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<ul><li><strong>Central banks and governments around the world have pumped in record amounts of <keyword id="45304" type="COMPANY" weightage="60" keywordseo="Stimulus">stimulus</keyword> to revive their economies from a mounting coronavirus-fueled bill.</strong></li><li><strong>A senior official at the <keyword id="106488" type="CITY" weightage="60" keywordseo="Bank-of-England">Bank of England</keyword> provided an insight into how Britain's 325-year-old bank managed to cope with the massive upheaval caused by the Covid-19 outbreak during the start of spring.</strong></li><li><strong>"Hundreds of billions of pounds worth of operations delivered from peoples' bedrooms, attics and kitchens, whilst isolated on their own, or caring for children and other relatives," <keyword id="2741016" type="PERSON" weightage="60" keywordseo="Andrew-Hauser">Andrew Hauser</keyword> said in a speech.</strong></li><li><strong><keyword id="31671" type="CITY" weightage="100" keywordseo="markets">Markets</keyword> Insider picked up on some of Andrew Hauser's highlights from his speech on Thursday.</strong></li><li><strong><a href="https://www.businessinsider.com/?hprecirc-bullet">Visit Business Insider's homepage for more stories</a>.</strong></li></ul><p>Global financial markets witnessed unparalleled events in the first three months of 2020, and these are far from over.</p><p>While the markets have seemed to recover their poise following extreme volatility in March, a <a href="https://www.bankofengland.co.uk/-/media/boe/files/speech/2020/seven-moments-in-spring-covid-19-speech-by-andrew-hauser.pdf?la=en&amp;hash=43D022917D76095F1E79CBDD5D42FCD96497EA5FEA5F">senior official at the Bank of England penned his thoughts</a> on what it was like to be involved in the crash in real time.</p><p>Andrew Hauser, the executive director for markets at the UK's <keyword id="6358156" type="ORGANIZATION" weightage="60" keywordseo="central-bank">central bank</keyword>, said: "I want to give a bird's eye's view of what happened in those extraordinary weeks, and the steps we took — either in concert with others, or using our own balance sheet — to neutralize the sudden pre-lockdown 'dash for cash'."</p><p>We broke down some of Hauser's highlights from his speech on Thursday. </p><h2><strong>'Dash for cash'</strong></h2><p>In the first week of March, employees at the Bank of England moved to full split-site working, which means staff working at back-up offices, to reduce the risk of Covid-19 transmissions.</p><p>In that same week, bank officials noticed a sharp intraday rise in US bond-yields amid a massive pick-up in market volumes, although markets had been underway in recent weeks on expectations of slower demand.</p><p>Financial transactions that would normally help US treasury bonds had gone into reverse, becoming "stress-amplifiers."</p><p>As markets began to price in news about the virus, and funds were forced to sell Treasuries to generate cash, it led to a classic 'doom loop' — a potential disaster for the markets. </p><p>Even the highest quality government assets were not good enough, Hauser said.</p><p>The so-called 'dash for cash,' he said, began to spread to every part of the financial markets. Just like companies faced evaporating revenues, market participants also needed cash.</p><p><div type="image" title="Screenshot 2020 06 04 at 4.58.55 PM" height="563" width="480" msid="76202047" hostid="261"></div></p><h2><strong>Dollar shortages</strong></h2><p>On 9 March — the day oil prices fell 30% and equities by 8% — the Bank of England received an email from the US <keyword id="6355253" type="UNKNOWN" weightage="60" keywordseo="federal-reserve">Federal Reserve</keyword> after 9 p.m London time that evening: "Could the dollar swap line central banks speak the following morning?" — the message asked.</p><p>The central bank liquidity swap aims to improve liquidity in international markets as global trade and investment rely on one another. A foreign central bank sells a specified amount of its own currency to the Federal Reserve, in exchange for dollars at the prevailing exchange rate. </p><p>Essentially, the 'dash for cash' had reached foreign markets. </p><p><div type="image" title="GettyImages 1210867080" height="3543" width="5315" msid="76202050" hostid="261"></div></p><p>But central banks' will and capacity to meet that demand was increasingly hammered, thereby raising the cost of the local dollar relative to US onshore firms. </p><p>Days after the Fed's call, and as market conditions deteriorated, both sides agreed on a package of measures to mobilize swap lines, extend maturity, reduce the price, and increase frequency of operations.</p><p>When the pound sterling rate slid sharply lower on 18 March and reached levels against the dollar unseen since the mid 1980s, any hopes of staying reliant on US actions to stabilize a global market had disappeared, Hauser said.</p><p><em><strong>Read More:</strong> <a href="https://www.businessinsider.com/3-part-long-short-investing-strategy-market-beating-mitch-rubin-2020-6">Mitch Rubin's fund has used a unique approach to reap 26% returns and double client assets this year. He breaks down his 3-part process for deciding which stocks to buy — and what to bet against.</a></em></p><h2>Moving to the back-up plan</h2><p>Gilts, or bonds issued by the UK government, are generally considered to be the safest sterling assets. Against a worsening economic outlook, and gilt market conditions falling, the Bank of England's chief decision makers voted to purchase an extra £200 billion ($251 billion) worth of gilts and sterling corporate bonds to shore up markets.</p><p>Equal to about a tenth of the UK's GDP, the gilt purchase programme was the fastest ever launched and "more than twice as rapid as the opening salvo of purchases in 2009," Hauser said.</p><p>As demand for cash grew, but supply failed to meet it, sterling money markets saw a steep rise. A pickup in overnight repo rates, which signals a sign of dysfunction, became a challenge to keep rates broadly aligned to the bank rate. </p><h2><strong>Fund flow to UK companies</strong> </h2><p>The 'dash for cash' was just as prevalent in the corporate sector, with as real stakes. Normally-liquid companies feared losing access to <keyword id="25455" type="ORGANIZATION" weightage="60" keywordseo="finance">finance</keyword> as they still had to meet salary payments, rent and taxes, which meant they would have to eat into their cash buffers or begin winding up. </p><p>On 15 March, in the form of an urgent email, the central bank and Treasury agreed to launch a package of financial measures to aid struggling UK companies via a loan scheme supported by the UK government.</p><p>So far, over 140 companies have signed up for the scheme, and borrowed over £20 billion (25 billion) in commercial paper. </p><p><em><strong>Read More:</strong> <a href="https://www.businessinsider.com/top-investor-reveals-trend-boosting-utilities-shares-top-stock-picks-2020-6">Utility stocks are a haven for investors in uncertain times. The CEO of a $3 billion asset manager reveals a decade-long trend that's boosting utilities — and shares his 3 top picks.</a></em></p><h2><strong>Where there's a Means, there's a Way</strong></h2><p>At the height of the crisis, Hauser and the Debt Management Office (DMO) discussed the 'Ways &amp; Means account' — the government's overdraft facility funded by creation of reserves. </p><p>Ways &amp; Means rests at the very bottom of the hierarchy of tools that make up the government's borrowing needs. Gilts are the primary tool. W&amp;M had not seen material usage in over a decade. But dysfunction in gilt markets and money market funds in March and early April called for an alternative.</p><p>An announcement on W&amp;M temporary extension was released on April 9.</p><p><div type="image" title="GettyImages 1217233209" height="3543" width="5315" msid="76202056" hostid="261"></div></p><h2><strong>Bank balance sheet</strong></h2><p>The central bank's balance sheet has expanded by almost a third in three months and will reach about 40% of the UK's annual GDP by mid-year. Unusually, all of it has been facilitated remotely.</p><p>"Hundreds of billions of pounds worth of operations delivered from peoples' bedrooms, attics and kitchens, whilst isolated on their own, or caring for children and other relatives," Hauser said.</p><p>While he acknowledged the challenges they faced were minor compared to healthcare professionals and other key workers at the frontline, Hauser said the experience was "profound" for an institution as traditional as the Bank of England.</p><p><em><strong>Read More:</strong> <a href="https://www.businessinsider.com/early-retirement-advice-expert-tanja-hester-shares-no-budget-strategy-2020-6">'The system is not built to look after us': A former political consultant who retired at 38 shares her simple, 'non-budget' approach to mastering and growing wealth</a></em></p>

A senior Bank of England official gave an insider account of how central banks dealt with the coronavirus market crash in real time

<ul class="summary-list"><li>The 2023 Golden Globes nominations were announced on Monday morning. </li><li>The upcoming 80th annual Golden Globes will return to NBC on January 10.</li></ul><p>The 2023 Golden Globes nominations were announced on Monday morning. </p><p>The upcoming 80th annual Golden Globes will air on NBC on January 10.</p><p>Brendan Fraser snagged his first Globes nomination for his role in "The Whale" after announcing last month t<a href="https://www.insider.com/brendan-fraser-the-whale-golden-globe-awards-hypocrite-2022-11">hat he wouldn't attend the awards show</a>. </p><p>Tom Cruise's "Top Gun: Maverick" got a nod for Best Motion Picture — Drama, but the star was left off of the list for Best Actor. </p><p>Mayan Lopez and Selenis Leyva from "Lopez vs. Lopez" read the nominees live from the Beverly Hilton in Beverly Hills, California.</p><p>You can see the full list of nominees <a href="https://www.goldenglobes.com/articles/golden-globes-2023-nominations-80th-golden-globes-have-been-announced">here</a>. </p><h2>Best Motion Picture — Drama </h2><ul><li>Avatar: The Way of Water</li><li>Elvis</li><li>The Fabelmans</li><li>Tár</li><li>Top Gun: Maverick</li></ul><h2>Best Performance by an Actress in a Motion Picture – Drama</h2><ul><li>Cate Blanchett, Tár</li><li>Olivia Colman, Empire of Light</li><li>Viola Davis, The Woman King</li><li>Ana de Armas, Blonde</li><li>Michelle Williams, The Fabelmans</li></ul><h2>Best Performance by an Actor in a Motion Picture – Drama</h2><ul><li>Austin Butler, Elvis</li><li>Brendan Fraser, The Whale</li><li>Hugh Jackman, The Son</li><li>Bill Nighy, Living</li><li>Jeremy Pope, The Inspection</li></ul><h2>Best Motion Picture – Musical or Comedy</h2><ul><li>Babylon</li><li>The Banshees of Inisherin</li><li>Everything Everywhere All at Once</li><li>Glass Onion: A Knives Out Mystery</li><li>Triangle of Sadness</li></ul><h2>Best Performance by an Actress in a Motion Picture – Musical or Comedy</h2><ul><li>Lesley Manville, Mrs. Harris Goes to Paris</li><li>Margot Robbie, Babylon</li><li>Anya Taylor-Joy, The Menu</li><li>Emma Thompson, Good Luck to You, Leo Grande</li><li>Michelle Yeoh, Everything Everywhere All at Once</li></ul><h2>Best Performance by an Actor in a Motion Picture – Musical or Comedy</h2><ul><li>Diego Calva, Babylon</li><li>Daniel Craig, Glass Onion: A Knives Out Mystery</li><li>Adam Driver, White Noise</li><li>Colin Farrell, The Banshees of Inisherin</li><li>Ralph Fiennes, The Menu</li></ul><h2>Best Motion Picture – Animated</h2><ul><li>Guillermo del Toro's Pinocchio</li><li>Inu-Oh</li><li>Marcel the Shell With Shoes On</li><li>Puss in Boots: The Last Wish</li><li>Turning Red</li></ul><h2>Best Motion Picture – Non-English Language</h2><ul><li>RRR (India)</li><li>All Quiet on the Western Front (Germany)</li><li>Argentina, 1985 (Argentina)</li><li>Close (Belgium)</li><li>Decision to Leave (South Korea)</li></ul><h2>Best Performance by an Actress in a Supporting Role in Any Motion Picture</h2><ul><li>Angela Bassett, Black Panther: Wakanda Forever</li><li>Kerry Condon, The Banshees of Inisherin</li><li>Jamie Lee Curtis, Everything Everywhere All at Once</li><li>Dolly De Leon, Triangle of Sadness</li><li>Carey Mulligan, She Said</li></ul><h2>Best Performance by an Actor in a Supporting Role in Any Motion Picture</h2><ul><li>Brendan Gleeson, The Banshees of Inisherin</li><li>Ke Huy Quan, Everything Everywhere All at Once</li><li>Barry Keoghan, The Banshees of Inisherin</li><li>Brad Pitt, Babylon</li><li>Eddie Redmayne, The Good Nurse</li></ul><h2>Best Director — Motion Picture</h2><ul><li>James Cameron, Avatar: The Way of Water</li><li>Daniel Kwan and Daniel Scheinert, Everything Everywhere All at Once</li><li>Baz Luhrmann, Elvis</li><li>Martin McDonagh, The Banshees of Inisherin</li><li>Steven Spielberg, The Fabelmans</li></ul><h2>Best Screenplay – Motion Picture</h2><ul><li>Todd Field, Tár</li><li>Daniel Kwan, Daniel Scheinert, Everything Everywhere All at Once</li><li>Martin McDonagh, The Banshees of Inisherin</li><li>Sarah Polley, Women Talking</li><li>Tony Kushner &amp; Steven Spielberg, The Fabelmans</li></ul><h2>Best Original Score – Motion Picture</h2><ul><li>Carter Burwell, The Banshees of Inisherin</li><li>Alexandre Desplat, Guillermo del Toro's Pinocchio</li><li>Hildur Guðnadóttir, Women Talking</li><li>Justin Hurwitz, Babylon</li><li>John Williams, The Fabelmans</li></ul><h2>Best Original Song – Motion Picture</h2><ul><li>"Carolina," Taylor Swift (Where the Crawdads Sing)</li><li>"Ciao Papa," Guillermo del Toro &amp; Roeban Katz (Guillermo del Toro's Pinocchio)</li><li>"Hold My Hand," Lady Gaga and Bloodpop (Top Gun: Maverick)</li><li>"Lift Me Up," Tems, Ludwig Göransson, Rihanna, and Ryan Coogler (Black Panther: Wakanda Forever)</li><li>"Naatu Naatu," Kala Bhairava, M. M. Keeravani, Rahul Sipligunj (RRR)</li></ul><h2>Best Television Series – Drama</h2><ul><li>Better Call Saul</li><li>The Crown</li><li>House of the Dragon</li><li>Ozark</li><li>Severance</li></ul><h2>Best Performance by an Actress in a Television Series – Drama</h2><ul><li>Emma D'Arcy, House of the Dragon</li><li>Laura Linney, Ozark</li><li>Imelda Staunton, The Crown</li><li>Hilary Swank, Alaska Daily</li><li>Zendaya, Euphoria</li></ul><h2>Best Performance by an Actor in a Television Series – Drama</h2><ul><li>Jeff Bridges, The Old Man</li><li>Kevin Costner, Yellowstone</li><li>Diego Luna, Andor</li><li>Bob Odenkirk, Better Call Saul</li><li>Adam Scott, Severance</li></ul><h2>Best Television Series – Musical or Comedy</h2><ul><li>Abbott Elementary</li><li>The Bear</li><li>Hacks</li><li>Only Murders in the Building</li><li>Wednesday</li></ul><h2>Best Performance by an Actress in a Television Series – Musical or Comedy </h2><ul><li>Quinta Brunson, Abbott Elementary </li><li>Kaley Cuoco, The Flight Attendant</li><li>Selena Gomez, Only Murders in the Building </li><li>Jenna Ortega, Wednesday </li><li>Jean Smart, Hacks</li></ul><h2>Best Performance by an Actor in a Television Series – Musical or Comedy</h2><ul><li>Donald Glover, Atlanta</li><li>Bill Hader, Barry</li><li>Steve Martin, Only Murders in the Building</li><li>Martin Short, Only Murders in the Building</li><li>Jeremy Allen White, The Bear</li></ul><h2>Best Television Limited Series, Anthology Series or Motion Picture Made for Television</h2><ul><li>Black Bird</li><li>Monster: The Jeffrey Dahmer Story</li><li>Pam and Tommy</li><li>The Dropout</li><li>The White Lotus</li></ul><h2>Best Performance by an Actress in a Limited Series, Anthology Series, or a Motion Picture Made for Television</h2><ul><li>Jessica Chastain, George and Tammy</li><li>Julia Garner, Inventing Anna</li><li>Lily James, Pam and Tommy</li><li>Julia Roberts, Gaslit</li><li>Amanda Seyfried, The Dropout</li></ul><h2>Best Performance by an Actor in a Limited Series, Anthology Series, or a Motion Picture Made for Television</h2><ul><li>Taron Egerton, Black Bird</li><li>Colin Firth, The Staircase</li><li>Andrew Garfield, Under the Banner of Heaven</li><li>Evan Peters, Monster: The Jeffrey Dahmer Story</li><li>Sebastian Stan, Pam and Tommy</li></ul><h2>Best Performance by an Actress in a Supporting Role in a Limited Series, Anthology Series or Motion Picture Made for Television</h2><ul><li>Jennifer Coolidge, The White Lotus</li><li>Claire Danes, Fleishman Is in Trouble</li><li>Daisy Edgar-Jones, Under the Banner of Heaven</li><li>Niecy Nash-Betts, Monster: The Jeffrey Dahmer Story</li><li>Aubrey Plaza, The White Lotus</li></ul><h2>Best Performance by an Actor in a Supporting Role in a Limited Series, Anthology Series or Motion Picture Made for Television</h2><ul><li>F. Murray Abraham, The White Lotus</li><li>Domhnall Gleeson, The Patient</li><li>Paul Walter Hauser, Black Bird</li><li>Richard Jenkins, Monster: The Jeffrey Dahmer Story</li><li>Seth Rogen, Pam and Tommy</li></ul><h2>Best Performance by an Actress in a Supporting Role in a Musical-Comedy or Drama Television Series</h2><ul><li>Elizabeth Debicki, The Crown</li><li>Hannah Einbinder, Hacks</li><li>Julia Garner, Ozark</li><li>Janelle James, Abbott Elementary</li><li>Sheryl Lee Ralph, Abbott Elementary</li></ul><h2>Best Performance by an Actress in a Supporting Role in a Musical-Comedy or Drama Television Series</h2><ul><li>John Lithgow, The Old Man</li><li>Jonathan Pryce, The Crown </li><li>John Turturro, Severance</li><li>Tyler James Williams, Abbott Elementary </li><li>Henry Winkler, Barry</li></ul>

Here are all of the nominees for the 2023 Golden Globe awards

<p><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><p class="source"><span><a href="http://pictures.reuters.com/C.aspx?VP3=SearchResult&amp;VBID=2C0BXZILGUWTH&amp;SMLS=1&amp;RW=1498&amp;RH=808#/SearchResult&amp;VBID=2C0BXZILGUWTH&amp;SMLS=1&amp;RW=1498&amp;RH=808&amp;POPUPPN=14&amp;POPUPIID=2C0BF1OTKU5ID">REUTERS/Chris Helgren</a></span></p><p class="caption">A taxi driver protests in front of city hall against the Uber ridesharing car service in Toronto December 9, 2015.</p></div><p></p></div></div>A top official at the Bank of England says central banks need to embrace technology and change with the times or risk disruption akin to what Uber has done in the taxi industry.</p><p>Andrew Hauser, the Bank's executive director for banking, payments, and financial resilience, told the audience at the SWIFT Business Forum event in London on Wednesday: "The change is going to happen whether we like it or not. We have to ensure we adapt as well. If we don't do so, effectively we might not be able to do our jobs. Central banks, just like everyone else, can't afford to be Uber'd."</p><p>Hauser was referring to the wave of tech-driven innovation that is currently sweeping through financial services, usually referred to as fintech. Startups unencumbered by legacy systems are offering cheaper and quicker services to consumers.</p><p>Uber has also been particularly effective in the US at bending regulators to its will (<a href="http://www.theverge.com/2012/9/7/3300244/uber-taxi-new-york-travis-kalanick-rogue">there's a good explanation of how here</a>). A big criticism of transport regulators from traditional cabbies is they've failed to keep a handle on the pace of change in the industry. Hauser doesn't want that to happen in financial services, so is keen to keep a close eye on developing fintech players.</p><p>Some fear that these new business models, while delivering short-term bonuses for many consumers, could pose long-term risks by creating new systematic risks that central banks have yet to fully grasp. The World Economic Forum on Tuesday <a href="http://uk.businessinsider.com/wef-report-on-systematic-risks-in-fintech-2016-4">highlighted the risk of consumers being left with big losses at the hands of peer-to-peer lending</a>, for example.</p><p>But Hauser told the conference: "It's often the case when you meet central bankers, they instinctively say I don't like it, therefore it must be risky and undermine stability. I think we've learned that that's too simplistic.</p><p>"When you have too little innovation or too little competition you get an excessively concentrated market and concentrated markets are by definition the ones that tend to have single points of failure. Innovation properly channeled, therefore, could actually improve stability rather than undermine it."</p><p>It could be bad news for banks though. Former Barclays CEO Anthony Jenkins issued a similar warning to Hauser's earlier this year, <a href="http://uk.businessinsider.com/ex-barclays-boss-anthony-jenkins-on-fintech-and-bankings-uber-moment-2015-11">predicting an "Uber moment" for banks that could reduce headcounts by up to 50% and profitability by up to 60%.</a> </p><p>As well as backing innovation in mainstream banking, Hauser says the Bank of England itself is looking at how it can do things differently and change with the times.</p><p>He said: "The central bank does sleep overnight and it does sleep at the weekend, although maybe that's going to become harder for us to do overtime. We need at least the technological capacity to run 24/7/365, even if the issue of whether we chose to use it is slightly more finely balanced.</p><p>"We need better data and analytics for people using our systems so that they can control their flows better." Hauser said the Bank of England is also looking closely at how it could potentially use blockchain technology in central banking.</p><p>Blockchain tech, also known as distributed ledger technology, was first developed to underpin bitcoin. It allows all parties on a network on share the same set of information and make changes in real-time, rather than relying on a central register or discreet registers within organisations that must be reconciled with each other.</p><p>The blockchain was originally conceived by bitcoin's developers to do away with the need for central banks, by allowing the network to collectively sign off on transactions. But the likes of the Bank of England could in fact use the technology to help them in their jobs, by improving real-time monitoring of activity for example.</p>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/terrorists-groups-isis-make-money-billion-dollars-oil-2016-4">How ISIS makes over $1 billion a year</a></h3>        <div>            <div>        <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="R0N2JleTqvRC6uEEi5Ey6TouNvj_gHDb" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div>        </div>        </div>            </div>

BANK OF ENGLAND OFFICIAL: 'Central banks can't afford to be Uber'd'

<p><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><p class="source"><span><a href="http://pictures.reuters.com/C.aspx?VP3=SearchResult&amp;VBID=2C0BXZECQ5Q5Q&amp;SMLS=1&amp;RW=1570&amp;RH=858#/SearchResult&amp;VBID=2C0BXZECQ5Q5Q&amp;SMLS=1&amp;RW=1570&amp;RH=858&amp;POPUPPN=3&amp;POPUPIID=2C0BF1FQ0WW33">REUTERS/Neil Hall</a></span></p><p class="caption">Governor of the Bank of England Mark Carney delivers a speech about murdered MP Jo Cox before the Dinner to the Bankers and Merchants at The Mansion House in London, Britain June 16, 2016.</p></div><p></p></div></div>The Bank of England is planning to launch a fintech accelerator that "will work with new technology firms to help us harness FinTech innovations for central banking."</p><p>The Bank's governor Mark Carney <a href="http://uk.businessinsider.com/bank-of-england-mark-carneys-mansion-house-fintech-blockchain-2016-5">hinted at a big announcement on fintech last month</a> and Andrew Hauser, the Bank's executive director for banking, payments, and financial resilience, <a href="http://uk.businessinsider.com/bank-of-englands-andrew-hauser-central-banks-cant-afford-to-be-uberd-2016-4">told a conference in April that central banks "</a><a href="http://uk.businessinsider.com/bank-of-englands-andrew-hauser-central-banks-cant-afford-to-be-uberd-2016-4">can't afford to be Uber'd."</a></p><p>Hauser said at the time: "We need at least the technological capacity to run 24/7/365, even if the issue of whether we chose to use it is slightly more finely balanced.</p><p>"We need better data and analytics for people using our systems so that they can control their flows better." Hauser said the Bank of England is also looking closely at how it could potentially use blockchain technology in central banking.</p><p>Fintech businesses that get involved in the new accelerator will be invited to carry out "proof of concept" trials with the Bank. The BoE will then act as a reference for the firm in future if it is looking to drum up more business.</p><p>The BoE says it has "already carried out initial work in the areas of data anonymisation, cyber security and distributed ledger technology" and is now interested in looking at machine learning, data protection, and data analysis, among other things.</p><p>The central bank <a href="http://www.bankofengland.co.uk/publications/Documents/news/2016/914.pdf">announced the new programme on Friday</a>, saying: "In return, it will offer firms the chance to demonstrate their solutions for real issues facing us as policymakers, together with the valuable 'first client' reference that comes with it. With time, the accelerator will build a network of firms working in this space for the benefit of us and them alike."</p><h2>A fintech 'reformation'</h2><p>Governor Mark Carney was due to announce the new programme last night at the annual Mansion House dinner for top bankers in London. However, his speech was cancelled as a mark of respect after the <a href="http://uk.businessinsider.com/breaking-news-jo-cox-has-been-shot-and-stabbed-2016-6">killing of MP Jo Cox.</a></p><p>While Carney did not deliver the speech, the text of what he planned to say has been <a href="http://www.bankofengland.co.uk/publications/Documents/speeches/2016/speech914.pdf">published on the Bank of England's website.</a></p><p>In it, Carney says:</p><p style="padding-left: 30px;">FinTech has the potential to deliver more resilient financial infrastructure, more effective trade and settlement, and new ways to encode, share and analyse data.</p><p style="padding-left: 30px;">For the financial sector, these could offer shorter, speedier transaction chains; greater capital efficiency; and stronger operational resilience. For consumers, they could mean more choice; better-targeted services; and keener pricing. For everyone, FinTech may deliver a more inclusive financial system, domestically and globally; with people better connected, more informed and increasingly empowered.</p><p>However, the Bank of England Governor says he does not think there will be a fintech "revolution" that will overthrow the hegemony of the banks but a "reformation." He says: "The balance of these forces may yield a third alternative - a reformation - a more diverse, resilient and effective system for consumers. One where large banks exist alongside new entrants who compete across the value chain."</p><p>Carney sets out a 5 point plan to help fintech startups get off the ground:</p><ol><li>Give startups and fintech firms access to the central bank's payment settlement systems, currently restricted to 48 big firms;</li><li>Be open to startups looking to use the central bank's payment settlement service for securities and stock transactions;</li><li>Exploring the use of distributed ledger technology - first developed to underpin bitcoin, and known as blockchain - in its own activities;</li><li>Launching the fintech accelerator;</li><li>Taking a reasonable regulatory approach to the new sector: "FinTech should neither be the Wild West nor strangled at birth."</li></ol><p>Carney concludes that: "With time, FinTech could mean a more open, more transparent, and more democratic global financial system." <a href="http://www.bankofengland.co.uk/publications/Documents/speeches/2016/speech914.pdf">You can read the full text of the speech here.</a></p><p class="tagline"><div id="categorypromo"><p></p></div></p>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/financial-adviser-first-question-fiduciary-2016-6">The most important question you should ask before hiring a financial adviser</a></h3>        <div>            <div>        <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="BtNWZ2MzE648d75KJjZuMeDMI-faHYUo" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div>        </div>        </div>            </div>

The Bank of England is launching a fintech accelerator

<p><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><p class="source"><span><a href="http://pictures.reuters.com/C.aspx?VP3=SearchResult&amp;VBID=2C0BXZDRABNOA&amp;SMLS=1&amp;RW=1440&amp;RH=716#/SearchResult&amp;VBID=2C0BXZDRABABA&amp;SMLS=1&amp;RW=1440&amp;RH=716&amp;PN=6&amp;POPUPPN=336&amp;POPUPIID=2C0FQECH7OTL">REUTERS/Janerik Henriksson/TT News Agency</a></span></p><p class="caption">Sweden's Zlatan Ibrahimovic celebrates scoring the opening goal against Moldova during their Euro 2016 group G qualifying soccer match.</p></div><p></p></div></div>Sweden aims to decide on whether to issue a digital currency called "ekrona" within two years, <a href="https://www.ft.com/content/0e37795c-ab33-11e6-9cb3-bb8207902122">according to a Financial Times report.</a></p><p>Cecilia Skingsley, deputy governor of Sweden's central bank Riksbank, told the Financial Times in an interview that the bank is considering the move after a dramatic drop in the usage of cash. The amount of notes and coins in circulation has fallen by 40% since 2009, with a rise in online shopping and <a href="http://www.thelocal.se/20160229/why-sweden-is-winning-the-race-to-become-the-first-cashless-society">card payments.</a></p><p>It has spurred the Riksbank to think about new ways of issuing money across Sweden. Skingsley told the FT: "This is as revolutionary as the paper note 300 years ago. What does it mean for monetary policy and financial stability? How do we design this: a rechargeable card, an app or another way?"</p><p>While banks are currently given access to electronic money by the central bank, if Sweden does choose to introduce the "ekrona" it would be the first time a major country in the world has given consumers direct access to virtual money issued by a central bank. (Riksbank was the first central bank in the world to issue paper notes, way back in the 1660s.)</p><p>While Sweden may be the first to issue digital currency, it is not the only country considering such a move. The <keyword id="6354868" type="COUNTRY" weightage="60" keywordseo="UK">UK</keyword> Home Office told the Treasury earlier this year that there "<a href="http://uk.businessinsider.com/the-uk-government-wants-to-create-its-own-digital-currency-2015-6">might be a number of advantages of any digital currency for the UK being created and owned by central government."</a> Citi also told the government during the same consultation: <a href="http://uk.businessinsider.com/uk-government-should-make-digital-currency-citi-bitcoin-consultation-document-2015-5">"The greatest benefits of digital currencies can be realised through the government issuing a digital form of legal tender."</a></p><p>Skingsley says the central bank is in the early stages of exploring the idea and is launching a project to explore various possibilities. Issues such as traceability, delivery method, and interest on e-money will all be examined. She also stressed that any "ekrona" would sit alongside coins and notes, rather than replacing them.</p><p>Bitcoin, the most famous digital currency, is built upon a database protocol known as blockchain, which has become <a href="http://uk.businessinsider.com/itbit-ceo-on-private-blockchain-adoption-in-finance-2016-2">the technological darling of commercial banks around the world in the last year.</a></p><p>The protocol allows strangers to digitally interact with each other directly, rather than working through a trusted intermediary such as a clearing house. This strips out cost and speeds the process up. The World Economic Forum thinks the technology <a href="http://uk.businessinsider.com/world-economic-forum-potential-of-blockchain-in-financial-services-2016-8">"will fundamentally alter the way financial institutions do business around the world."</a></p><p>However, Skingsley says blockchain is just one of several technologies that Riksbank will look at in relation to the "ekrona."</p><p>Andrew Hauser, the Bank of England's executive director for banking, payments, and financial resilience, told a conference earlier this year that Britain's central bank is <a href="http://uk.businessinsider.com/bank-of-englands-andrew-hauser-central-banks-cant-afford-to-be-uberd-2016-4">looking closely at the potential applications of blockchain technology in central banking.</a></p><p><a href="https://www.ft.com/content/0e37795c-ab33-11e6-9cb3-bb8207902122">You can read the full FT interview here.</a></p><p class="tagline"><div id="categorypromo" style="border:1px solid silver; min-height:90px; padding:10px;vertical-align:top;"><a href="http://read.bi/fintechleadgen"></a><strong> EXCLUSIVE FREE REPORT:</strong><br />5 Top Fintech Predictions by the BI Intelligence Research Team. <strong><a href="http://read.bi/fintechleadgen">Get the Report Now »</a></strong></div></p>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/buy-rent-financial-suicide-james-altucher-2016-10">JAMES ALTUCHER: This is why owning a home is financial suicide</a></h3>        <div>            <div>        <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="0yNjBzeDo1bPwt1rmBJ8yS7MxZE2di07" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div>        </div>        </div>            </div>

Sweden could become the first major country to issue a national digital currency

<p><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><p class="source"><span><a href="http://pictures.reuters.com/C.aspx?VP3=SearchResult&amp;VBID=2C0FCIAMX4THQ&amp;SMLS=1&amp;RW=1440&amp;RH=718#/SearchResult&amp;VBID=2C0FCIAMX4THQ&amp;SMLS=1&amp;RW=1440&amp;RH=718&amp;POPUPPN=12&amp;POPUPIID=2C0BF1FIPNFQ7">REUTERS/Frank Augstein/pool</a></span></p><p class="caption">Bank of England Governor Mark Carney walks onto the podium to deliver a speech at Queen Mary University in London.</p></div><p></p></div></div>Financial technology is set to dominate one of the most important events in the British financial calendar. </p><p>Bank of England Governor Mark Carney's biggest speech of the year will be about fintech and blockchain technology, he revealed on Tuesday.</p><p>Carney was questioned by MPs on the Treasury Select Committee over his upcoming Mansion House speech to top bankers and City of London officials in early June.</p><p>The Governor said: "My speech will be about aspects of fintech and distributed ledger technologies and it actually starts to shift into... broader applications for the structure of the financial system and what that Bank of England is going to enable that or should do to enable that, to start the broader conversation."</p><p>The fact that Carney is making it the topic of his Mansion House speech is a huge endorsement of fintech. The Mansion House dinner, organised by the Lord Mayor of London, is where the Bank of England and the Treasury sets out its agenda for the year ahead. </p><p>The Chancellor also makes an annual speech at the event and has used it as an opportunity to announced the share sale of both Royal Bank of Scotland and Lloyds in past year. That gives you an idea of just how influential this slot is.</p><p>Carney also made some remarks about peer-to-peer lending when asked whether the industry needs tighter regulation to prevent losses to retail investors prompting a financial crisis similar that seen in 2008 and 2009.</p><p>"It's important that the balance on regulation in this emerging industry is correct. Some allowance for the appropriate degree of regulation at an early stage to encourage alternate lenders makes sense," Carney said.</p><p>Andrew Hauser, the Bank of England's executive director for banking, payments, and financial resilience, has hinted that fintech and modernisation are high up on the central bank's agenda.</p><p><a href="http://uk.businessinsider.com/bank-of-englands-andrew-hauser-central-banks-cant-afford-to-be-uberd-2016-4">He told an audience in London last month:</a> "The change is going to happen whether we like it or not. We have to ensure we adapt as well. If we don't do so, effectively we might not be able to do our jobs. Central banks, just like everyone else, can't afford to be Uber'd."</p><p>Fintech, short for financial technology, broadly refers to the cluster of tech-focused financial companies that have sprung up since the financial crisis. A combination of increasing tech capabilities, out of work bankers looking for new gigs, distrust of traditional lenders among customers, and the pullback of big banks in many areas all combined to create innovative new online businesses that solved problems in finance. (<a href="http://uk.businessinsider.com/how-fintech-transforming-finance-2015-9">You can read a more in-depth explanation o the phenomenon here.</a>)</p><p>The term fintech is pretty broad and can apply to everything from peer-to-peer lending to improvements to back office risk scoring and identity checking. Distributed ledger technology, which Carney also singled out, is the area of fintech that traditional banks are most excited about.</p><p>Also known as blockchain, distributed ledger technology was first developed to underpin digital currency bitcoin. It basically uses a network effect to police transactions rather than a trusted middleman - a central bank or a clearing house.</p><p>Here's a helpful chart from Goldman Sachs explaining how it works in the blockchain example:<div class="KonaFilter image-container display-table"><div><div class="image on-image"><p class="source"><span>Goldman Sachs</span></p></div><p></p></div></div>Big banks are hoping that this technology can be adapted to traditional finance, ripping out huge amounts of cost. Instead of having to pay someone to process a transaction, you just go directly to the counterparty. And the network effect also reduces errors that arise with record discrepancies.</p><p><a href="http://uk.businessinsider.com/r3-fixed-income-trading-blockchain-experiment-2016-3">Over 40 of the world's top investment banks have signed up to R3</a>, a startup developing industry-wide standards and applications for the use of distributed ledgers, and many banks are <a href="http://uk.businessinsider.com/barclays-derek-white-on-bitcoin-and-blockchain-2015-9">privately experimenting with the technology behind closed doors.</a></p> <p class="tagline"><div id="categorypromo"><p></p></div></p>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/regret-avoidance-plays-into-lottery-tickets-2016-5">We tested an economic theory by trying to buy people's lottery tickets for much more than they paid</a></h3>        <div>            <div>        <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="VlOTU2MDE6tCw0GqSor_wM7L40EQEVfv" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div>        </div>        </div>            </div>

Mark Carney's biggest speech of the year is going to be about fintech and the technology behind bitcoin

<p class="source"><span>AP Photo/Peter Dejong</span></p><p class="caption">The coronavirus can be a downer for those wanting to get high in one of Amsterdam's world famous "coffee shops", a woman smokes a joint at coffee shop Prix d'Ami where clients are scanned for fever, one of the symptoms of a coronavirus infection, and are obliged to wash their hands, rear right, before being allowed to enter to roll a joint and smoke marijuana in Amsterdam, Netherlands, Friday, March 13, 2020</p><ul class="summary-list"><li>People are stockpiling pot as many cities order non-essential retail stores to close, in an effort to combat the <a href="https://www.businessinsider.com/category/coronavirus">coronavirus pandemic</a>.</li><li>Despite strong sales numbers, investors, experts, and analysts told Business Insider that the fallout from the coronavirus pandemic will be dire. They said that it will disrupt supply chains, hurt startups, and accelerate a shakeout period for <a href="https://www.businessinsider.com/category/cannabis">cannabis companies</a>.</li><li>Some investors say the companies that are best prepared to weather the chaos will emerge as the industry's leaders when the pandemic subsides.</li><li>Click here for more <a href="https://www.businessinsider.com/prime">BI Prime stories</a>.</li></ul><p>All around the world, there are pictures surfacing on social media of lines stretching around the block.</p><p>Yes, there are lines at grocery stores and pharmacies - the essential survival needs during the pandemic-induced quarantine sweeping through major cities. But people from Toronto to San Francisco to Amsterdam are stockpiling another essential: marijuana.</p><p>For the cannabis industry at large, however, investors, experts, and analysts Business Insider spoke to for this story said the fallout from the coronavirus pandemic will be dire, in that it will disrupt supply chains, hurt startups that don't have enough cash to weather the storm, and <a href="https://www.businessinsider.com/the-cannabis-bubble-burst-top-execs-expect-deals-investments-2019-12">accelerate a months-long shakeout period</a> that was already underway before the first coronavirus cases showed up in the US.</p><p>"Any predictability that was left in the cannabis industry has effectively gone up in smoke due to the potential health risks and disruption brought on by the novel coronavirus pandemic," Marc Hauser, a San Francisco-based attorney and the vice-chair of Reed Smith's Cannabis Law Team wrote in a note. "With the spread of the virus, affecting not just individuals, but capital markets, supply chains, and work environments as well, the already challenged US cannabis industry now faces even further risk of destabilization."</p><p>Some analysts were even more pessimistic. Andrew Carter, a cannabis analyst at the investment bank Stifel said the coronavirus pandemic is likely to be a "crushing blow" for the industry.</p><p class="source"><span>AP Photo/Steven Senne</span></p><p class="caption">Kevin Hart, front left, co-owner of Pure Oasis recreational marijuana shop, completes a sale of cannabis products to the stores first customer Niambe McIntosh, front right, moments after the store opened for the first time, Monday, March 9, 2020, in Boston.</p><h2>Is cannabis recession-proof? </h2><p>Still, the old saying that vice industries - historically speaking, gambling, alcohol, tobacco, and firearms - are <a href="https://www.businessinsider.com/the-jobs-that-will-grow-during-the-next-financial-recession-2019-9">recession-proof</a> seems to apply to legal cannabis's first big test. </p><p>Cannabis dispensaries, both online and in-store, have seen record sales.</p><p>Ross Lipson, the CEO of the Oregon-based online dispensary software startup Dutchie, told Business Insider he's had record sales over the past week, and that trend is showing no signs of stopping.</p><p>"Sales are just through the roof," Lipson told Business Insider. "We've seen an uptick across the board."</p><p>Last Thursday - shortly after Trump declared a national emergency and a day after the World Health Organization officially deemed it a pandemic - sales started to spike "aggressively," he said.</p><p>Dutchie blew out its sales records, setting an all-time record on Friday. That trend carried over through this past weekend, with the company's platform handling over 50,000 orders and $5 million of transactions.</p><p>On top of that, Lipson said the stockpiling is real: The average cannabis purchase on Dutchie's platform is around $92 per customer. The average since Thursday is $115, a 20% increase.</p><p>On Monday, Lipson texted Business Insider to say the company had broken a new record, with 20,000 orders and $2.2 million in sales. Sales climbed again on Tuesday, and set new records on Wednesday with 25,000 orders topping $3 million in sales.</p><p>"Every day this week we've seen an all-time daily record," Lipson said, adding that most of the orders are either online or through curbside pickup. </p><p>While Lipson, who's based in Bend, Oregon, said the dispensaries he works with haven't yet felt the supply chain impact of the coronavirus-related shutdown, that could change quickly, depending on how long the shutdowns last.</p><p>And that brings up a key question, says Lipson. While many adults use cannabis purely for recreational purposes, others rely on dispensaries for prescribed medicine.</p><p>"What's the classification here?" Lipson said. "Are dispensaries pharmacies? They're in their own little box."</p><p class="source"><span>AP Photo/Peter Dejong</span></p><p class="caption">The coronavirus can be a downer for those wanting to get high in one of Amsterdam's world famous "coffee shops", people queue to enter at coffee shop Prix d'Ami where clients are scanned for fever, one of the symptoms of a coronavirus infection, and are obliged to wash their hands before being allowed to enter to roll a joint and smoke marijuana in Amsterdam, Netherlands, Friday, March 13, 2020.</p><h2>Contact-less deliveries, hand sanitizer, and latex gloves </h2><p>On that front, San Francisco on Tuesday <a href="https://www.businessinsider.com/san-francisco-shelter-in-place-weed-dispensaries-2020-3">allowed cannabis dispensaries to stay open</a> for medical patients after including them in a city-wide shutdown over the weekend. Many dispensaries around the US and Canada have moved to online-only operations as well, per press releases and social media messages sent to Business Insider throughout the week.</p><p>Amanda Denz, the chief marketing officer at Sava, a California cannabis delivery service, told Business Insider that sales jumped three times over the normal amount this past weekend.</p><p>"I think people are worried that in a few weeks their favorite products will be gone," Denz said.</p><p>She said each of Sava's delivery drivers will be outfitted with latex gloves and alcohol-based hand sanitizers, and will be instructed to wipe down products and surfaces like door handles in between each delivery, similar to food delivery services like GrubHub.</p><p>That customer care seems to extend to New York City's illicit cannabis delivery services as well. One delivery service advertised in a text message to regular clients a "no-contact" drop off service, and said each of its delivery people will carry latex gloves and hand sanitizer, per a tip received by Business Insider.</p><p class="source"><span>AP Photo/Peter Dejong</span></p><p class="caption">People queue to buy marijuana at coffee shop Bulwackie in Amsterdam, Netherlands, Sunday, March 15, 2020, after a TV address of health minister Bruno Bruins who ordered all Dutch schools, cafes, restaurants, coffeeshops and sport clubs to be closed on Sunday as the government sought to prevent the further spread of coronavirus in the Netherlands.</p><h2>Squeezing out smaller CBD and cannabis startups </h2><p>For smaller operators in legal states, the coronavirus pandemic is creating more difficulties than a temporary sales boost can fix.</p><p>Colorado, for instance, doesn't allow cannabis delivery service in the same way California does. Cannabis customers in Colorado can place orders online, but they have to physically go to the dispensary to pick up their products.</p><p>Johnny Kurish, the CEO and general manager of Boulder's Helping Hands Herbals, said he was forced to close his two locations.</p><p>"We're waiting and holding," Kurish told Business Insider over the phone. "If delivery was an option, that would save our business."</p><p>To Kurish, the biggest challenge of having stores be closed for an indeterminate amount of time is figuring out a way to pay employees.</p><p>"I'm not holding my breath for federal assistance," Kurish said. "They're still working out our tax laws."</p><h2>'It's a war-zone out there'</h2><p>Jim Higdon, a former journalist, is now the CEO of Kentucky-based CBD company Cornbread Hemp.</p><p>Cornbread Hem mostly sells to retailers like high-end organic and natural-health-food stores. The crippling effects of the pandemic on the global economy mean that the startup's retail partners are suffering, too.</p><p>"It's a war-zone out there," Higdon said. "The last thing they're thinking about is onboarding a new product. They're just trying to keep their shelves stocked."</p><p>Higdon said that his company's cash position is strong and that it's doubling down on e-commerce. </p><p>"We'll weather the storm. But it's [coronavirus] hurting our ability to grow, but it's not hurting our ability to maintain our position," Higdon said.</p><p>Higdon's comment belies a larger problem in cannabis, one that isn't necessarily caused by coronavirus, but exacerbated by it: Many cannabis companies are over-leveraged and are running out of cash.</p><p class="source"><span>REUTERS/Rafael Marchante</span></p><p class="caption">A worker checks cannabis plants inside the Tilray factory hothouse in Cantanhede, Portugal April 24, 2019.</p><h2>Supply chain issues and an accelerated shakeout</h2><p>The North American Marijuana Index, which tracks a basket of cannabis and cannabis-related stocks, <a href="https://www.businessinsider.com/pax-eaze-weedmaps-hexo-canntrust-layoffs-job-cuts-in-cannabis-2019-10">has tumbled over 60% this year, building on 2019's rout</a>. </p><p>On the private side, <a href="https://www.businessinsider.com/why-medmen-pharmacann-blowup-is-a-disaster-for-cannabis-ma-2019-10">cannabis startups have struggled in recent months</a> to raise growth-stage money as cannabis-focused investors, for the most part, are tapped out and reticent to invest in an industry where companies have wiped out millions of value in recent months.</p><p>"Startups are some of the most fragile companies out there," Catherine Dockery, the founding partner of Vice Ventures, told Business Insider in an email. "Most companies we speak with express their runway in months - so this sort of adversity is especially challenging for the early-stage investment community."</p><p>That dynamic will present itself in two ways as the US and Canada move towards more widespread lockdowns, says Pete Karabas, the founding partner of the cannabis-focused Key Investments.</p><p>"Private cannabis companies who have raised capital recently and have cash on their balance sheets should be in good position to weather the storm," Karabas said. "On the other hand, private cannabis companies who are in the process of fundraising or had plans to do so in 2020 will likely struggle to raise capital."</p><p>Those companies, Karabas said, will become distressed assets, where acquisitive buyers will be able to dictate the terms of the deal.</p><p>And second, the larger shock to the global economy and the stock market means there will be fewer investors who will be willing to invest in riskier, early-stage cannabis companies.</p><p>"We believe investment managers with dry powder will ultimately benefit from such an environment since capital dedicated to cannabis investments will become more scarce," Karabas said.</p><p>For operators, though, having cash is paramount.</p><p>"There are three main risks right now, the way I see it," Jon Sandelman, the CEO of New York City-based Ayr Strategies told Business Insider over the phone.</p><p>"If the employees can't come to work, you can't make your product. You can't grow your product, and you can't service your customers. Second, if the customers don't want to leave home, you have no revenue. And third, if your balance sheet is not strong and your operations are burning cash…it's about optionality - do you have the financial means to stay alive if business drops 15-20%?" Sandelman said. </p><p>To that end, Sandelman said his company has the resources to persevere, but others may not.</p><p dir="ltr">That will accelerate the trend of "massive consolidation" Sandelman sees in the cannabis industry.</p><p dir="ltr">"In bear markets, there's massive dispersion and those who plan for this day, who are disciplined and excellent stewards of capital, they'll be the survivors," he said.</p><p class="source"><span>Graphic by Business Insider</span></p><h2 dir="ltr">'Planning for the unknown'</h2><p dir="ltr">Nick Kovacevich, the CEO of Kush Bottles, a publicly-traded manufacturer of cannabis packaging, was forced to pull his company's financial guidance because of the coronavirus outbreak.</p><p dir="ltr">"We're planning for the unknown and that's obviously very challenging," Kovacevich said. One of the key challenges is the impact to supply chains, since most cannabis packaging and vape devices are produced in China, which has shut down large portions of its manufacturing economy to combat the virus since December, he said.</p><p dir="ltr">If the economy stays shut down, "that's going to be a dire reality for cannabis because none of these companies have strong enough balance sheets to survive a broader shut down of the industry, whether it's two weeks, three weeks, or four weeks. They just don't," Kovacevich said. </p><p>All this means that for companies in the cannabis and hemp space, it's time to get creative.</p><p>Ryan Lewis, the CEO at Global Cannabinoids, a hemp and CBD company, is doing just that. The company released a cannabinoid-infused, alcohol hand sanitizer last week, which it says is an "ideal ingredient to add in the fight against viruses."</p><p>While CBD does have antibacterial properties - and hand sanitizer is crucial during a pandemic - it's important to note that <a href="https://www.businessinsider.com/wuhan-coronavirus-myths-red-meat-bleach-antibiotics-and-sesame-oil-2020-2">there is no compelling research to show that any cannabinoid can kill the coronavirus</a>. </p><p>To Mitch Baruchowitz, the managing partner at Merida Capital, a cannabis-focused private equity firm, the economic fallout from the pandemic could create an opportunity for savvy startups and investors. </p><p>"It's important to consider that access to capital could be constrained for an extended period and that companies without large capital reserves or easy access to capital should run as lean as possible, even if that means curtailing growth," Baruchowitz wrote in a letter reviewed by Business Insider. </p><p>"Companies that survive the current chaos are likely to emerge as winners, so chaos will arguably elevate these companies."</p><ul class="read-more-links"><li>Read more:</li><li><a href="https://www.businessinsider.com/cannabis-tech-startup-green-bits-lays-off-40-employees-2020-3">Green Bits, a cannabis startup backed by Tiger Global, quietly terminated over 40 employees in a bid to cut costs</a></li><li><a href="https://www.businessinsider.com/greenlane-holdings-cmo-departs-company-days-after-layoffs-2020-3">A key executive departed cannabis-vaporizer company Greenlane Holdings two days after the company laid off 31 workers</a></li><li><a href="https://www.businessinsider.com/medmen-layoffs-128-people-in-february-per-securities-filing-2020-3">Embattled cannabis retailer MedMen quietly terminated 128 people in February, filings reveal</a></li><li><a href="https://www.businessinsider.com/cannabis-company-acreage-holdings-cut-40-jobs-2020-2">Cannabis company Acreage just cut 40 jobs following a strategic review, and it's the latest sign of a tough environment for cannabis sellers</a></li></ul><p class="tagline"><a href="/intelligence/digital-health?IR=T&amp;itm_source=businessinsider&amp;itm_medium=ctgr_bii&amp;itm_term=ctgr_subscription&amp;itm_content=health&amp;itm_campaign=digital-health"></a></p><p>Featured Digital Health Articles:<br />- <a href="/telehealth-industry-explained">Telehealth Industry: Benefits, Services &amp; Examples</a><br />- <a href="/value-based-care-pay-for-performance-healthcare-model">Value-Based Care Model: Pay-for-Performance Healthcare</a><br />- <a href="/senior-care-market-trends">Senior Care &amp; Assisted Living Market Trends</a><br />- <a href="/wearable-technology-healthcare-medical-devices">Smart Medical Devices: Wearable Tech in Healthcare</a><br />- <a href="/artificial-intelligence-healthcare">AI in Healthcare</a><br />- <a href="/remote-patient-monitoring-industry-explained">Remote Patient Monitoring Industry: Devices &amp; Market Trends</a></p>            <h3>NOW WATCH: <a href="https://www.businessinsider.com/coronavirus-myths-debunked-wuhan-china-2020-2">Pathologists debunk 13 myths about the coronavirus, including why masks won't help</a></h3>

Pot stockpiles, supply chain disruptions, and CBD hand sanitizer: How the cannabis industry is preparing for - and reeling from - the coronavirus pandemic

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A senior Bank of England official gave an insider account of how central banks dealt with the coronavirus market crash in real time

Shalini Nagarajan

Here are all of the nominees for the 2023 Golden Globe awards

Rebecca Cohen

BANK OF ENGLAND OFFICIAL: 'Central banks can't afford to be Uber'd'

Oscar Williams-Grut

The Bank of England is launching a fintech accelerator

Oscar Williams-Grut

Sweden could become the first major country to issue a national digital currency

Oscar Williams-Grut

Mark Carney's biggest speech of the year is going to be about fintech and the technology behind bitcoin

Oscar Williams-Grut,Ben Moshi…

Pot stockpiles, supply chain disruptions, and CBD hand sanitizer: How the cannabis industry is preparing for - and reeling from - the coronavirus pandemic

Jeremy Berke

Some of the UK's most powerful tech entrepreneurs have warned David Cameron against clamping down on immigration

Sam Shead

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