The first annual NCIA Cannabis Business Summit provided an opportunity for hundreds of cannabis industry professionals to gather together for an un-paralleled opportunity to learn about the current state and future of the nation’s cannabis industry. For those that couldn’t attend the Summit on June 24th and 25th, here are some highlights from the AllBud Team.
Day one opened with a bang. An opening speech was delivered from NCIA Executive Director Aaron Smith and opening keynote by Steve DeAngelo of Harborside Health Center. During one Cannabis Policy and Reform seminar, Director and cofounder of the California Cannabis Industry Association (CCIA), Nate Bradley led the way with truthful and honest words, “Cannabis saved my life.” Mr. Bradley provided an informative overview of the current state of regulation in the state of California. Aaron Justis followed with a more in depth look into the problems with regulation and reform in the greater Los Angeles area. Dispensaries that are operating illegally in LA and the surrounding area continue to be a major concern for responsible members of the community.
During lunch and in-between seminars, participants were provided with ample networking opportunities. My afternoon session started with, retail 101 which entailed the best medical and adult use dispensary practices. Colorado is leading the way for the future of our nation, and the whole world is watching. Kristi Kelly and Barb Visher noted that in order to stay safe and legal everyone must follow good business practices, as well as understanding regulators and regulations. Being part of this industry was a privileged license, and one might want to structure their business “like a tree with multiple roots.” Overwhelming sentiment throughout these speeches and seminars was how difficult it is to operate in a cash only world. Cash, credit, debit, even bit-coin have been considered for marijuana sales, yet cash is still the only feasible source, since banks continue not to work with any form of marijuana. However, taxation and legalization in the state of Colorado will provide 40 million dollars toward school construction from the sales of marijuana. Great things have been happening all over the state and our nation is growing towards educating the general population about the myths and facts of marijuana use.
Closing up the afternoon, was a networking reception filled with snacks and cocktails. Booths were set up around the perimeter, dealing with various types of business from lab testing, marijuana infused edibles, extraction systems, consulting firms, and packaging materials. An excellent day one came to an end, and the Allbud team took a trip to Native Roots Apothecary adult-use dispensary to grab our share of legalized marijuana. I enjoyed a joint of Master Kush to end the evening, and get us prepared for Day Two.