 As the holidays come to a close, and the New Year begins, most people begin to turn their thoughts to planning the year ahead.
And one thing all of those in the cannabis industry should be considering is attending trade shows and conferences. But that can be a lot of money. And while normally this is a bona fide business expense and therefore tax deductable…. the cannabis industry doesn’t get that luxury. Tax code 280E prevents taking tax deductions for most things, including business travel and networking events. However, these events are still important, and worth while. As you plan your year, one event that should be on the top of your list is MJBizCon. It’s the world’s largest, and longest running, Business-2-Business cannabis trade show, held annually in Las Vegas, Nevada. We attended MJBizCon’s 2022 event, held the week before Thanksgiving, and it was absolutely incredible! It had something for just about everyone in the industry: cultivators, processors, distributors, retail stores, and so much more. It was held at the Las Vegas Convention center, and covered a massive 280,000 square feet. That’s the size of nearly five football fields! The colossal exhibition floor was actually two floors, or two stories to be more exact. MJBizCon had put a lot of thought into organizing the layout, making it easier for attendees to seek out the exhibitors they need. The first floor featured cultivation, processing, manufacturing, and packaging. The second floor covered the retail and dispensary exhibitors, as well as lab services and business services. The curated layout showcased more than 1,400 exhibitors, of which 380 who were new to the event. The breakout sessions and forums offered something for everyone, with 180 different speakers who are some of the most sought out leaders in their areas of expertise. The roughly 30,000 attendees were a mix of high level professionals from just about every single part of the cannabis industry. The event also drew many big names in the industry, including cannabis celebrities like Mike Tyson, B Real aka Dr. Greenthumbs, Xhibit, Jim Belushi, Redman, Ricky Williams, and Calvin Johnson Jr.,. With all the people there, though, we wouldn’t be surprised if there were even more celebrities that we missed. For having so many people, the event definitely buzzed with activity and people, feeling full, but not overly crowded. This certainly isn’t one of those events full of sad faces staring you down from their empty booths. On the other hand, the booths all seemed to have enough people at them to look intriguing, but not so many that you couldn’t speak to a rep if you needed to. It was also nice to be able to quickly get some food without standing in endlessly long lines. Overall, the amount of attendees seemed ideal, with plenty of potential customers for the exhibitors, plenty of vendors for attendees on the hunt for their needs, and plenty of networking opportunities for all. And the networking was definitely happening everywhere, both inside and outside of the event. MJBizCon this year featured an outdoor spot they called “The Patio,” which had a DJ playing some great tunes, food tucks, and loads of quick games, like a large ‘connect 4’ and small mini golf putting green. In addition to the many well spaced games, there were convenient sitting areas, which all made the patio a great space to connect and have fun with others attendees. Of all the people we spoke to, and it was a lot, everyone said they felt this event was well worth coming to. Both exhibitors and attendees said it lived up the the hype. One exhibitor, Bongchie, which is the largest manufacturer and distributor of pre-rolled cones in India, were first time exhibitors at MJBizCon. Their Brand Strategist Megha Maini spoke to us about their company’s experience. As an Indian based company, Bongchie has exhibited at other events around the world, and Ms. Maini was quick to say that MJBizCon was easily “better than Europe” for them as an exhibitor. A first time attendee we spoke with, Mark Castillo of Gravity Investments, said the event exceeded his expectations, adding, “we found a lot of vendors with great new technologies and products that we’re really excited about.” And while exhibitors and attendees were enjoying themselves at the expo, there were also plenty of after hours events and networking opportunities as well. There were affiliated events such as a kick off party, meet up events each night, and mixers, receptions, soirees, and plenty of parties. One of the hottest parties was the High Times Biz Bash 2022 hosted by High Times and Zig Zag. This wildly popular after party featured special performances by Method Man & Redman, and was a huge success, packed with conference attendees having a great time. Besides all the fun, there were also serious learning opportunities in the special forums and breakout sessions. Chief Executive Officer and founding editor of MJBiz, Chris Walsh, opened the forum sessions, and gave his talk called, “State of the Industry and Predictions for 2023.” He spoke openly about the challenges the industry is currently facing, but also about the opportunities and reasons to look ahead positively. Walsh said, “There is still a lot to be celebrated in this growing market,” adding, “there is still exciting industry growth and opportunities ahead. We just have to buckle down and drive through the storm--riding the green wave isn’t going to be enough in these economic conditions.” Some of those challenges include the fact that some mature markets are seriously struggling, with declining profits and increased regulations. There are also still banking and capital hurdles the industry faces. On the positive side, Walsh spoke about how overall, industry sales are still growing, with more and more markets opening up, and the potential for more cannabis friendly measures to pass. He also talked of the many mainstream companies which are now moving into the cannabis world, helping to normalize cannabis and give weight to the federal legalization issue. Walsh gave his expert opinions for the year ahead. He believes that 2023 will see cannabis banking reform be federally passed. He predicts that there will be major consolidation in key markets like California and Michigan. And he really believes that the Biden administration will make some tangible progress on de-scheduling or re-scheduling cannabis. From his personal perspective, Walsh said, “Overall, I am cautiously optimistic. Some of the big players in the industry will acquire or be acquired. Looking down the road new players will emerge,” and, “As the industry becomes more mainstream and federal change takes shape, we’ll see big names in retail, consumer packaged goods, agriculture and technology get in the game.” Since Walsh was in a prime position to connect with all the speakers, as well as countless exhibitors, and visitors, it’s very encouraging to hear that when speaking about what he encountered at the event, he said, “There’s a lot of optimism that I haven’t seen from us for most of this year.” We would agree, and confirm that there were definitely a lot of good vibes in the air. Just about everyone we spoke with seemed very pleased that they had attended this years MJBizCon event, and were cautiously optimistic about the future of this industry. Overall, MJBizCon was a huge success. Despite the fact that this business travel can’t be expensed… it is still something worth investing time and money in. The costs to attend were well worth the ability to learn new things, to meet new people, to find lots of new technologies, new vendors, new customers, and more. The 2023 event will return to Las Vegas November 29-December 1, 2023, and without a doubt, we’ll be looking forward to it. We hope to see you there, too! MJBizCon is produced by MJBiz, which also produces news and analysis of the marijuana and hemp industries via MJBizDaily, Hemp Industry Daily, MJBiz Magazine, MJBiz Factbook, and MJBizScience’s Emerald Conference. For more information about MJBizCon or MJBiz, please visit www.MJBizCon.com and www.MJBizDaily.com. Comments are closed.
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