Michael Miller and Joseph ChicasThis is the first in a new series “CannaBusiness Updates” which will provide a summary of prior months’ highlights, events and happenings around the City of Angels.
Jaime Foxx Estate
On July 13, industry leaders had the chance to participate in a wonderful event that helped bridge the gap between entertainment and cannabis influencers. Nestled atop celebrity Jamie Foxx’s home, cannabis brands and consumers had the opportunity to mix and mingle inside the star-studded mansion. The context for the event was unique as it had the feel of a cannabis mixer which happened to run parallel to the 50th birthday party of esteemed Hollywood director F. Gary Gray. Nearly a dozen cannabis brands had the opportunity to showcase their products and services to guests that were able to satisfy their cannabis curiosity, as well as meet and learn about compliance, innovative products and advancements in research. Jack Herer, one of the premier sponsors hosted the well-designed smoking lounge. Jamie’s production studio was open for all and he spent a fair amount of time hanging out with guests giving the overall impression that he is as cool and funny in person as he is on the screen Integrating cannabis brands within celebrity functions appears to be a growing trend and may actually go a long way toward bridging the current gap between the cannabis and entertainment industry.
(Philip Rebentisch)
National Cannabis Industry Association (NCIA)
The NCIA held its “Cannabis Business Summit and Expo” July 22 to July 24 at the San Jose Convention Center. Thousands in attendance participated in workshops, heard keynotes and had an opportunity to meet with hundreds of exhibitors in the show room. This NCIA felt and looked different than years past. The exhibit hall was bright, booths were decked out and it was reminiscent of the MJ BizCon show floor. Extraction companies dominated the expo floor while the flurry of ancillary service providers was evident. Workshops covered a broad range of subjects including compliance, marketing and investment.
NCIA members had the opportunity to hear from Bureau of Cannabis Control chief Lori Ajax and Executive Director of L.A.’s Department of Cannabis Regulation, Cat Packer. Attendees learned about California’s new #WeedWise marketing campaign, which educates consumers about compliant cannabis products. Ms. Ajax explained to the delight of the crowd that it was beefing up efforts by the state to increase enforcement and crack down on illegal operators. Ms. Packer highlighted citywide efforts to crack down on illegal operators by increasing enforcement staff, penalizing complicit property managers and shutting off utilities for illegal operators. Each also discussed increased efforts to deploy resources to social equity programs across the state and how such efforts could help reverse some of the residual damages from the War on Drugs. NCIA proved to be a microcosm of how the industry is maturing with excitement continuing despite growing pains.
(Joseph Chicas)
CannaVest
Parallel to NCIA was the CannaVest conference. CannaVest provided an opportunity for investors and industry leaders to come together to discuss pain points, trends and opportunities. Attendees heard about industry consolidation and state and country legalization status. It was clear that investors were becoming more savvy in light of the Canadian market fall off and a greater focus on fundamentals. Leading multi-state operators shed light on their expansion strategies. Debates regarding federal legalization were rampant, with popular opinion pointing to a three to five year window. Surprisingly, only a minority desired legalization sooner, with the majority believing that the longer federal legalization takes, the better the opportunity for non-institutional investors.
Topics on research, innovation and impact were also popular. Leading private equity groups suggested that companies that prioritize research would differentiate themselves and put themselves in a strong position as federal legalization takes hold and the medical community begins to adopt cannabis as an alternative treatment modality.
Microscopes and Machines
On Saturday July 27, 2019, the Microscopes and Machines conference brought together 300 attendees, including scientists, researchers, operators and manufacturing leaders. Promoted as a “Dope Conference Co” production, the event was held at a former grow and greenhouse site downtown. The conference offered some unique content not typically part of the larger industry events.
Attendees had a chance to attend one of two tracks: “Microscopes,” which focused on medical trends in the industry, or “Machines” which focused on technical and manufacturing advancements. Attendees were challenged to professionalize operations toward a pharma-style model with increasing standards. Companies were implored to be careful about product claims as the FDA enforcement machinery begins to play out.
It was also noted that the University of California was earmarking $100 million for cannabis research over the next decade. Conducting studies and classifying cannabis products as “medical supplements” was proposed as a way to fast-track research. Throughout the day, researchers, scientists and operators shared best practices to prepare for the medicalization of the industry. Manufacturers shared insight into technological advancements, scaling and adapting to complex regulations. The night was capped off with delicious vegan food, cannabis comedians, a concert and an after party. Microscopes and Machines offered a unique opportunity for technical experts in the industry to convene over esoteric topics not often covered at other mainstream cannabis conferences.
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