Posted on 04/03/2024 by Steven M Smith — Leave a comment

Medical Marijuana Seniors concerned over Potential Recreational Legalization.

Older patients comprise a growing subset of medical marijuana patients, according to a new study.

Seniors’ perspectives on marijuana legalization, especially in the context of medical and recreational use, are multifaceted. Let’s delve into the nuances:

General Attitudes Toward Marijuana Legalization:
- An overwhelming 88% of U.S. adults believe that marijuana should be legal either for medical or recreational use. This sentiment reflects a broad acceptance of cannabis as a legitimate option for various purposes ¹.
- Approximately 57% of Americans advocate for both medical and recreational legalization, while 32% support legalization solely for medical use ¹.
- Interestingly, only 11% of the population opposes marijuana legalization altogether ¹.
Age Disparities:
- Older adults, particularly those aged 75 and older, exhibit lower levels of support for marijuana legalization. Only 31% of this age group endorse both medical and recreational use ¹ ².
- In contrast, larger proportions of other age groups, including 53% of those aged 65 to 74, favor legalization for both purposes ².
Stigma Reduction and Increased Medical Use:
Seniors’ perspectives on marijuana legalization, especially in the context of medical and recreational use, are multifaceted. Let’s delve into the nuances:

General Attitudes Toward Marijuana Legalization:

An overwhelming 88% of U.S. adults believe that marijuana should be legal either for medical or recreational use. This sentiment reflects a broad acceptance of cannabis as a legitimate option for various purposes ¹.

Approximately 57% of Americans advocate for both medical and recreational legalization, while 32% support legalization solely for medical use ¹.

Interestingly, only 11% of the population opposes marijuana legalization altogether ¹.

Age Disparities:

Older adults, particularly those aged 75 and older, exhibit lower levels of support for marijuana legalization. Only 31% of this age group endorse both medical and recreational use ¹ ².

In contrast, larger proportions of other age groups, including 53% of those aged 65 to 74, favor legalization for both purposes ².

Stigma Reduction and Increased Medical Use:

The stigma associated with cannabis use is gradually diminishing, especially concerning medical marijuana. A significant 94% of Americans express support for legal access to medical cannabis ³.

Among older adults, there’s a growing interest in using medical marijuana due to reduced stigma and increased awareness of its potential benefits ³.

Mixed Views on Recreational Legalization Impact:

Economic Impact: About 52% of Americans believe that legalizing recreational marijuana is beneficial for local economies. Only 17% view it negatively, while 29% perceive no impact ¹.

Criminal Justice System: 42% of adults think that recreational legalization contributes to a fairer criminal justice system, while 18% believe it makes it less fair ¹.

Other Drug Use: Opinions diverge on whether recreational marijuana use affects the use of other drugs29% say it increases drug use, 27% say it decreases it, and 42% see no impact ¹.

Community Safety: 34% believe that recreational legalization makes communities less safe, while 21% think it enhances safety44% perceive no impact ¹.

Partisan Differences:

Democrats tend to view recreational legalization more favorably, emphasizing its positive impact on local economies and the criminal justice system.

Republicans, especially older ones, express more reservations about recreational use, citing concerns about other drug use and community safety ¹.

In summary, seniors’ concerns about marijuana legalization span a spectrum, influenced by factors such as age, stigma reduction, and perceptions of societal impact. As discussions continue, understanding diverse viewpoints is crucial for informed decision-making.
Discreet, Free Delivery to Seniors benefits the Florida market usually suffering the paranoia of Medicinal Marijuana use.

The stigma associated with cannabis use is gradually diminishing, especially concerning medical marijuana. A significant 94% of Americans express support for legal access to medical cannabis ³.
Among older adults, there’s a growing interest in using medical marijuana due to reduced stigma and increased awareness of its potential benefits ³.
Mixed Views on Recreational Legalization Impact:
- Economic Impact: About 52% of Americans believe that legalizing recreational marijuana is beneficial for local economies. Only 17% view it negatively, while 29% perceive no impact ¹.
- Criminal Justice System: 42% of adults think that recreational legalization contributes to a fairer criminal justice system, while 18% believe it makes it less fair ¹.
- Other Drug Use: Opinions diverge on whether recreational marijuana use affects the use of other drugs29% say it increases drug use, 27% say it decreases it, and 42% see no impact ¹.
- Community Safety: 34% believe that recreational legalization makes communities less safe, while 21% think it enhances safety44% perceive no impact ¹.
Partisan Differences:
- Democrats tend to view recreational legalization more favorably, emphasizing its positive impact on local economies and the criminal justice system.
- Republicans, especially older ones, express more reservations about recreational use, citing concerns about other drug use and community safety ¹.

In summary, seniors’ concerns about marijuana legalization span a spectrum, influenced by factors such as age, stigma reduction, and perceptions of societal impact. As discussions continue, understanding diverse viewpoints is crucial for informed decision-making.

Seniors are Increasingly Using Cannabis Studies show.

Titled “Age-related Patterns of Medical Cannabis Use: A Survey of Authorized Patients in Canad

,” the new scientific publication presents the consumption trends observed in patients and the self-reported impacts of medical cannabis in alleviating their primary symptoms.

Older Patients Are Choosing Cannabis To Treat Chronic Pain, Arthritis, Anxiety And Insomnia, New Study Shows© Provided by Benzinga

Nearly 54% of patients taking prescription opioids, reported a decrease in use over the past year with medical cannabis.

Tilray revealed in a Wednesday press release that those taking part in the study said cannabis had a “high degree of efficacy in alleviating their illness or symptoms,” with many emphasizing “a reduction in their use of prescription opioids, alcohol, tobacco, and other substances.”

“Our role in this initiative exemplifies our commitment to medical research, leading us one step closer to unlocking the full therapeutic potential of medical cannabis,” said José Tempero, Tilray’s medical director.

The latest results build on a growing body of research, which shows cannabis consumption among seniors is becoming more common. A recent study done at the University of Colorado Boulder, examined the effects of cannabis use in adults aged 60 to 88 with no history of alcohol or other substance use disorder. It showed that “low-dose, daily cannabis use after age 55 might effectively reduce the degenerative effects of chronic brain inflammation,” said Gary Wenk Ph.D., a scientist not involved in the study.

Americans appear to continue to see a need for change with U.S. cannabis laws. New research data from Pew found that an overwhelming 88% of U.S. adults say that cannabis should be legalized for medical or recreational use.

Pew found that, in an environment where most Americans live in a state that has legalized the plant and products made from it for certain reasons, having exposure to at least one dispensary in their communities has opened more people up to the idea that total legalization would be OK, it seems.

The survey split up choices in various ways based on beliefs about how the plant should be used and was conducted between Jan. 16 and Jan. 21.

In survey data out this week, Pew found that almost 57% of Americans say they believe cannabis should be legal for both recreational and medical reasons, while 32% said cannabis should only be legalized for medical use.

One interesting aspect of the data is how Americans view the impact legalizing cannabis for recreational use might have on safety and encouraging the use of other substances.

29% of Americans said they believe cannabis increases the use of other drugs, while about the same — at 27% — said they believe it would decrease the use of other substances including cocaine, fentanyl and heroin. 42% said cannabis would have no impact on the use of other substances.

And when it comes to beliefs about safety in the community, 34% of Americans surveyed said legalizing cannabis makes communities less safe while 21% said legalizing cannabis makes communities safer.

And, beliefs about the legalization of cannabis were impacted by politics — the majority, 64%, of those who identify as a Democrat, or who lean towards being Democratic said the believe legalizing cannabis is good for local economies, and 58% said cannabis legalization creates a more fair justice system.

41% of Republican respondents said legalizing cannabis for recreational use has a positive impact on local economies, and 27% said legalization has a positive impact on the criminal justice system.

Those views were altered when age was factored in, with a majority 57% of Republicans between 18 to 29 years old who said they believe cannabis should be legalized for recreations and medical use — 52% of Republicans between 30 to 49 years old said the same.

Pew found that “wide majorities” of Republicans of all age groups favors cannabis legalization for medical use.

Across all racial and ethnic groups, Pew found that about 4 out of 10 U.S. adults believe cannabis legalization for recreational use makes the U.S. criminal justice system fairer.

For the study, Pew Research Center uses randomly selected U.S. adults who participate in self-administered web surveys. Pew said it used an oversample non-Hispanic Black men, Hispanic men and non-Hispanic Asian adults to “provide more precise” estimate of “opinions and experiences of these smaller demographic subgroups.”

In addition, a recent New York Times report looked at the uncertainty and desperation that fuels senior cannabis use, and how many are turning to it as a last resort for various ailments. Dr. Aaron Greenstein, a geriatric psychiatrist said, “People are just desperate. They’re willing to try anything.”

Steven M Smith InspirationalTech.org CEO since 2013.

Thank you for consideration.

Inspirational Technologies

Posted on 11/07/2023 by Steven M Smith — Leave a comment

We, at Inspirational Technologies are at the forefront of Inspirational and Frontrunners on the frontier of current technology.

Thank you for your interest in Inspirational Technologies, a health and wellness company that focuses on hemp and cannabis products. Here is some information about the company and its CEO, Steven Smith, as well as some statistics on marijuana legalization in Florida.

Inspirational Technologies was founded in 2013 by Steven Smith, who is also the CEO and owner of the company. The company’s mission is to inspire collective minds to foster health, wellness, beauty, and inspiration through hemp and cannabis products. The company operated as a subsidiary of Marijuana Company of America, Inc., a publicly traded company that invests in the legal cannabis and hemp industries. Inspirational Technologies offers a background review of a variety of hemp and cannabis products, and lines of CBD products that includes tinctures, capsules, creams, and pet drops. The company also provides educational and marketing services to promote the benefits of hemp and cannabis.

Steven Smith is a veteran entrepreneur and innovator who has been involved in the hemp and cannabis industry for over a decade. He has a background in technology, media, and entertainment, and has worked as a producer, director, and writer for various projects. He is also a passionate advocate for hemp and cannabis legalization and reform and has participated in several initiatives and campaigns to support the cause. He is a member of the Florida Hemp Council, a nonprofit organization that represents the interests of the hemp industry in Florida. He is also a frequent speaker and guest at various events and podcasts related to hemp and cannabis.

Marijuana in Florida is illegal for recreational use, but legal for medical use for patients with qualifying conditions. The state legalized medical marijuana in 2016, after voters approved Amendment 2, which expanded the list of qualifying conditions and allowed for more dispensaries and products. As of June 2021, there were over 600,000 registered medical marijuana patients and over 300 licensed dispensaries in Florida.

However, recreational marijuana remains prohibited in Florida, and the penalties for possession vary by the amount, from financial fines to jail time. The state has not yet passed any laws to decriminalize or legalize recreational marijuana, despite several attempts by activists and lawmakers. In 2020, a proposed constitutional amendment to legalize recreational marijuana failed to gather enough signatures to qualify for the ballot. In 2021, another proposed amendment, backed by Trulieve, one of the largest medical marijuana providers in Florida, received enough signatures to qualify for the 2024 ballot. However, the amendment is facing legal challenges from the Florida Attorney General, who argues that the amendment is misleading and violates the single-subject rule.

According to a recent poll, 60 percent of Florida voters approve of legalizing recreational marijuana, while 34 percent oppose it and 6 percent are undecided. The poll also found that support for legalization varies by age, gender, party affiliation, and region. Younger, female, Democratic, and urban voters are more likely to support legalization than older, male, Republican, and rural voters.

I hope this information was helpful and informative. If you have any more questions, please feel free to ask me. 😊

We, at Inspirational Technologies are at the forefront of Inspirational and Frontrunners on the frontier of current technology.

We are often faced with our own personal conflicts which directly influence our interactions with our peers and family.

When Inspirational Technologies is an endorsement of the “Cannabis” approach to the medical condition, we say, let’s let the look at the data and the people who say that they benefit for cannabis alternatives.

Beginning in Late November 2023 Inspirational Technologies will promote the long-awaited series, “In the Weeds with Steve “. An Inspirational Technologies production under their own “Background Noise Productions Studios.

Steven M Smith InspirationalTech.org

CEO since 2013.

#IntheWeedswithSteve

Thank you for consideration.

InspirationalTech.org for your Health Wellness Beauty and Inspirational Goals

Inspirational Technologies – is Committed to Your Health Wellness Beauty and Enrichment

Reporting on Today’s Internal Botanical and Skin Product Benefits

4 Hemp Club was Inspired by Steven Smith’s vision to “Have an older generation 4H Club, where an older community of adults could carry on what the younger 4H Club envisioned.

Our 4H Platform Uses HEMP as an Agricultural Focal Point, deserving of research, development and with the

4 Hemp key points being Health Hope and Happiness, thru Hemp“.

Cannabis CBD and Me

Steven M Smith

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Posted on 10/06/202310/08/2023 by Steven M Smith — Leave a comment

Recreational marijuana could be on 2024 Florida ballot!

Recreational marijuana could be on 2024 ballot.

Josh Cascio reports.

TAMPA, Fla. – The Smart & Safe Florida campaign, funded by Trulieve, says it has collected more than one million signatures to legalize the adult use of recreational marijuana in Florida.

That’s more than enough signatures to get on the 2024 ballot, assuming the ballot language is approved by the heavily conservative-leaning state supreme court.

Attorney General Ashley Moody is among those fighting it, saying the court should reject the proposal. Still, this advancement in the process has the pro-legalization side feeling confident.

“I have confidence that it’s going to pass the Supreme Court review. And then really, you know, it’s up to the voters and the people of Florida,” said Michael Minardi, an attorney and Chairman of Regulate Florida.

If the initiative does pass, it would need the approval of at least 60 percent of voters. In 2016, 71 percent of voters approved medical marijuana.

Minardi believes legalization would increase tourism, jobs and create a tax windfall.

Trulieve says it has collected more than 965,000 signatures for the Smart and Safe Campaign to legalize the adult use of recreational marijuana in Florida.

“Absolutely, I would see in excess of, you know, one to two billion dollars the first couple of years of adult use here in the state of Florida,” he said.

On the other hand, opponents say Florida doesn’t need another intoxicant, especially in the hands of kids.

“There’s more problems with abuse and addiction. We need more treatment. So, I think the costs would be much higher than the average voter would know about,” said Ellen Snelling with the Hillsborough County Anti-Drug Alliance. “It’s kind of like marijuana on crack. We do not need this legalized in our state,” she added.

It’s still unclear when the state Supreme Court will make its ruling on the ballot language….

#IntheWeedswithSteve

Be patient Florida, this too, shall pass!

Steven M Smith

InspirationalTech.org

CEO since 2013.

Thank you for consideration.

Inspirational Technologies

Posted on 12/15/2022 by Steven M Smith — Leave a comment

Wholesale Marijuana Flower Prices Plummet. Michigan subject of new dynamics.

Wholesale marijuana flower prices plummet.

Michigan, in particular, subject to new dynamics.

Prices of wholesale recreational marijuana in Michigan are now as low, or lower, than those in older adult-use states

– underscoring how new markets are ramping up more quickly and, in some cases, becoming glutted.

Industry insiders say cannabis flower in Michigan is readily available for less than $1,000 a pound on the wholesale market – and often for much less – because of oversaturation as more and more cultivation companies come online in a state with no limit on business licenses.

Connie Maxim-Sparrow, a cannabis consultant and marijuana business license holder based in Muskegon, Michigan, characterized the state’s current market conditions as “unstable” – in particular, cannabis growers are spending at least $800 to grow a pound of flower and getting only $600 for it on the wholesale market.

According to Maxim-Sparrow, a year ago a midgrade pound of indoor-grown wholesale flower that tested at around 20% THC potency would sell for $1,800-$2,200.

Now, that same grower is lucky to get $600 a pound, and she’s heard of some selling for as low as $300.

The dynamics playing out in Michigan could offer a harbinger of what’s to come in other new markets.

In particular: As more multistate operators learn how to quickly set up shop in new regions with many producers, the pace of a newly legalized state’s market hitting an oversaturation point is speeding up.

This is more likely to happen in states without licenses caps or that have many growers – unlike limited-license markets that seem more common on the East Coast.

Michigan began marijuana sales at the end of 2019, and the wholesale market prices now more closely resemble those in older markets such as Colorado or Oregon, where wholesale prices have been falling for a year or more.

Colorado’s adult-use sales launched in January 2014, while Oregon’s market launched in October 2015.

Both markets took longer than Michigan’s to experience product saturation and falling prices.

Survival tactics

To survive, cannabis companies across Michigan are tightening their belts, relying on vertical integration and trying to build brand recognition to be more competitive.

Others are limiting their expansion plans or selling out as a wave of consolidation sweeps through the state’s industry.

A few Michigan marijuana retailers have downsized, including major retail chain Lume Cannabis, which closed four of its roughly 30 stores earlier this month.

Meanwhile, Michigan regulators in March implemented new rules, including lower application fees and the removal of licensing tiers, that will further open up the market.

“Everybody’s panicking,” Maxim-Sparrow said.

“Some of us knew this was coming – others are getting caught off guard by the oversupply issue.”

The learning curve for entering the cannabis industry is steep. Start with the fundamentals.

Any cannabis company executive who has been watching what has happened in other mature marijuana market with relatively unlimited licensing, including Colorado and Oregon, should have seen the market headed in this direction, industry insiders aid.

“We’ve seen this movie before,” said Tyson Macdonald, adviser to and former chief financial officer of Cloud Cannabis Co., based in Troy, Michigan.

“It is definitely happening with an accelerated pace in Michigan.”

Macdonald partially attributes that to a regulatory structure that allows for stacking of cultivation licenses, which has created very large facilities, many of which came online around the same time.

Not limiting licensing also sped up the situation.

Cannabis businesses executives “should have absolutely been aware that this market was going in this direction when there was not a single cap on a cultivation or processing license,” Maxim-Sparrow said.

The pricing situation

Over the past year and half, the state has seen a “ton of new capacity come online,” said Ankur Rungta, co-founder and CEO of C3 Industries, a vertically integrated Michigan marijuana company that also has operations in Massachusetts, Missouri and Oregon.

Rungta, who started out in the cannabis industry with a business in Oregon, said he saw a similar market drop there with overproduction in 2017 and again in 2018.

“Our first market was Oregon, so if anybody should have seen it coming, it was us,” he said.

Yet, Rungta said, the speed of how quickly the Michigan market has become saturated has taken him by surprise.

“We’re definitely getting into a fully supplied or even oversupplied marketplace,” he added.

“That’s definitely putting a lot of pressure on the wholesale market. People are buying the same amount of cannabis; it just costs half of what it used to cost before.”

That’s before the coming fall harvest of outdoor-grown flower hits the market.

“A lot of people are looking at this fall and saying, ‘What’s going to happen?’” Rungta said. “I don’t know that we’ve hit the bottom, to be completely honest with you.”

Macdonald said retailers and manufacturers can buy anything they need for less than $1,000 a pound for wholesale flower.

At Michigan stores, ounces of flower sell for as low as $59-$99, according to Macdonald.

“And a lot of that at the $79-$99 price point, it tests pretty well,” he said. “It’s not terrible product.”

Access isn’t the issue

Some municipalities in Michigan have opted out of allowing marijuana retail stores.

One major area that has yet to open a recreational cannabis store is metro Detroit.

The city finally began accepting license applications for adult-use marijuana businesses on April 20.

That doesn’t necessarily mean there’s a question of consumer access – despite many municipalities opting out of legal cannabis sales.

Maxim-Sparrow said most customers probably must drive only half an hour at most to find a store.

“If you look at a map of Michigan, there’s very few areas that don’t have access,” Rungta said.

Cities such as Ann Arbor are glutted with retail stores, said Mahja Sulemanjee-Bortocek, CEO and founder of High Haven, which owns cannabis business licenses in Bay City, Michigan.

She would like to see municipalities show a better understanding of the economics of cannabis before licensing too many stores in one place.

“They look at it as a revenue stream for them through taxes, which it certainly is,” Sulemanjee-Bortocek said.

But the towns and cities will lose that revenue stream if the retailers can’t turn a profit and stay open, she added.

“It’s a short win for them. Not a long-term situation,” Sulemanjee-Bortocek said.

Turning to vertical integration

Some companies are banding together to increase their brand power through collaborations and white labeling.

Others are trying to become vertically integrated but are running out of capital as they try to build out their retail or cultivation businesses.

Rungta said that a vertically integrated business structure is becoming more important, so a company can have a “hedge or cushion against some of the wholesale volatility that’s out there.”

He expects more businesses will head in that direction over time.

His strategy is to both move a “sizable chunk” of business through company-owned retail stores while also selling on the wholesale market.

The successful companies are those who saw this coming and built their business model around current pricing, not when the market opened and prices were much higher.

Rungta said the companies that will survive have a clear strategy such as offering a value product or a premium product with a business structured accordingly and a reasonable margin to support their operations.

By “reasonable,” he said a 40% gross margin is a good baseline.

“Those people are having success and, in some cases, continuing to even grab market share,” he said.

But, Rungta said, the branding and quality need to match the product for it to work.

As this all plays out, expect to see more consolidation as business are swallowed up by larger ones and some even go under. The amount of capital a business has could be the deciding factor.

“In this environment, it’s challenging for everybody,” Rungta said. “But it’s most challenging for the smaller businesses.”

Bart Schaneman can be reached at bart.schaneman@mjbizdaily.com.

Thank you for consideration.

Inspirational Technologies 2022

InspirationalTech.org for your Health Wellness Beauty and Inspirational Goals

Inspirational Technologies – is Committed to Your Health Wellness Beauty and Enrichment

Reporting on Today’s Internal Botanical and Skin Product Benefits

4 Hemp Club was Inspired by Steven Smith’s vision to

“Have an older generation 4H Club, where an older community of adults could carry on what the younger 4H Club envisioned.

Our 4H Platform Uses HEMP as an Agricultural Focal Point, deserving of research, development and with the

4 Hemp key points being Health Hope and Happiness, thru Hemp“.

Cannabis CBD and Me

#AllRightsReserved-InspirationalTechnologies2022

Story by Bart Schaneman

Posted on 12/14/2022 by Steven M Smith — Leave a comment

Marijuana Companies laying off hundreds of workers, deemed “essential”.

Marijuana companies lay off hundreds, retrench amid economic woes

By Margaret Jackson
September 6, 2022

Image depicting economic woes, layoffs, recession

While business around the world shuttered as COVID-19 spread, the marijuana industry was deemed “essential” in nearly 30 states and stood to gain from the pandemic.

But more than two years later, amid rising inflation and fears of a recession, North American cannabis companies are cutting hundreds of jobs, closing retail outlets and cultivation facilities or shuttering altogether.

The marijuana industry mirrors mainstream companies that saw similar demand and now are struggling to right-size their businesses.

Sales of Peloton bikes spiked when gyms closed and people sought fitness alternatives; but the New York-based company has axed more than 4,000 jobs so far this year.

The pandemic-era e-commerce boom that boosted Shopify’s business also appears to have cooled, and the Canadian company, which makes the technology that powers online stores, has laid off about 1,000 workers.

The cannabis industry layoffs and retrenchment have affected plant-touching companies large and small as well as tech businesses such as Akerna of Colorado, Dutchie of Oregon and delivery operator Eaze of California.

The factors behind the cannabis retrenchment are numerous. They include falling wholesale marijuana prices, cash-strapped consumers and structural changes affecting the industry, experts said.

Among the more notable plant-touching companies that have been caught up in the fallout in recent months:

California-based cannabis advertising giant Weedmaps cut 10% of its roughly 600-member workforce, citing market contractions in California, Colorado and Oklahoma.
Arizona medical marijuana grower Nature AZ Medicine laid off around 100 employees as medical sales drop and recreational sales spike.
Michigan-based Lume Cannabis closed four of its roughly 30 stores in the state but did say it plans to open three additional stores in more populated areas. The realignment, disclosed in July, comes at a time when marijuana prices in Michigan have tumbled because of market saturation.

Corporate turnarounds

In addition to inflation and economic woes, cannabis businesses are grappling with staffing issues.

For one, many public marijuana companies are undergoing turnarounds, which often translate into the shedding of employees.

“The guys who come in to handle turnarounds don’t understand the market and cannabis,” said Avis Bulbulyan, CEO of Siva Enterprises, a California-based marijuana consulting firm.

Edmonton, Alberta-based Aurora Cannabis said in June that it was cutting 12% of its workforce as part of a corporate restructuring.

The company expects the move will save up to 90 million Canadian dollars ($69 million) and put it on the path to profitability. The company’s goal is to turn its first profit next year.

Another Canadian public company, Canopy Growth Corp., disclosed in August it cut 245 employees – or about 8% of its workforce – as part of sweeping changes across the company designed to help stem recent losses and nudge the struggling producer to profitability.

Canopy said it expected the cuts and adjustments to generate up to CA$150 million in savings in 12-18 months.

Canopy also closed its cultivation facilities on 23 acres in Niagara-on-the-Lake, Ontario, last year.

Echoes of the dairy industry

“The legal cannabis business is volatile,” said Daniel Sumner, professor of agricultural and resource economics at the University of California, Davis and co-author of “Can Legal Weed Win? The Blunt Realities of Cannabis Economics.”

“It’s a new industry,” he said, “and companies are coming and going and being acquired in all parts of the industry – not just growing and processing and selling.”

Consolidation in the marijuana industry is similar to what happened to Wisconsin’s dairy industry, which lost 10% of its farms in 2019 and 44% over the past 10 years.

“Production went way up, but the number of farms went way down,” Sumner said. “It’s consolidation. A lot of that consolidation means if you’re a manager, you call it labor-saving efficiencies.

“But if you’re a worker, you lost your job.”

Despite the cost of other products rising because of inflation, the price of marijuana has declined, another factor impacting companies’ ability to retain employees.

In Colorado, for example, the wholesale price per pound of marijuana was $709 as of July 1 – an all-time low – and down 46% from $1,309 a year ago and nearly 60% from $1,721 in January 2021, according to Colorado Department of Revenue data.

“Farm-level cannabis costs coming down is the reality of this business,” Sumner said. “It’s partly improved management; some is technology.”

But, Sumner said, like other agricultural crops, price declines in the marijuana industry should be expected.

“Adjusting for inflation, we now spend 10% of our income on food – not 4% like we did two generations ago – and there’s no reason to think cannabis won’t follow that trajectory.”

Structural changes

And just as practices shifted from a customer-focused approach at grocery and liquor stores where someone would tell you about the products, practices at cannabis retail stores also are likely to see changes that result in the need for fewer employees.

“Everybody used to buy their beef or their fish from the person who really knew beef and fish – you walked in and talked to the baker, the butcher or the fish monger about what you want,” Sumner said.

“That’s the way it’s handled in cannabis now. But cannabis is moving away from it. It will be cheaper and more available, but there won’t be the services and employment.”

Like other industries, venture capital funding also has become scarce for cannabis businesses seeking investors to fuel their growth.

Without financing, it’s tough to keep as many employees as possible on staff, said Karson Humiston, founder and CEO of Denver-based cannabis recruiting network Vangst.

“People are really tightening the belt and working to preserve cash because funding is hard to come by,” Humiston said.

“When companies have a harder time raising capital, they need to make sure they have enough cash to weather the storm. The first thing to go is expensive headcount.”

The majority of job cuts are at the senior level – not hourly employees who work in grows or retail shops, Humiston said.

And with many multistate operators using more gig employees than in the past, Vangst is having its busiest summer ever.

“People are still purchasing and consuming cannabis, so these hourly workers are essential,” she said.

“Cannabis still needs to be grown, packaged and delivered to customers. Those are hourly roles.”

Posted on 12/14/2022 by Steven M Smith — Leave a comment

MJBizCon Kicks off in Las Vegas amid economic turmoil, hopes of Marijuana reform

MJBizCon kicks off in Las Vegas amid economic turmoil, hopes of marijuana reform

By Chris Casacchia,

Staff Writer
December 14, 2022.

Image of the registration desk at MJBizCon 2022

MJBizCon attendees pick up their badges Tuesday for the 11th edition of the nation’s largest cannabis industry conference. (Photo by Alicia Fresquez)

MJBizCon, the oldest and largest trade show in the cannabis industry, officially opens Wednesday amid growing economic challenges and renewed hope that federal marijuana reform will help the industry in the wake of this month’s midterm elections.

Now in its 11^th year, MJBizCon runs through Friday and features more than 1,400 exhibitors, 70-plus hours of educational content and 180 speakers.

More than 380 exhibiting companies are new to the showcase this year.

The expo hall, the largest in MJBizCon history, spans nearly 280,000 square feet on two floors of the Las Vegas Convention Center’s South Hall.

It’s where tens of thousands of cannabis industry professionals will convene for networking, startup funding, strategic partnerships, insights on regulatory reform and the political landscape and other topics.

High Roller

This year’s event arrives amid another critical juncture for the industry.

Cannabis companies, like others in mainstream sectors, are laying off workers and implementing other cost-cutting measures as prices for wholesale marijuana fall and recessionary concerns rise.

Meanwhile, the Biden administration has set in motion a process that could lead to revolutionary changes for federal marijuana policy.

The midterm elections, which often highlight the nation’s political polarities, provided a mixed bag of results on the marijuana front.

Among the many changes this year at MJBizCon, a new design divides the exhibition floor space into four distinct pavilions to help attendees find what they need:

Cultivation products and services.
Processing, packaging and lab services.
Retail and dispensary.
Business services.

“We can’t wait for everyone to see what’s new at MJBizCon – new exhibitors, a reorganized show floor, an outdoor patio,” said Jess Tyler, MJBiz’s senior vice president for events and sales.

“We really upped the experience this year.”

In a Wednesday highlight,

MJBiz CEO Chris Walsh

Chris Walsh Marijuana Business Daily

delivered his “State of the Industry and Predictions for 2023” in which he outlines the cannabis business environment and opportunities for future growth.

Other topics featured at the conference will include the recent elections, mature and emerging market difficulties and opportunities, strategies to overcome current headwinds and whether federal reform, particularly the passage of SAFE Banking Plus, is gaining momentum.

The main stage on Wednesday will feature in-depth discussions with cannabis industry leaders and successful mainstream executives.

Highlights include:

A fireside chat with Cookies co-founder and CEO Berner, an expert on branding and global expansion in the cannabis industry. The rapper, who recently sat down with MJBizDaily for a Q&A, will discuss how he and his brand have become influential.
Insights from Rhonda Kallman, a trailblazer in the alcoholic beverage industry with decades of business, branding and marketing expertise. Kallman, who was recently the subject of an MJBizDaily Q&A, founded the Boston Beer Co., producer of Sam Adams, and now runs Boston Harbor Distillery.
A “power panel” of cannabis business leaders including Wana Brands co-founder and CEO Nancy Whiteman; Ruben Lindo, founder of Blak Mar Farms; The Parent Co. CEO Troy Datcher; Toi Hutchison, president and CEO of Marijuana Policy Project; and Acreage Holdings CEO Peter Caldini.

Additional experiential exhibits include the return of the Hall of Flowers Experience at MJBizCon, First-Timers Open House, Innovations Product Showcase and the Exhibitor Spotlight Theater.

MJBizCon has also partnered with CannaVest to host the CannaVest Institutional Investment Conference for institutional and accredited industry investors.

Other notable breakout sessions off the main stage include:

Strengthening Social Equity in Cannabis Through Strategic Partnerships.
Deliver on Your Brand: Creating a Sustainable and Competitive Retail Experience.
Old Market, New Revenue: How U.S. Players are Finding Opportunity in Canada’s Cannabis Market.
Cannabis Investing Trends: How to Stay Ahead of the Curve.

MJBizCon also features a new scholarship program, pop-ups from Women Grow and Black Cannabis Magazine

See the source image

, and networking events focused on women and Black entrepreneurs as well as other people of color. The MJBiz app and signage help attendees find women- and BIPOC-owned businesses on the expo floor.

Attendees can convene at one of two lounges, The Joint (first floor) and Elevation (second floor), to hydrate, plug in or meet up.

They can also visit The Patio at MJBizCon, a newly added outdoor gathering space to unwind, get fresh air or check out some cool experiences, including a 360 photo booth, yard games, DJs, drink options and food trucks.

The conference has a soft kickoff Tuesday with six preshow forums at the Westgate Las Vegas hotel, next to the Convention Center:

MJBizFinance Forum.
MJBiz Hemp + CBD Forum.
MJBiz Marketing Forum.
MJBizScience Symposium.
reMind Psychedelics Business Forum.
Associations Day.

More information, including registration details, speakers and session topics, is available here. Online registration remains open all week.

Chris Casacchia can be reached at chris.casacchia@mjbizdaily.com.

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