Getting an industry education is the most intangible step toward success in the cannabis market. Those who are pro active will be best equipped to affect change when faced with the challenges of the industry. A yearly event called the MJ BIZ convention is becoming a staple for many leaders, executives and entrepreneurs who are keen to understand how they can improve, network and navigate their businesses.
The event hosts 3 different one-day workshops:
- The business of hemp forum- this workshop takes a close look at the 600+million dollar hemp industry, and the projected growth of the hemp based CBD product boom.
- The science symposium- this workshop covered extraction, production, analytical testing, pre clinical and clinical research and technical aspects of the industry.
- The marijuana business crash course – This workshop focuses on taxes and legal issues, funding and cultivation, as well as what components are needed to run a business and an organization. There are many steps to take that many entering the business will find to be required knowledge, such as how to secure a facility, the importance of packaging, marketing and committing to sustainable practices.
The content of the days run like a cannabis 101 guide, covering everything from areas surrounding cultivation, retail infused products, industry insights, taxes and legal from other states as well as other countries (specifically, Canada).
Keynote Speakers included: Chris Walsh (Marijuana Business Daily), George Blankenship (Tesla, Apple Computer, Gap), Jeanne Sullivan (StarVest Partners, Sullivan Adventures), Kenneth T. Walsh, (U.S. News, World Report).
Some of the take-aways include the need to understand your customer and use this info to strengthen your business, build a brand based on the uniqueness of your company. Investing in the tech industry provides a second chance for entrepreneurs and businesses, and now is the time to build. Grasping the complexities of operating in many markets, the cannabis industry requires 3x more capitol to scale a business and some of the important factors delineated at the conference touch on what you must make sure you have in order to thrive as a business- such as the right team members, real estate and capitol raising abilities.
There was a ‘women and cannabis’ luncheon, where Marijuana Business Daily’s Cassandra Ferrington lead a talk with the principle of ABG advisory Andi B. Goodman. They want to see women band together to educate themselves and to promote women and men in the cannabis industry. They stressed the importance of fighting for issues as a team, standing up for what’s right and remembering that the truth is more important than anything. It was a wonderful opportunity to network and discuss ideas.
A special mixer was held at 5pm in expos hall, which served as an official show party for networking. The focus was on support advocacy, sustainability and community development, highlighting the goal of contributing back and how that is a big part of professional development.
It was a wonderful opportunity for entrepreneurs as 678 exhibitors showcase their products as well. If you are an owner, executive or investor in the cannabis industry, this is the convention for you.
Some of the predictions for the cannabis market were overwhelmingly positive that the future of the industry is bright. It is predicted that Colorado and Washington’s growth will slow as 4 more states legalize legal or recreational marijuana, 3 of which are predicted to be NJ, MI, OK . It is thought that the hemp industry will win law suit against the DEA over cannabinoids and that the Trump administration will try to take overt moves against the marijuana industry (no kidding.)
Whatever challenges lie ahead, one thing is crystal clear, the green rush is already firmly entrenched in business, and those who see the opportunity to create history, will seize the day.
Look out (and buy tickets now) for the next MJ Biz Con is in New Orleans, with May9-11, 2017 and will have Kevin O’Leary from Shark Tank as a speaker!