The cannabis industry is evolving at an unprecedented pace, and there’s no better place to witness this transformation than at the 13th Annual MJBizCon. Scheduled for December 4–6, 2024, at the Las Vegas Convention Center, this event is the epicenter for innovation, networking, and opportunities in the global cannabis market. For cannabis business owners, MJBizCon is more than a conference—it’s a catalyst for growth and success. This year, Jarsking, a leader in cannabis packaging solutions, will be showcasing its innovative products at Booth #1925.
MJBizCon, short for Marijuana Business Conference, is the world’s largest and most influential cannabis business event. Established in 2012, it has grown alongside the legal cannabis industry, providing a central hub for professionals to connect, learn, and do business. Organized by MJBizDaily, the premier cannabis business publication, MJBizCon serves as a comprehensive platform for industry insights, technological advancements, and networking opportunities. Here’s a closer look at what makes this event indispensable:
Attendee Demographics: The event attracts a wide range of professionals, from cultivators and dispensary owners to investors, policymakers, and service providers. In 2023, MJBizCon welcomed over 30,000 attendees, and the 2024 edition is projected to surpass this milestone.
Exhibitors and Sponsors: Over 1,400 exhibitorsshowcase cutting-edge products and services, ranging from cultivation equipment and software to innovative packaging solutions, such as those offered by Jarsking. Major sponsors include top industry leaders in banking, technology, and logistics, highlighting the event’s significance across the cannabis ecosystem.
International Participation: Attendees from over 75 countriesgather to share insights, explore global market opportunities, and discuss cross-border collaborations.
MJBizCon isn’t just an expo; it’s an educational powerhouse designed to address every facet of the cannabis business.
Keynote Speeches: Renowned speakers, including industry pioneers, policymakers, and thought leaders, deliver talks on the most pressing topics in cannabis.
Workshops and Panels: Interactive sessions cover a wide range of topics, from the science of cultivation to marketing strategies and navigating complex regulations.
Specialized Tracks: Programming is divided into tailored tracks for sectors such as cultivation, retail, extraction, and ancillary services, ensuring attendees can focus on their specific areas of interest.
MJBizCon is synonymous with innovation, showcasing the latest breakthroughs in cannabis technology and services.
Product Launches: Many companies use MJBizCon to unveil new products, from advanced grow lights and extraction equipment to unique packaging solutions and software platforms.
Start-Up Pitches: The conference often features pitch sessions where emerging cannabis companies present their ideas to potential investors and partners, fostering innovation and investment.
MJBizCon offers unparalleled opportunities to build connections that drive business growth.
Exhibit Floor Networking: Attendees can interact directly with exhibitors, such as Jarskingat Booth #1925, to explore new solutions and discuss collaborations.
Structured Meet-Ups: The event hosts networking meet-ups for specific groups, such as women in cannabis, international attendees, and first-time participants.
After-Hours Events: MJBizCon extends beyond the conference floor with exclusive parties, dinners, and mixers, providing informal settings to foster relationships.
MJBizCon’s role extends beyond being a trade show. It serves as a barometer for industry health and a platform for progress.
Economic Impact: With billions of dollars in deals facilitated, the conference directly contributes to the growth of the cannabis economy.
Regulatory Influence: Policymakers often participate, shaping discussions on legalization, taxation, and compliance.
Community Building: MJBizCon fosters a sense of unity among cannabis professionals, helping to destigmatize the industry and advocate for its global acceptance.
With its unique combination of scale, innovation, and networking, MJBizCon is more than an event—it’s an annual milestone for the cannabis industry. Whether you’re an established business owner or a newcomer looking to break into the market, MJBizCon is the place to be to gain insights, build connections, and secure your foothold in the ever-expanding cannabis economy.
As the cannabis industry matures and evolves, 2024 marks a pivotal year for growth, innovation, and global expansion. With shifting regulations, new technologies, and consumer preferences driving the market, understanding the current trends is crucial for businesses seeking to thrive. Below, we explore key insights into the cannabis industry in 2024, backed by data and analysis.
The global cannabis market is projected to reach $73.6 billion by 2027, growing at a compound annual growth rate (CAGR) of 15.3% from 2023 to 2027. In 2024, the U.S. remains the largest market, driven by continued state-level legalization and increasing sales in both recreational and medical sectors. However, significant growth is also being observed in emerging markets such as Germany, Thailand, and South Africa, which are expanding their legal frameworks.
Recreational Cannabis: Adult-use cannabis is the primary revenue driver, particularly in mature markets such as California, Colorado, and Canada. In 2024, more U.S. states, such as Minnesota and Maryland, are rolling out recreational programs, adding billions to the overall market.
Medical Cannabis: Globally, medical cannabis is gaining acceptance as research supports its efficacy for various conditions, from chronic pain to epilepsy. Markets in Europe and Latin America are seeing substantial investment as governments streamline approval processes.
Economic Contribution: The cannabis industry supports over 420,000 full-time jobs in the U.S. aloneas of 2024, a number that is expected to increase as new markets open. It also contributes significantly to local economies through taxes, with states like California collecting over $1 billion annually in cannabis-related taxes.
2024 brings both opportunities and challenges in the regulatory landscape.
Federal Legalization Efforts in the U.S.: While federal legalization has yet to pass, there is increasing bipartisan support for measures like banking reform. The SAFE Banking Act, if passed, could provide cannabis businesses with easier access to financial services, reducing cash dependency and improving operational efficiency.
International Legalization: Countries such as Germany are leading the way in Europe, implementing comprehensive recreational programs, while Asian markets like Thailand are cautiously navigating legalization. These regulatory shifts signal a global normalization of cannabis use, creating opportunities for international trade and collaboration.
Compliance Complexities: Despite progress, the industry continues to grapple with fragmented regulations. Businesses must adapt to varying laws across jurisdictions, from packaging requirements to potency limits, creating challenges for scaling operations.
Consumer behavior is shaping product innovation and market strategies in 2024.
Focus on Health and Wellness: Consumers are increasingly viewing cannabis as part of a holistic wellness routine. Products like CBD-infused beverages, topicals, and low-THC formulationsare gaining traction among health-conscious consumers.
Premiumization of Products: With growing competition, brands are differentiating themselves through premium offerings. High-end concentrates, organic flower, and luxury edibles are appealing to discerning consumers willing to pay more for quality and experience.
Diverse Demographics: The cannabis consumer base is expanding beyond young adults to include older age groupsand women, particularly in the medical cannabis segment. Brands are tailoring their marketing and product designs to appeal to these groups.
Technological advancements are transforming the cannabis industry, enabling efficiency, sustainability, and product diversity.
Cultivation Technology: Innovations such as automated growing systems, AI-driven analytics, and LED lighting solutionsare optimizing yields and reducing costs.
Product Diversification: Technology is enabling the creation of new product categories, including nano-emulsified beveragesand fast-acting edibles, which address consumer demand for convenience and consistency.
Packaging Solutions: Sustainability is a key focus, with businesses like Jarskingproviding eco-friendly packaging options that comply with regulations while appealing to environmentally conscious consumers.
Data-Driven Insights: Advanced analytics platforms are helping businesses track consumer preferences, market trends, and inventory management, giving them a competitive edge.
Sustainability is no longer optional for cannabis businesses; it is an industry-wide imperative in 2024.
Eco-Friendly Cultivation: Growers are adopting practices such as water recycling, solar-powered operations, and organic pest controlto minimize their environmental footprint.
Green Packaging: Sustainable packaging is gaining momentum, with brands prioritizing biodegradable materialsand reusable designs. Jarsking, for example, offers customizable cannabis jars made from eco-friendly materials, meeting both regulatory requirements and consumer expectations.
Regulatory Push: Governments are imposing stricter sustainability standards, requiring businesses to innovate in waste management and carbon reduction.
As the cannabis industry matures, consolidation is becoming more prevalent.
Mergers and Acquisitions: Larger companies are acquiring smaller players to expand their market share and geographic footprint. In 2024, several high-profile mergers are expected to reshape the competitive landscape.
Brand Differentiation: With increased competition, businesses must focus on unique branding, superior quality, and exceptional customer experiences to stand out.
Local vs. Global Players: While large corporations dominate the market, niche and craft brands are finding success by emphasizing authenticity and localized appeal.
Banking Restrictions
One of the most persistent challenges in the U.S. cannabis industry is the lack of access to traditional banking services.
– Current State: Since cannabis remains federally illegal in the U.S., most financial institutions are reluctant to provide services to cannabis businesses. This forces many operators to rely on cash transactions, which are cumbersome, inefficient, and expose businesses to theft risks.
– Implications: Without access to credit, loans, or standard banking services, businesses face difficulties scaling operations or funding large projects.
Regulatory Complexity and Fragmentation
Cannabis laws vary widely across countries, states, and provinces, creating a fragmented regulatory landscape.
– Example: In the U.S., neighboring states may have entirely different rules regarding cannabis packaging, potency, or taxes, requiring businesses to tailor their operations by location.
– Impact: The need to comply with multiple, often conflicting regulations increases operational costs and complicates market expansion.
Social Stigma and Misinformation
Despite progress in legalization, cannabis continues to face stigma in many regions, fueled by decades of prohibition and misinformation.
– Consumer Hesitation: Some demographics remain skeptical about cannabis, particularly in conservative cultures or regions with strict drug laws.
– Business Impact: The stigma can hinder partnerships, investments, and even consumer adoption, especially for medical cannabis programs.
Price Pressures and Oversupply
Certain markets, such as Oregon and California, are facing significant oversupply of cannabis.
– Outcome: This has driven wholesale prices down to unsustainable levels, squeezing profit margins for cultivators and distributors.
– Market Saturation: Increased competition in mature markets has led to a “race to the bottom” in pricing, making it harder for smaller operators to compete.
High Tax Burden
Cannabis businesses often face disproportionate taxation compared to other industries, particularly in the U.S. under Section 280E of the Internal Revenue Code, which prevents cannabis businesses from deducting standard business expenses.
Consequence: The high effective tax rate reduces profitability, making it challenging for businesses to reinvest in growth.
Supply Chain Vulnerabilities
The cannabis industry remains vulnerable to disruptions in its supply chain, especially in markets dependent on imports for cultivation equipment, packaging, or raw materials.
Example: Geopolitical tensions, shipping delays, or regulatory bottlenecks can lead to delays and increased costs for businesses.
Evolving Consumer Expectations
Cannabis consumers are becoming increasingly sophisticated, demanding higher-quality products, transparency in sourcing, and sustainable practices.
Challenge: Businesses must meet these expectations while balancing costs and navigating regulatory hurdles.
Global Expansion
Emerging Markets: Legalization is gaining traction worldwide. Countries like Germany, Thailand, and Mexico are opening up their markets, providing massive opportunities for international growth.
Export Potential: As global cannabis trade expands, businesses with strong operational and compliance capabilities can capture significant market share.
Technological Innovation
The cannabis industry is ripe for disruption through technology.
Cultivation: Advanced systems like AI-driven monitoring, vertical farming, and precision agriculture are increasing yields and reducing costs.
Product Development: Innovations in extraction and infusion techniques are enabling new categories like water-soluble THC, nano-emulsified edibles, and rapid-onset beverages, enhancing consumer experiences.
E-commerce: Digital platforms and delivery services are revolutionizing the way consumers purchase cannabis, particularly in markets with legalized home delivery.
Sustainability as a Differentiator
As environmental concerns grow, businesses that prioritize sustainability can appeal to eco-conscious consumers and regulators.
Sustainable Packaging: Using biodegradable or recyclable materials (e.g., hemp-based plastics).
Eco-Friendly Cultivation: Reducing water and energy consumption through advanced technologies like LED lighting and renewable energy sources.
Impact: Companies that adopt sustainable practices not only reduce their environmental footprint but also enhance their brand reputation.
Medical Research and New Applications
Ongoing research is uncovering new therapeutic uses for cannabis, expanding its medical applications.
Future Potential: Studies into cannabinoids’ effects on conditions like Alzheimer’s, PTSD, and cancer are creating opportunities for medical cannabis businesses to grow.
Regulatory Support: As medical efficacy becomes more widely accepted, governments are likely to streamline approvals, creating faster pathways to market for new products.
Diversification of Consumer Products
The cannabis product portfolio continues to diversify, appealing to a broader range of consumers.
Trends:
– Low-THC and CBD Products: Catering to wellness-focused users.
– Luxury Cannabis: Premium flower and bespoke products for affluent consumers.
– Infused Beverages: A fast-growing segment appealing to non-smokers.
By addressing specific consumer needs, brands can build loyalty and command higher prices.
Federal Legalization Possibilities in the U.S.
While not guaranteed in 2024, federal legalization in the U.S. is a game-changing opportunity.
Effects of Legalization: Easier access to capital and banking services. Elimination of the 280E tax burden. National supply chains and cross-state commerce.
Early Advantage: Companies preparing now for a federally legal market will have a significant first-mover advantage.
Branding and Differentiation
With increasing competition, strong branding is becoming a cornerstone of success.
Strategies:
– Authenticity: Highlighting a brand’s origin story, values, and mission.
– Personalization: Leveraging data to deliver tailored experiences.
– Cultural Connection: Tapping into cannabis’ role in art, music, and wellness to build emotional resonance.
The cannabis industry in 2024 is a dynamic and rapidly evolving space filled with both challenges and opportunities. Businesses that stay informed about trends, embrace innovation, and adapt to regulatory changes are well-positioned to succeed. Whether you’re a cultivator, processor, or retailer, understanding these insights will help you navigate the complexities of this burgeoning industry and unlock its full potential.
In 2024, the cannabis packaging landscape is evolving rapidly as businesses strive to align with consumer demands, regulatory requirements, and sustainability goals. Packaging not only serves functional purposes like preserving product quality and ensuring compliance but also plays a crucial role in brand identity and market differentiation. Below are the key packaging trends defining the cannabis industry this year and how Jarsking is uniquely positioned to meet these needs.
Sustainability and Eco-Friendly Materials
As environmental concerns grow, consumers are gravitating toward brands that prioritize sustainable practices. This has led to an increased demand for biodegradable, recyclable, and reusable packaging.
Hemp-based plastics, glass jars with bamboo lids, and compostable pouches are gaining popularity in the cannabis industry.
Child-Resistant and Tamper-Evident Features
Regulatory bodies mandate strict child-proof and tamper-evident packaging for cannabis products to ensure safety. These features must balance compliance with ease of use for adults.
Push-and-turn lids for jars, zippered Mylar bags, and locking mechanisms on pre-roll containers are widely adopted.
With increasing competition, brands are investing in high-end, visually appealing packaging to target sophisticated consumers, especially in luxury and wellness segments.
Minimalist designs, metallic accents, and custom embossing are key elements for luxury cannabis packaging.
Smell-Proof and Airtight Packaging
Preserving the freshness and potency of cannabis is critical, leading to demand for packaging that is smell-proof and airtight.
Glass jars with airtight seals, UV-resistant containers, and high-barrier pouches help extend product shelf life.
Customization and Personalization
Brands are looking for tailored packaging solutions that reflect their unique identity and resonate with their target audience. This includes custom shapes, branding, and creative printing options.
Compliance with Diverse Regulations
With cannabis regulations varying across states and countries, businesses need packaging that adheres to local requirements, such as proper labeling, warning statements, and THC limits.
Digital Integration
Smart packaging features, like QR codes, are being integrated to provide consumers with product information, authenticity verification, and engaging brand experiences.
Jarsking, a leading manufacturer of packaging solutions, is at the forefront of cannabis packaging innovation. With a commitment to quality, customization, and sustainability, Jarsking offers tailored solutions that meet the evolving needs of the cannabis industry. Here’s what sets Jarsking apart:
Sustainable Packaging Options
Eco-Friendly Materials: Jarsking provides a wide range of sustainable packaging options, including hemp-based plastics, recyclable glass jars, and biodegradable Mylar bags.
Reusable Solutions: Offerings like refillable glass containers and bamboo-lidded jars align with the industry’s shift toward circular economy models.
Child-Resistant and Compliant Designs
Jarsking’s packaging solutions meet the highest safety standards with innovative child-proof mechanisms, such as child-resistant jars, locking pouches, and tamper-evident seals.
All products are designed to comply with regulatory requirements in major cannabis markets, ensuring seamless approval for cannabis operators.
High-Quality, Airtight Containers
Jarsking specializes in airtight, UV-resistant glass jars and high-barrier pouches, preserving product freshness, aroma, and potency.
Smell-proof technology ensures discretion, a feature highly valued by consumers.
Customizable Packaging Solutions
Jarsking offers extensive customization options to help brands stand out in the crowded cannabis market.
Custom Features: Brands can choose unique shapes, vibrant printing techniques, embossed logos, and metallic finishes to create memorable packaging.
Luxury Packaging for Premium Products
Jarsking caters to the growing luxury cannabis segment with sleek, high-end packaging designs. Options include frosted glass jars, gilded accents, and premium-grade materials that appeal to sophisticated consumers.
Advanced Labeling and Digital Integration
Jarsking integrates QR code technology into its packaging designs, enabling cannabis businesses to provide traceability, compliance details, and engaging content to consumers.
Smart Packaging: These features allow brands to connect directly with their audience and build trust through transparency.
Global Supply Chain and Reliability
With a robust global supply chain, Jarsking ensures timely delivery of packaging solutions, no matter the market.
The company’s commitment to quality control guarantees that every package meets the exact specifications and standards demanded by cannabis businesses.
The 13th Annual MJBizCon in Las Vegas promises to be a defining event for the cannabis industry in 2024. As industry leaders, innovators, and entrepreneurs come together to exchange insights, discover trends, and forge valuable partnerships, this expo offers a unique opportunity to gain a competitive edge. From exploring the latest advancements in cultivation and retail to understanding the evolving landscape of cannabis packaging, MJBizCon is a gateway to staying ahead in this rapidly growing market.
Jarsking invites you to stop by our booth at MJBizCon 2024, where we’ll showcase our cutting-edge cannabis packaging solutions tailored to meet the needs of modern businesses. Whether you’re seeking sustainable options, premium designs, or innovative child-resistant features, Jarsking offers packaging that not only protects your products but also elevates your brand. Let’s connect, collaborate, and explore how our expertise can help you thrive in the cannabis industry. Together, we can shape the future of cannabis packaging. See you in Las Vegas!
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