I’ve been attending industry conventions in the financial services space (payday loans, car title, small dollar credit…) since the early 2000’s. Attendance at these conventions doubled and tripled as the industry gained notoriety for earning significant ROI’s for lenders and venders. FISCA, OLA and the CFSA national organizations competed against one another for lobbying dollars, vendor sponsorship, membership dues… Then the state payday loan, check casher and BHPH associations launched and they too competed for $$ from attendees. Today, the small dollar credit space is in a state of consolidation and dominated by huge, well funded incumbents. The CFPB has devastated many of the “small” lenders unable to deal with their compliance regulatory demands. I attended The Marijuana Business Expo in Las Vegas at The Rio. IT WAS AMAZING! This was no “let’s try the products and get high together” meet up. The attendees were investors, hedge funds, investment bankers, vendors… a lot of “suits” and serious entrepreneurs. And yes, Arcview did a great job as well. My point? At first glance, payday loans and cannabis have little in common. But recognize compliance, regulation banks, ACH and credit card processing, software and more were, and still are, HUGE issues for both industries. To succeed in securing regulations and banking that result in enabling the cannabis industry to grow and prosper, we must all unite and fund our elected representatives who determine our futures. The multitude of cannabis organizations at both the state and national level must not bicker and backstab if we are going to change the world. Reply
Rob – well written and a big thanks for this content. As I am steering the ship when it comes to canna conference for my company, this article is not only spot on, but one that conference organizers should read and re-read. We are careful where we spend our precious conference monies – informed opinions of this sort are invaluable! Thanks again, Chris Walker – GM Heliospectra AB Reply
This was a fantastic article especially for start ups and small businesses often you read the hype prior to but no one elaborates on the temperature of it afterwards I think this article allows potential participants to make a well informed decision on wether or not to consider attending. Myself included. Reply
Great article; having attended all four shows myself I generally agree with your assessments, though I think you were a little hard on the Marijuana Business Media show; while I agree the exhibit layout was disruptive, it’s hard to imagine that many attendees (who paid top $ to attend) skipped entire halls due to that. More than a few vendors that I talked to blamed excessive booth cost rther than low attendance as ROI drain. As a Cannabis Convention owner myself, your piece underscored a couple vital reminders to anyone in this business: 1) Resist the temptation of short-term gain. Mis-representing your attendee audience to sell more booths, exaggerating attendance, and over-pricing are all long-term mistakes. 2) Ask for attendee & vendor feedback and LISTEN TO IT! Thanks again for the insights! marc Reply