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Uncertainty abounds in the coming weeks, as the cannabis industry will learn if its business is as resilient as alcohol.
No neat and tidy summation explains how the coronavirus impacted the cannabis industry. Due to the plant’s federal illegal status, cannabis businesses were not eligible for small business relief other sectors enjoyed and big companies scaled back many of their operations. Just don’t tell the customers.
The cannabis industry is expected to surpass $15 billion in combined recreational and medical sales, a 40% rise from the year previous, and weed workers should outnumber computer programmers by year’s end.
But the industry will now confront whether increasing sales numbers were correlated to the additional $600 benefit in unemployment checks provided by the CARES Act. These extra benefits, which were designed to ease financial burdens for out-of-work Americans under the coronavirus pandemic, ended July 26.
Republicans and Democrats are currently drafting a new round of relief funding, as more than 30 million Americans remain out of work. That $600 bonus in benefits has emerged as a primary separation between the two parties, as Democrats want to maintain the weekly benefit and Republicans would like to reduce it to $200 a week.
Published: August 03, 2020
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