Couldn’t make it to our first event on the Eastern Seaboard? That’s okay, you only missed some incredible speakers and networking. In any case, here are five takeaways for your canna-business no matter where you are located. Thanks again to everyone who braved the downright frigid temps! Special thanks, of course, to Future Cannabis Project and our great panelists: Matt Karnes from GreenWave Advisors, Ed Keating of Cannabiz Media, and Debra Borchardt from everywhere.

Five Key Takeaways

1.  New York and New Jersey are Both Racing to Pass Laws Very Quickly: We touched on this in a post Monday before the event, but lawmakers in Trenton and Albany are working very quickly to get legalization bills passed in 2019. Along with a myriad of other implications and consequences these twin efforts mean one should expect existing operators in both states to push to protect their market share. There’s no denying the absolute opportunity both states present for the plant-touching industry, but you’re going to need to be mindful of existing companies and operations, to say nothing of navigating complex regulations on both sides of the Hudson River.
2. Consolidation Likely to Continue in 2019: Okay, this one is a bit of a downer. But, even as the industry continues to surge “up and to the right,” we all understand that not every business is going to make it. Acquisitions, mergers, old-fashioned shuttering of the storefront, consolidation is going to continue, if not speed up, in 2019. The takeaway? Make your company agile and indispensable. For you as a founder or CEO? Don’t overlook your soft skills: network, build relationships with your peers, and make your employees feel valued and welcome.
3. Multi-State Operators Are Not Saviors: We are seeing more and more municipalities and states determining licensees via competitive scoring system applications that evaluate not only bottom-line metrics, but also the positive (or negative) impact a would-be license holder will have on a given community. Many MSO’s are not adapting to this structure quickly enough and simply don’t get it. Our advice? No matter if you’re a mom and pop shop with one location or a multi-state operator looking for that next big market, be a good corporate neighbor to the communities you are already in and the communities you hope to expand into.
4. The CBD Wellness Market is a Threat to Licensed Canna-businesses: CBD and hemp both scored major victories with the passage late last year of the Farm Bill. While wellness trends tend to have a certain amount of ephemerality to them, in the short run CBD products marketed as wellness products pose a legitimate threat to cut into your licensed company’s revenue.
5. We Were Blown Away By The Enthusiasm of the East Coast Cannabis Industry: We’ve been covering emerging markets in the Midwest and on the Eastern Seaboard for over a year at this point, but to see your enthusiasm and drive in person was incredible. Thanks again for coming out and we can’t wait to get started on more work with all of you.

Have questions about the emerging markets and business opportunities along the Eastern Seaboard or elsewhere? Feel free to contact us.