Nevada cannabis consumers and patients experience a market unlike those in nearby states because of its “ecosystem,” which has fewer options for consumers, industry leaders say.
In an industry that remains illegal at the federal level but regulated in certain states, Nevada is experiencing some challenges also seen nationwide, such as slower investment and heavy regulation, but others that are confined to its borders. The broad challenges that face businesses that have been legal for just a few years were among the topics of discussion at the 2023 MJBizCon Dare to Grow conference that wrapped earlier this month in Las Vegas.
MJBizCon brought 30,000 cannabis executives and entrepreneurs to Las Vegas to showcase equipment for facilities, connect people in the business, and inform attendees through panels about global trends in the commercial cannabis industry. Panelists forecasted what could soon happen and spoke about limited capital investments, a lack of safe banking because of federal prohibitions on cannabis, a need to increase female-focused products to expand the market, and unreliable business partners.
When asked what the greatest challenges are during a panel about the next 18 months in the business, cannabis advocate and marketing executive, Willie Mack said, “raising capital and finding good partners that you can trust.” “In this industry, we vet, and we vet 16 more times,” said Mack of creative branding firm Frank White.
Read more at thenevadaindependent.com