The stock market may be the greatest long-term wealth creator, but it's not without its fair share of corrections and bear markets. The current bear market we're in just happens to be the steepest in recorded history, with the benchmark S&P 500 losing 34% of its value in a span of less than five weeks.
For the cause of this record-breaking move, look no further than the spread of coronavirus disease 2019 (COVID-19). Following what looks to be successful mitigation efforts in China, this lung-focused illness is spreading like wildfire in other countries throughout the world, including the United States, which the World Health Organization warned could become the epicenter of the outbreak. Mitigation measures currently in place in the U.S. and various other countries are designed to slow the spread of the coronavirus and save lives. Unfortunately, it'll come at a steep cost to workers and businesses.
For any normal industry, a near halt to economic activity would be challenging. But for the still-nascent and relatively underfunded cannabis industry, it could be a death sentence for a number of floundering companies.