MJBizCon 2022: Cannabis Business Conference Highlights and Takeaways
MJBizCon, North America’s largest cannabis business conference, just wrapped up at the end of November. The PSWH Cannabis Practice group attended the three-day conference and wanted to share some of our key takeaways from this year's event:
A common theme throughout the conference was the importance of women being involved in the cannabis industry as well as the need for creating cannabis products that appeal to other women. Much of the cannabis industry in New Jersey, for example, is currently dominated by male owners and executives, and we commend MJBiz for highlighting the need to support the growth of woman at senior levels in this industry.
How the Cannabis Industry Will Evolve in 2023
The cannabis industry is expected to continue to grow significantly over the next year. This growth will be driven by a number of trends, including:
- Further legalization of adult-use markets in some states and provinces that are currently illegal.
- An increase in consumption due to new consumption modalities and an increased awareness of the benefits of cannabis products and their ability to treat chronic pain and other ailments.
- The emergence of new technologies such as artificial intelligence (AI) that can help producers more efficiently manage their supply chains while reducing costs associated with production processes.
The Future of the Legal Cannabis Industry
In the future, we can expect to see a wider range of products and services in the legal cannabis industry.
- Cannabis branding will be more sophisticated and unique, thanks to advancements in technology that create new opportunities for brands and companies.
- Technology: One of the most exciting developments in the cannabis space is technology. Cannabis companies are using cutting-edge technologies like mobile apps and e-commerce to reach new customers and make it easier for them to buy their products.
Keeping Your Cannabis Business Competitive
The cannabis industry is competitive. There are many ways to be competitive in this space, but you'll have to keep up with the latest trends and stay ahead of your competition if you want to succeed.
To stay ahead of the game:
- Stay innovative and creative by connecting with your customers on social media and the importance of taking advantage of organic marketing opportunities on social media due to the current issues with paid digital search.
- Compliance management (the process by which companies comply with government regulations) tools are evolving to facilitate ensuring your company stays in compliance with seemingly ever changing rules.
MJBizCon is not just about meeting people - it's about learning how to do business the right way in this new space, and PSWH’s Cannabis Practice can assist in making sure your business is doing it right. If you want more information about these topics or others like compliance management, and operating or investing in a cannabis business, or want to learn more about how we can help with your current cannabis business, please contact us today.