The worlds largest cannabis conference did not disappoint. With over 1,000 companies presenting their brands and almost 30,000 visitors coming together, there was definitely a lot to learn.
Here are some of our main takeaways this year.
#1 – Branding and packaging are the biggest focus point for most companies today
Success is being able to match good branding with a great product/service.
MjBizCon had a huge volume of packaging companies present as well as branding professionals. The cannabis market has moved past the initial licensing and setup hurdle and is now more focused on the presentations of their products and services to meet the market demand for different consumers. For example:
- Medicinal solutions for seniors that suffer from arthritis
- Recreational products for the millennials enjoying night life
- Sleeping aids for the baby boomers
- Anti-inflammatory and relaxant CBD products for pets
By presenting your product correctly to the right market, you will gain their attention. At this years event, you could see that focus in the presentation of different brands.
#2 – The future is in optimizing cannabis consumption
The show had a record number of vape companies and brands
- small and discrete vapes
- large, high volume and battery power vapes
- vapes with flavours
- vapes in different colours for lifestyle branding
- vapes with apps that track how much you use at a time so it can measure what your dosage and provide predictive analytics
Joint smokers and customers that enjoy dried flower will be in the back of the demand curve and will slowly start to see less options compared to the derivative cannabis products. The future of the market is in edibles and vapes, and those with years of experience in creating the right formulas will be ahead of the pack.
#3 – The fastest growing sector in the cannabis industry is canna-tourism
Tourism has seen exponential growth year over year in existing recreational states. Based on industry data this will only continue to grow as cannabis becomes normalized in society.
The expectations are high for Canada to become a world renown cannabis destination. The influx of canna-tourists will create demand for cannabis friendly hotels, restaurants, events, and entertainment options.
If you’re thinking of jumping into the industry, this might be a hot space where you could partner with existing businesses to offer outside consumers an opportunity to see what the cannabis world looks like in a legal tourism focused atmosphere.
#4 – The medicinal future is shrinking as users flock to the adult use (recreational) market
Consumers simply want cannabis, whether they want to remove pain, help with sleep, induce hunger or reduce stress. If users need cannabis they will go with the easiest process to access it and once consumers can reliably self-regulate dosage then there is little resistance for medicinal users to flock toward recreational stores with much more product diversity.
In legal states across the US, the data clearly shows that consumers are choosing to shop in the adult use space instead of following a regulated, slow, medicinal framework.
Whats the point of going through a doctor to fill a prescription when we know what our needs are?
The international cannabis industry is opening up with medicinal access first. By looking at historical trends, you can see by what has happened in Canada and the US that users with recreational access will begin to abandon the medicinal model. This will be the general trend in all emerging international cannabis markets in the future.
#5 – The next US presidential election will bring the bill to legalize cannabis at the federal level.
After many conversations with US based business owners and operators across MjBizCon there is a consensus – they all believe that regardless of which party wins, it will bring with them the process of legalizing cannabis federally in the US.
Everyone understands the opportunity in the market, and mot importantly research is limited until cannabis is federally legalized. By not legalizing cannabis, it limits our opportunity to learn all the capabilities of the most powerful plant in the world.
The only way to uncover the value of cannabis is by legalizing, which everyone expects to happen after the next US election.
Bonus takeaway for Greenline POS
As a take away for Greenline POS – we feel even more confident in our decision to focus on servicing Canada exclusively.
The market place in the US is filled with regulatory changes and multiple compliance demands that don’t translate across state lines or into Canada. The States also have to deal with regulatory systems that continue to break and create service issues for retailers, wasting time and money.
By staying focused on becoming the number one solution for Canada, our customers feel confident that both our service and our platform is aligned with the changes in our existing marketplace. We can guarantee that the Canadian legal regulations will always come first for our customers.
If you are in the cannabis industry today, you are missing out by not attending MjBizCon. We are watching history happen and this event is the main source to see the root of an industry come alive.
As Terry Booth says, “In 5 years the market will be so large that it won’t make sense to be at these type of events” – but today, its an exciting time for it.
Thanks again to our partners that invited us, and thanks to MjBizCon for the party. It was well organized (not easy to organize such a big crowd) and brought together the largest and brightest stars in the cannabis world.
We look forward to next years week-long event!