MJBizCon/Vegas Earns a C-Minus As Show Shrinks by Half
Yes, it was a record number of parties and networking events. But most were off-site from the "official show" and the increasing divergence--from Last Prisoner appeals to lawyer forums to surviving advocacy groups-- underscored a painful contraction of the MJ sector facing "give up or redouble efforts."
Emerald/MJBizCon 2023 promoted endless fantasies: They promised over 30,000 attendees--but maybe got 16,000---mostly new tire-kickers and California wannabe partyers. Unlike 2022, where major MSOs and executive level decision-makers attended, this year's conference/keynotes brought a low-level rehash of possible re-scheduling (with maybe IRS 280e relief) devoid of legal, political or regulatory context.
On the women's MJ management/ownership initiatives-- and for the still-born state social equity programs-- nothing moved beyond the "keep hope alive" stage. The silo of business interests underscored the continuing fragmentation of the sector-- struggling retailers, over-grown cultivators and $million dollar packaging machines looking for some massive scaling of edibles/pre-rolls/vapes where demand no longer exists.
Here is an excellent insight: "I love being with my community, but over and over I heard how the ROI from conferences just isn't there any more. I'm feeling the same, and as a single parent sacrificing time with my child, I have to do fewer conferences next year. It's also hard to be in the community when everyone is struggling. There's little opportunity..." was yesterday's LinkedIn comment from cannabis insurance professional Summer Westerbur based in New Jersey.
Las Vegas has gone from challenging to "unmanageable." Overpriced everything (rooms, food, Ubers) dug further into tight budgets for those who attended-- it was all fun if you could afford a $12 beer. And so many afterparties spread across Vegas made it impossible to keep a schedule, day or night. Should I attend a MJ pickleball contest-- or go hear Kim Rivers (CEO of Trulieve) prognosticate about "better days ahead" for big MSOs like her. A closed-to-press, invite-only executive lunch with comments from top FDA advisor Norm Birenbaum should have been the MJBizCon keynote event-- but instead was saved for less than 45 execs from the biggest show-floor exhibitors.
C-minus overall. But clearly when we asked, "Could we have just passed up attending the 12th MJBizCon??" Unfortunately, Yes. But 2024 promises many more trade shows, especially in April. MJUnpacked comes to Atlantic City, NJ on 4/9-11, 2024. NOCO hosts its 12th hemp gathering on April 11-13 in Estes Park, CO. Financially-oriented Benzinga Cannabis will occur in Miami, April 16-17.
Pictured: The "slow traffic" on the MJBizCon floor, LV Convention Center.
More West420News on this event: https://bit.ly/47MJCK2
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Director, Business Development at Cosmax USA
3moAlice (Lin) Glover EADEM 🫶