Marijuana industry sales slow down after pandemic surge

Key Facts

• Mike Blake | Reuters After enjoying a sales surge during the pandemic, the U.S. cannabis industry is showing signs of a slowdown as it faces economic and regulatory challenges and people choose to spend their money elsewhere.
• "What we saw in 2020 was a massive spike in sales tied to the pandemic as people stayed home, had government stimulus money, and not a lot to do," said Chris Wash, CEO of Marijuana Business Daily.
• "We are operating in an incredibly challenging and competitive landscape, with our biggest competitor being the illicit market," said Troy Datcher, CEO of The Parent Company, a cannabis company in California.
• "A lot of investors had jumped in under the assumption that there would be some movement at the federal level to either reschedule the drug or pass a sort of banking legislation," said Matt Hawkins, founder of Entourage Effect Capital, a cannabis investment firm.

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