The 2018 Marijuana Business Conference held in Las Vegas came to an end on Friday last week after drawing record numbers of attendees. Several key issues can be identified from what transpired in Las Vegas during the conference.
Approximately 30,000 people were at this marijuana business conference. They ranged from marijuana business owners, vendors of cannabis products and investors gathering information before they make a decision to put money into the industry.
Such a huge interest can only confirm that marijuana is arguably the fastest growing industry across the world. This conclusion is valid given the rate at which different states within the U.S. and across Europe are legalizing some form of cannabis.
One of the biggest things to watch in the coming year are the changes that will be made in the way cannabis is grown. These changes are needed in order to grow as much as possible while cutting the cost of bringing the product to the market.
Some of the “smart” growing systems that were showcased could track various grow conditions, such as temperature and moisture level. The system can trigger the affected condition to be adjusted in a small area, such as a single grow bench.
In this way, you can minimize the inputs going into the cultivation process while increasing productivity. Such technologies will be key in the process of reducing the cost of producing each kilo or pound of cannabis.
Another trend to watch in the coming year and beyond is the growth in the number of pot lounges in states or countries where recreational marijuana has been legalized.
Pot lounges will play an increasing role in the cannabis industry for a number of reasons. First, different jurisdictions will have varying laws regarding the public smoking or use of recreational cannabis. A pot lounge therefore provides a haven where marijuana consumers can indulge without any fear of breaking public consumption laws.
Secondly, pot lounges provide an opportunity to create a cannabis lifestyle among consumers. The facilities can be designed and fitted in innumerable ways based on the wishes of the proprietors. This will create brand differentiation and build customer loyalty. A clear example of this is Planet 13, the largest cannabis retail store in the world located in Las Vegas. The establishment is already causing a stir in the industry and other places will have to take their cue from the standard that it has set.
Marijuana Company of America Inc. (OTC: MCOA), Medical Cannabis Payment Solutions (OTC: REFG) and other industry players may have left this conference confident that the outlook is bright for the entire cannabis industry.
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