Over the course of the past 24 hours, scores of interviews and hundreds of conversations by the Business of Cannabis team, some themes emerged from Day 1 of MJBizCon 2019.
Here are four:
1. Maturation of Industry
The industry is at an inflection point in several key ways. At the show, this has taken the form of a laser-like focus on operations and profitability. Nearly everyone has noted that business fundamentals, rather than wild-eyed speculation will carry companies forward. There has also been a lot of reflection on the size of MJBizCon over the past several years to the types of hyper-specialized vendors (and number of suits) on the floor – the industry is growing up.
2. US 2019 – A Hemp-Filled Year
The US saw incredible advances in hemp production in 2019 – and the show reflects that. From lawyers to seed purveyors to overall game-planning for the future, hemp was 2019’s MVP in the sector.
3. The 2020 Outlook
There is a good amount of trepidation permeating the conference. While there is excitement and awareness that the industry is still on a solid path up, the question of ‘who’ will get to the long-term promised land and ‘how’ is causing uncertainty. That, overlayed by an unsettled regulatory (and political) system in the US and a shifting landscape for products and retail in Canada, are making people feel that it’s best to hold on tight for wild 2020.
4. Next MJBizCon
One view that has been expressed over and over again is that by next MJBizCon, a new President of the United States may be elected in the US. A Democrat would significantly alter the course of the US’s cannabis future. (While also saving democracy, the planet and commonsense for the rest of us.)
– The Business of Cannabis Team