Friends, a curious bit of perspective.

Global M&A activity over the first half of 2020 is down by 32% in volume and 53% in value year-over-year, not surprisingly due to COVID-19. (link) In comparison, although Cannabis valuations started to fall in the second quarter of 2019, and cannabis deal activity started to slow well before the pandemic hit, activity in the industry has similarly slowed down markedly in 2020.

Yet, while US retail sales generally have struggled (although they’ve been recently picking up), US cannabis businesses have only seen demand grow dramatically throughout the year. (link)

This hearkens back to a point about the industry I made in March (link), namely that, although the product is proving itself to be recession-proof, demand alone may not allow it to fully escape the event horizon of the global economic downtown.