🏙️ Recap: MJ Unpacked Las Vegas 2022
🏙️ Recap: MJ Unpacked Las Vegas 2022
The show's third iteration continues its attempt to carve out an experience that blends Benzinga, Hall of Flowers and MJBizCon.
While I’m two weeks late to the recap, I hope you’ll still find value in it as you consider attending the next one in NYC (April 26–28, 2023). And for those that are going to the Arcview Access Cannabis Investment Summit in NYC next week, I’ll be there. Then I’m on a conference hiatus until MJBizCon but am currently planning an event around it, so please reach out if you have any suggestions.
📢 As longtime readers and event attendees know, I like to experiment with different formats. For MJ Unpacked, I asked Lucia Cifonelli (Cannabis USA) and Eric Brook (ex-Big Rock Partners) to provide their perspectives (below).
💭 [Contributor] Lucia Cifonelli, Co-Founder, Cannabis USA, a full-service marketing and consulting agency dedicated to growing cannabis brands and products nationwide.
I have seen the growth of brands, conventions, events, and seminars throughout the Cannabis industry, having attended major conferences like MJBizcon, Champs, Hall of Flowers and Outside Lands/Grasslands—but this was my first MJ Unpacked. Sandwiched in between two of the larger, heavily attended conferences, Benzinga and Hall of Flowers; MJ Unpacked attempts to be a cross between the two, bringing together investors and larger operators, along with new and upcoming brands.
A major differentiator for MJ Unpacked was its app—which featured exhibitors, seminars, map and notifications. Conferences in Vegas can be daunting and hard to find through the back halls of the casino; but MJ Unpacked made it easy with their interface. I thoroughly enjoyed the closing happy hours each day to connect with other attendees. Some of my best conversations happened on Wednesday’s opening mixer right outside of the main conference hall. I spoke with one dispensary owner who let me know this was his first conference back in five years; usually sending his management team to the others; but he wanted to get the mix of brands and investors in the same space.
Having a Jardin-sponsored dispensary shuttle from MGM to Jardin was brilliant! If you were lucky enough to see the whole activation through; it started with the Jardin brand ambassadors walking the conference floor and asking you to check out the cannabis concierge, Mellowtron, to give attendees an effect-based result for the perfect high—determined on your preferred method of consumption and effect you are looking to achieve. From there with some buttons and choices (I went for focused, energized, and peaceful in flower form), three options popped up on the ticker board for me to go shop at Jardin via the free shuttle. As someone looking for new ways to engage the consumer without the option of sampling the actual product as well as MJ Unpacked not being able to sample or distribute sponsor brands; I thought this was an innovative way to incorporate brands, retailers, and accessories to enhance the experience.
I was impressed by the amount of social equity brands and awareness around social equity, along with the seminars discussing new regulations for the newer states opening up. A lot of attendees I spoke to were from the East Coast and newer markets that enjoyed hearing from more experienced industry professionals on a broad range of topics, such as “Black Women Get Us Higher,” “Buckling Up: The Impacts of Federal Regulation,” and “Cannabis Lounges as a Vehicle to Elevate Retail and Differentiate Brands.” Most attendees throughout the day seemed to be at the conference in the afternoon on Wednesday and Thursday, with a good amount departing before Friday or early Friday morning.
Overall, I felt the conversations and connections I made at MJ Unpacked were valuable and genuine with discussions about how to help each other grow, not just quick selling or a “what can you do for me” mentality. The ability to hold converssations at booths were interesting and insightful. I work with Vangst as a partner to Cannabis USA, which provided an opportunity for me to spend time with their team in person. The conference could easily be two days and hope they continue to activate in multiple cities as a lot of attendees said they enjoyed MJ Unpacked NY and the energy surrounding it. As a brand developer, MJ Unpacked gives light to new brands looking to expand their footprint in a way they may not have been able to do if they attended a local or state specific conference. Expansion is always on the horizon and MJ Unpacked gives brands and investors the opportunity to be a part of it!
💭 [Contributor] Eric Brook, previous experience includes Corporate Development at Sonoma Hills Farm, Associate at Big Rock Partners, and Analyst at Ceres Group Holdings.
MJ Unpacked brought together all corners of the cannabis industry. The conference and its programming were geared toward bringing decision-makers together as investors, operators, and brands alike perused the brand showcases and attended panels. Investor attendance at the Venture Summit ended up being sparse—while a few big name funds and lenders were there, the attendance spoke to where early-stage capital markets stand in the cannabis industry. With the market downturn, it is clear that fewer funds are writing checks and are in a holding pattern until there is more positive sentiment around cannabis markets and the economy as a whole. Notable panels included “Public Markets for Cannabis” and “The Exits Panel” featuring panelists like Viven Azer of Cowen, Mina Mishrikey of Merida Capital Partners, Emily Paxhia of Poseidon Asset Management, and Leonard Tannenbaum of AFC Gamma. The largest fund in attendance was Merida Capital Partners, represented by Mina Mishrikey, who shared:
“MJ Unpacked provided an opportunity to connect with investors, brands, operators, and ancillary platforms, under one roof at an important time for the industry. The tone was certainty cautious, in the context of a shaky macroeconomic environment that has strained capital resources to an already limiting cannabis space. Notable discussion points included the possibility of SAFE passing in a lame-duck session, a recent uptick of strategic investment from outside the cannabis industry, and speculation around both defensive mergers and offensive distressed acquisitions.”
Despite the attendance of industry heavy hitters and thought leaders, there were naturally more brands and operators than investors, but fruitful conversations were still had based on attendee feedback. MJ Unpacked with the Venture Summit format is among the most conducive to providing the backdrop for deals to be struck; however, this year’s conference reflected the bearish reality of both the cannabis and macro economies.
Other Recaps:
MJ Unpacked Vegas ’22: Full event recap (MJBI)
Amid an Industry Squall, Is Cannabis Having Its 'Bubba Gump Moment?' (Adweek)
MJ Unpacked Returns To Las Vegas For Clio Cannabis Awards, Expert Panels, And CPG Brand Experiences Galore (HoneySuckle)
MJ Unpacked Bets Big and Wins on Blend of Business and Culture (mg magazine)
👋 Highly Objective is curated by Dai Truong, who leads Cannabis Investment Banking at Arlington Capital Advisors. Third-party information presented here and links to third-party content are for informational purposes only and are not intended as a recommendation, offer or solicitation for the purchase or sale of any financial instrument, security or investment. The information provided is not warranted as to completeness or accuracy and is subject to change without notice. Linking to third-party sites in no way implies an endorsement or affiliation of any kind between Arlington Capital Advisors, LLC, or its affiliates and any third party. The information in this blog constitutes my own opinions (and any opinions posted by guest bloggers from time to time) and it should not be regarded as a description of services provided by Arlington Capital Advisors, LLC or any affiliate.