“AN EXTINCTION-LEVEL EVENT”

An analysis of 33 pot companies tracked by MJBiz found eight don’t have enough money to last more than 10 months.
Bloomberg

• It’s going to be an “extinction-level event for some companies,” an MJBiz analyst said. “But it’s a healthy and necessary process for any industry to go through once it’s had a phase of absolute excess and exuberance.”
• Analyst Jonathan Cooper sees many U.S. companies at risk of insolvency.
  Seeking Alpha
• This comes as cannabis use reached an all-time high in March.
  Bloomberg
• The Washington Post and Cannabis Business Times look to California where the pandemic is “expediting the state’s existing cannabis market failures.”
• Despite some noise about it in D.C., lawyer Hilary Bricken writes the cannabis industry is unlikely to be eligible for the next round of federal relief.
  The Hill, Canna Law Blog
• In a sign of the times, Canndescent, whose CEO Adrian Sedlin used to boast the brand was worth a 25% premium, released “super affordable” brand Baker’s. On LinkedIn, Sedlin described it as a “deep value offering designed to help dispensaries retain consumers during this economic downturn and to keep consumers from switching to the black market.”  
  CNBC