Connect with us

Cannabis

MJBizCon brings cannabis industry experts together

The annual MJBizCon extended its scope with attendees from 75 countries for the 2019 event, with a broader program offering surrounding hemp and the industry, the science of cannabis, investing and more. Conference attendees will have the opportunity to learn from industry experts who will be covering a wide range of cannabis business topics, including some tricks and tips.

Andrew Ross

Published

on

This picture show a cannabis plant representing this business model.

Cannabis experts from around the world were at the MJBiz Conference in Las Vegas last week sharing knowledge and best practices for the cannabis business.

They discussed issues ranging from the lung disease epidemic of caused by vaporizers to the challenges of corporate integration around mergers and acquisition and the future of the retail industry.

Hemp.im is the world’s cannabis news resource. Millions of people use this application to discover the latest information about marijuana, hemp, and cannabis alike. It also covers the entire spectrum of companies involved in the hemp industry giving users more insight, also covering hemp stocks listed in the US, Canada, and other markets.

Recovering from the vaping epidemic

So what can legal cannabis vape manufacturers and retailers do to protect themselves from the effects of the vaporizer crisis? Antonio Frazier, Vice President of Operations for CannaSafe in Los Angeles, stated that the number one tactic is to stay within existing regulations. At the MJBizCon event, Frazier stated that “Testing, properly understanding their hardware, getting more information for their customers and patients about the safety of their products,” when addressing a panel on the topic of the epidemic.

Douglas Fischer, the general consultant for Greenlane, whose headquarters are located in Florida, said that given that the problem comes mainly from the illicit market, several measures can or need to be taken besides simply educating consumers. Besides just “testing” the substance itself, this includes: knowing the supply chain, learning about the hardware as well as the plants, advocating for the right regulations, and doing emissions tests besides just testing the substance itself.

According to Neal Levine, CEO of the Cannabis Trade Federation, the industry should be responsible and adopt regulation stating “because it shows everyone the difference between regulated and unregulated products.”

Critical communication during mergers and acquisitions

According to Julius Kalcevich, CFO of iAnthus Capital Holdings: “Buying a licensed cannabis company is a way to get around the time, costs and headaches involved in starting a business from the very beginning, but it brings its own set of challenges.”

SEE ALSO  Game developer Drago Entertainment has raised $339 million via crowdfunding

Kalcevich credits mergers and acquisitions with the growth of iAnthus, which has grown from a four-person operation to a 750-employee company with operations in 11 states. He cited the importance of ensuring that the team is aware of any changes in management at all times.

Consumers expect uniformity in products sold at the retail level

It can be hard to have consistent offers on the shelves in cannabis markets where growers and manufacturers of infused products have not reached full production. According to Mark Passerini, Executive Vice President of Operations for Michigan-based Mission Dispensaries, it’s essential to maintain a reliable product line to keep consumers happy.

Passerini, whose company operates dispensaries in five U.S. states, went on to state that customers “want consistency in what they buy and want to see the same pressure on the shelves every time.” If a retailer is not vertically integrated, cultivating, and maintaining supplier relationships is the way to achieve the goal. Passerini suggested long-term contracts as a way to avoid the lack of a regular customer product.

Passerini recommends that “operators should consider long-term contracts with suppliers in order to maintain a consistent product line for consumers.”

Reducing legislative priorities can offer faster progress

Recently, pro-cannabis legislation made historic progress on Capitol Hill, when a major U.S. House committee pushed forward a federal legalization bill. The Social Justice Focused Cannabis Opportunity Reinvestment and Expansion Act of 2019 could very likely open up huge business opportunities for legal cannabis across the country, similar to the federal legalization of hemp.

Such indicators show that there is more support among lawmakers than there was in the past, however, according to Saphira Galoob, executive director of the National Cannabis Round Table, and David Mangone, policy director of The Liaison Group, no further legislative movement is likely by the end of the year.

SEE ALSO  The rise of programmatic audio advertising

MJBizCon speakers recommended that in order to support legislation they focus on and prioritize one particular bill this year: the Law on Security and Banking Justice (SAFE), and have asked senators, especially Republicans to support the legislation as well.

__

(Featured image by 7raysmarketing via Pixabay)

DISCLAIMER: This article was written by a third party contributor and does not reflect the opinion of Born2Invest, its management, staff or its associates. Please review our disclaimer for more information.

This article may include forward-looking statements. These forward-looking statements generally are identified by the words “believe,” “project,” “estimate,” “become,” “plan,” “will,” and similar expressions. These forward-looking statements involve known and unknown risks as well as uncertainties, including those discussed in the following cautionary statements and elsewhere in this article and on this site. Although the Company may believe that its expectations are based on reasonable assumptions, the actual results that the Company may achieve may differ materially from any forward-looking statements, which reflect the opinions of the management of the Company only as of the date hereof. Additionally, please make sure to read these important disclosures.

First published in SECHAT, a third-party contributor translated and adapted the article from the original. In case of discrepancy, the original will prevail.

Although we made reasonable efforts to provide accurate translations, some parts may be incorrect. Born2Invest assumes no responsibility for errors, omissions or ambiguities in the translations provided on this website. Any person or entity relying on translated content does so at their own risk. Born2Invest is not responsible for losses caused by such reliance on the accuracy or reliability of translated information. If you wish to report an error or inaccuracy in the translation, we encourage you to contact us.

Andrew Ross is a features writer whose stories are centered on emerging economies and fast-growing companies. His articles often look at trade policies and practices, geopolitics, mining and commodities, as well as the exciting world of technology. He also covers industries that have piqued the interest of the stock market, such as cryptocurrency and cannabis. He is a certified gadget enthusiast.