MJBizCon, the largest B2B cannabis event globally, returned to the Las Vegas Convention Center this morning.
Celebrating the company’s first in-person event since 2019 and 10 years of MJBizCon, CEO and Founding Editor Chris Walsh welcomed attendees with his always anticipated ‘State of the Industry and Predictions for 2022’.
“Putting things in perspective since we last gathered, we’ve all been through a tremendous amount of stress and uncertainty that affects us personally and professionally,” Walsh said. “But despite the lockdowns and the political, social and economic unrest, the cannabis industry has prevailed – and been deemed essential.”
Over the past 22 months, nearly a dozen states have legalized, retail sales across the country continued to increase, billions of dollars have been invested in mergers and acquisitions, multi-state operators have gained huge traction, psychedelics are emerging, online ordering and delivery are taking off, and even Amazon has joined the cannabis conversation.
There have been challenges as well: the Biden administration hasn’t moved on to marijuana reform, some medical markets are losing steam, global markets have been on hold, and the industry has lost ground in some key ways regarding diversity and inclusion, said Walsh.
As for the future, Walsh offered several predictions for 2022, including:
- At least four states legalize medical or rec, including 1 “sleeper.”
- The biggest year for M&A yet; 3-4 mega-mergers in the US & Canada
- FDA won’t pave the way for ingestible CBD, but states will lead rebound
- No federal change, even on banking…but the stage will be set
- One of the first big rec markets – CO, WA, or OR – will see flat overall sales
- Big progress in social consumption
Walsh said Mississippi and Kansas are among the front runners for legalizing medical, with Rhode Island, Maryland, Delaware, Oklahoma, and Ohio playing recreational legalization.
“I do not think the FDA will pave the way for ingestible CBD next year, unfortunately. The federal government has shown that it moves glacially slow when it comes to anything to do with cannabis. However, I think we will see a resurgence in CBD, fueled by states paving their way and allowing ingestible products. California’s new law allowing CBD in food, beverages, and other ingestible products could be a game-changer.”
MJBiz is the leading B2B resource for the cannabis industry. Founded in 2011, it is the most trusted independent publisher and event producer serving America’s cannabis industry entrepreneurs and investors. MJBiz produces America’s oldest and largest cannabis trade show: MJBizCon. The 2015-2019 events were each named to Trade Show Executive’s Fastest 50 list. The 2021 event will return to Las Vegas on October 20-22, 2021. The MJBiz team also produces MJBizDaily and other media outlets covering news and analysis of the marijuana and hemp industries. For more information about MJBizCon or MJBizDaily, please visit www.mjbizdaily.com.