Due to the coronavirus pandemic, companies are mainly taking the work-from-home and remote working location approaches to prevent and control the pandemic. Also businesses are taking heavy cost preventive measures to save their workforce with no incomes.
Recently, the Expo West is the largest natural product tradeshow in the world, which was scheduled to take place in Anaheim, California in March but now canceled. This Expo West originally expected to attract up to 85,000 attendees from all around the world, but now is canceled because of the concern of coronavirus spread. Although CBD companies and other small setup companies all wish this event could reschedule, Michael Harinen, the Chief Brand Officer of Bluebird Botanicals had also said that he hoped the event would reschedule, it now seems impossible during COVID-19 around the world.
This cancellation will possibly cause a great huge loss on the CBD business and small setup company.
“The Expo West already become an important event for CBD brands”, said Bethany Gomez, Managing Director at the CBD and cannabis market intelligence firm Brightfield Group. Many companies have already invested a large amount of money to prepare for the event, and their cooperation with business partners, retailers, and distributors also will be affected. This will be a common influence on the cannabis industry after the cancellation. Moreover, this will be a serious disaster for those companies already running on a tight budget, and lead to an end of their business to a certain extent. According to the prediction from experts like Bethany Gomez, in the future, CBD brands may need to rethink their business strategy and catch opportunities on small events such as the ECRM, which event usually for small-scale buyers.
The New Hope Network said that the company work with all of their exhibitors and attendees on future credits and established a $5 million fund to support the most vulnerable companies significantly affected by the Expo West cancellation.
This article issued by The Cannabis Radar, for more information about the West Expo please follow https://www.expowest.com/en/home.html