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Last week’s Benzinga cannabis conference, held in downtown Chicago, offered a glimpse into an industry that is anxiously awaiting full legal recognition.
The event seemed, at first appearance, to be very similar to most business conferences. There were notably fewer women in the gathering than men, who made up the majority of those in suits. While many participants left with complimentary T-shirts or tote bags, there was no overt smell of cannabis in the venue. However, it was more difficult to locate actual cannabis on-site.
Most of the people present had experience in traditional corporate settings before transitioning into the marijuana space. Many had backgrounds in industries like alcohol, law, or medicine. Surprisingly, several marijuana company CEOs admitted they had never personally tried marijuana until they began working in the industry.
The conference covered a variety of topics, from taxation to lobbying efforts. However, speakers occasionally touched on the reality that thousands of individuals have been imprisoned for participating in the illegal cannabis trade. These individuals, who are often left out of the conversation, would likely never get to attend such events.
In addition to broader legal challenges, the inconsistency of cannabis regulations across different states also poses significant hurdles for the sector.
For instance, designer Dang Nguyen of The Packaging Company shared that he often has to create multiple versions of the same packaging to meet diverse state cannabis requirements. Some states mandate that warning labels cover a significant portion of the package design, while others prohibit the use of bright or attractive colors on packaging.
The complex regulatory environment has even given rise to new industry sectors. Certainty Labs’ creator, Brandy Young, launched her company when recreational marijuana became legal in New York. Her lab specializes in third-party testing, which is required by law to guarantee that marijuana products have proper potency labels and do not contain harmful levels of contaminants like heavy metals or pesticides.
However, Young pointed out that labs face criticism from both within the industry and from consumers. “Regulators place us in a role where we’re seen as policing the industry, but that’s not our purpose,” she explained. On top of that, labs can lose credibility with consumers due to incidents like a recent exposé by the Los Angeles Times, which revealed that some marijuana products contained harmful chemicals that did not show up in lab tests.
For many marijuana businesses struggling to stay afloat, the hope is that federal legalization could bring financial security and stability. However, according to some experts, this could come with its own set of problems, such as higher taxes. Nonetheless, the entire industry, including firms like Trulieve Cannabis Corp. (CSE: TRUL) (OTCQX: TCNNF), would appreciate a uniform regulatory structure across the country.
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