MJBizMag July 2020 - 8

FromtheEditor | Kate Lavin
Forging a Path Forward
T
he collection of stories that starts on page 34
originated with one goal: Give companies the tools
they need to survive this turbulent time.
Staff writer Omar Sacirbey went above and beyond for
this month's cover package, speaking with cannabis business
leaders across the country to find out how they are
navigating the coronavirus-fueled economic downturn.
To offer readers guidance, Sacirbey turned to four executives
who have weathered previous recessions and distilled
the lessons they learned-and how they are applying
them in 2020. His story, " Lessons From Recessions
Past " on page 54, is full of detailed, actionable advice
about operating lean during a recession while making
well-considered choices to keep a business profitable.
Sacirbey also spoke with cannabis business owners
from Florida to Michigan to California to devise a 16-point
guide to surviving the recession. That story, " Getting in
Fighting Shape " on page 38, is packed with advice about
where to cut costs, how to deal with inventory, whether
it's appropriate to delay or continue expansion plans, how
to renegotiate fixed debts and more.
Reporter Bart Schaneman interviewed employment
experts from the cannabis sector about staffing during
a recession. Some of their advice, such as limiting overtime
expenditures, is worth keeping in mind even when
cash is flush. But other tips-such as assigning groups
of employees to work together in shifts so that one ill
colleague doesn't infect the entire workforce-is specific
to the ongoing coronavirus outbreak. Learn more in
" Keeping a Lid on Labor Costs " on page 50.
Time to Restructure?
Laura Drotleff, a magazine writer and reporter for Hemp
Industry Daily, did a deep dive on legal bankruptcy
options available to hemp companies. (See " Broke
Enough for Bankruptcy? " on page 62.) Thanks to the
2018 U.S. Farm Bill, hemp companies can apply for
federal bankruptcy protection when outstanding debts
put businesses-and, in some cases, their principals-in
legal jeopardy.
Unfortunately, bankruptcy protection is not available
to most plant-touching marijuana companies, but those
business owners still have options. Michael Pankow and
Jack Ucciferri from the law firm Brownstein Hyatt Farber
Schreck lay out the ABCs (Assignments for the Benefit
of Creditors) and other avenues available for marijuana
firms in " Bypassing Bankruptcy " on page 52.
Hemp Bedsheets and Planning for Legalization
Even in an economic downturn, business opportunities
exist and companies need to plan for the future. This
magazine contains the first feature from new Hemp
Industry Daily reporter Ivan Moreno, who spoke with
business owners producing hemp textiles and learned
what obstacles are keeping hemp fiber from being as easy
to produce and profitable as hemp-derived cannabinoids.
Finally, federal marijuana legalization might have
taken a back seat to more pressing issues in recent
months-but that doesn't mean cannabis companies
don't need a plan for eventual reform. On page 88,
government and regulatory issues reporter Jeff Smith
outlines ways that marijuana businesses can be
prepared for the day federal legalization occurs.
As with many of your companies, operations at
Marijuana Business Daily look much different than they
did on Jan. 1. But our goal of providing you with the
information you need to thrive is stronger than ever.
Let us know how we are doing by emailing
magazine@mjbizdaily.com.
Sincerely,
Kate Lavin
Marijuana
Business
Magazine
Editor
6 Marijuana Business Magazine | July 2020
MJBizMag July 2020

Table of Contents for the Digital Edition of MJBizMag July 2020
