MJBizMag January 2021 - 47

Economic Pulse
A
Checking the
Cannabis companies can boost their bottom lines by
keeping tabs on key economic indicators By Omar Sacirbey
s increasing state legalization
and declining social stigma push
cannabis into the mainstream,
companies will need to adopt some
traditional business practices, including
monitoring economic indicators that
affect their access to capital, costs and
bottom lines. Knowing these figures can
inform decisions that will help executives
maximize savings and revenue.
Following economic indicators is
something executives should incorporate
into their routines going forward. That
said, one of the first things to know about
economic indicators is that, thanks to the
coronavirus pandemic, 2021 will likely
be different than most years.
" Being knee-deep in the coronavirus
pandemic is the overarching lens
that we have to use as we go into
2021, because
it's not a real
comparative, "
said Jessica
Velazquez, a CPA
and managing
partner at Indiva
Advisors, a
cannabis-focused
accounting
firm in Las Vegas. " Analysts do yearover-year
(comparisons). We take into
account any major items, but this one is
different than most. "
That said, there are several indicators
Jessica Velazquez
that are easy to follow. But it's important
to differentiate how those indicators are
performing in your local area compared
to the rest of your state and across the
nation, Velazquez and other economic
observers said. It's also important to note
that cannabis is not a typical consumer
packaged goods (CPG) product and the
usual rules and expectations of business
and economics might not always apply
Keep reading to learn about six
economic indicators to watch.
CONSUMER
SPENDING AND
CONFIDENCE
Business research groups
such as The Conference
Board and Trading Economics, both
headquartered in New York, predict
consumer spending will rebound in
2021 after an up-and-down 2020 in
which consumer spending was partially
propped up by government stimulus
checks.
January 2021 | mjbizdaily.com 47

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MJBizMag January 2021

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