MJBizMag July 2020 - 56
RECESSION ROAD MAP
LESSONS FROM
RECESSIONS PAST
Executives who have lived through previous downturns
share their thoughts on how to keep businesses afloat
By Omar Sacirbey
W
hen the Great Recession
hit in late 2007, the
marijuana industry showed
little resemblance to what it is today,
with only a few cannabis 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.
In the following pages, these four
executives share lessons they learned from
previous recessions and how they are
applying them to the current downturn.
54 Marijuana Business Magazine | July 2020
MJBizMag July 2020
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