The cannabis pipeline continues to be out of whack. On the one hand we have early indicators showing that the retail sector have not only weathered the storm but may have benefited from COVID-19. The mere fact that in some jurisdictions the regulators have come out and proclaimed that cannabis is a necessary and essential product is a huge deal. Notwithstanding this, the supply channels and economics further up the pipeline (cultivation and extraction) are very challenging. There is an abundance of available inventory available on the open market causing further downward pricing pressure. There are some niche sectors that continue to outperform such as minor the cannabinoids (such as CBG & CBN isolates) and high-end low-THC smokable flower especially in Europe. As international markets re-open after the lockdown we expect the gradual realignment of the supply and demand drivers to take its course over the next few months. Another potential opportunity arising out of the COVID-19 will be the increased momentum of the emergence of hemp as an alternative product in range of industrial and consumer applications driven by more socially and environmentally aware consumers.