MJBizCon, the largest B2B cannabis event in the world, kicked off at the Las Vegas Convention Center this morning. The 12th annual MJBizCon welcomed tens of thousands of cannabis professionals for the $34 billion industry’s premier event.
A cannabis business community all too familiar with challenges and obstacles joins together this week to discuss
strategies for the future, the wins and losses of 2023, and a reinvigorating look to their roots as they ‘Dare to Grow,’ push boundaries, and pave the way for what comes next. MJBizCon is where the game changers, rule breakers, and disruptors unite to connect, innovate and leave their mark on the industry.
The annual “State of the Industry and Predictions for 2024′” opened the event this morning. The Editorial Team at MJBizDaily noted, “2023 delivered the biggest-ever positive development in U.S. federal marijuana policy. It portends a game-changing shift that will benefit all American cannabis companies… eventually.”
The prospect of federal marijuana rescheduling and accompanying tax reform, paired with the possibility of long-awaited cannabis banking reform offer hope on the national level even as the U.S. heads into an unpredictable presidential election year. Additionally, new markets have launched since the last MJBizCon, and more states this year approved recreational legalization. Both women and minority representation in executive positions have rebounded to pre-pandemic levels after a significant drop during the past three years.
On the flip side, the scarcity of funding has been an issue. Also, mergers and acquisitions are down, equity prices have slumped, and global macroeconomic trends are creating additional headwinds.
As for the future, prospects look brighter after top Biden administration health officials over the summer officially recommended that marijuana be reclassified from a Schedule 1 substance to Schedule 3 – the same category as Tylenol with codeine. If, as expected, the U.S. Drug Enforcement Administration approves such a reclassification, it would mean that Section 280E of the federal tax code would no longer apply to state-legal marijuana businesses. The punitive tax provision bars cannabis companies from taking typical business deductions on their federal tax returns.
“For the fast-moving legal cannabis industry, the hope is that things can only get better from here,” MJBizDaily reporter Solomon Israel said. “With the possibility of rescheduling and tax policy change on the horizon, 2024 could be much more prosperous than 2023.”
“This year’s theme, ‘Dare to Grow’, honors the pioneers, risk takers, and mavericks that make this industry so unique. After a challenging year, we are coming together with this resilient community to celebrate wins, commiserate the losses, and set ourselves up for success going into 2024,” said Jess Tyler, MJBiz, VP Revenue and Experience.