New study quantifies the impact of COVID-19, with 56% of executives moving marketing spend to online events and digital media and 39% planning to scale-back staffing according to Cannabis Business Executive
CHICAGO (PRWEB) June 30, 2020
Cannabis executives report slashing budgets and significant disruption to suppliers and services during the COVID-19 crisis, according to a new report published by Cannabis Business Executive (CBE) and cannabis market research firm High Yield Insights. Business-to-business transactions, already complicated by restrictive banking and finance regulations, have been further challenged as 45% of executives report issues receiving payments from customers.
While being deemed an “essential business” in most states has helped sustain the industry, 53% of service and equipment providers expect revenue shortfalls and 49% of “plant-touching” businesses have cut year-end forecasts. Remaining budgets for travel and live events have been outright canceled by some (33%) while other cannabis companies are reallocating to virtual online events (33%) or web-based media (26%). The joint report captures the sentiments of over 700 decision-makers in the cannabis industry prior to and during the coronavirus outbreak.