of an essential service in most states has kept the industry afloat. However, both David and Alex recognize this moment in time has been a force of maturity for the industry. The pandemic is showing both the strengths and weaknesses of cannabis. For example, David emphasizes the importance of having a strong foundation as a company – white labeling and fancy packaging just are going to cut it anymore. Instead, brands such as Cookies, have a strong foundation and have been able to keep sales high. Alex, on the other hand, recognized how strong the California market is even across the nation. The creative minds and CPG firepower that came out of California is now shaping the future of cannabis, and it is no doubt that the California market has the most energy and the most money.
So it the industry in retreat or building up? The short answer it’s hard to tell, but it is definitely not on the build-up. While the pursuit of front line workers in retail and facilities has skyrocketed and demand has stayed steady, brands and markets that did not have the legs to be successful are crumbling. However, it is no doubt that this time has given companies time to hone in on business efficiencies to generate profit and growth.
Alex and David end the conversation with a prediction of the future of cannabis, including how cannabis can build off the essential services proposition and what will happen when cannabis becomes legal and state lines open up.