New York saw MJ Unpacked bring the second edition of their exclusive cannabis B2B event to Manhattan from May 18th through the 20th. Cannabis showed up in a big way for the big apple, bringing in operators, executives, investors, and industry movers and shakers from all across the country. While all eyes have already been set on the East Coast, MJ Unpacked NYC made sure those eyes were set in the right place.
Cannabis Goes Bi-Coastal
Legal cannabis has been sweeping the nation. At the same time, COVID-19 has kept everyone stuck at home. As the world began to open up at the tail end of 2020, so did the excitement across the cannabis industry. MJ Biz Con and Unpacked in Las Vegas did a great job bringing people from across the country together but Unpacked NYC felt positively different. In a few short days, the RMR team networked and mingled with operators from all over the country within the cannabis industry.
We were impressed with how the Pacific Northwest showed up to an event on the other side of the country. With California being heralded as the mecca of legal cannabis, the public often forgets to put respect on Washington and Oregon. The upper left corner of the map has been producing quality products since the legacy market and Washington truly provides one of the most mature examples of cannabis as part of the consumer packaged goods (CPG) industry.
In a quick interview, Ben Davis, the owner of Washington state cannabis brand, Freddy’s Fuego, said that he wanted to make sure it was known that Washington has helped set the tone for what packaging and branding can look like in this space.
Ben Davis, Founder of Freddy’s Fuego Interview
All eyes may be on the Northeast, with their sites specifically set on New Jersey and New York. But, it was Massachusetts that came to the city in a BIG way. Mass is the most mature adult-use cannabis market on the East Coast. We saw brands, retailers, and vertically integrated companies alike, all attending and displaying at MJ Unpacked in NYC. This is a market folks don’t want to sleep on; we believe they are doing a great job building out what brand licensing can look like nationwide.
The Atmosphere
When it comes to cannabis events, especially in the B2B realm, exclusivity matters beyond measure. Having a focused intention for an event with a small list of goals provides a narrow audience of who needs to be there in order to accomplish said goals. This is something events like Interchange in Washington and Oregon, and Hall of Flowers in California, have previously realized. Jage Media and MJ Unpacked made sure this messaging was front and center when they announced the first Unpacked in Las Vegas last year. The double down on this paid off for all parties involved.
From the outside looking in, MJ Unpacked looks to accomplish three things:
- Connect businesses looking for capital to investors
- Introduce retailers to brands
- Connect brand licensing deals to license holders in new markets
All three of these goals are rooted in connection which absolutely will happen when you put the right people in the same room. When the focused audience consists of investors and decision-makers from cannabis retailers and brands, these goals are easily accomplished. Three goals and three demographics of individuals are all that is needed. No nutrient companies, growing supplies, budtenders, or lookie-loos. This was meant to be all business, all connections, and set up so you could throw a rock and whoever it hit and find a great person to converse with.
George Jage, CEO of Jage Media Inc. Interview
The event was set up with a tradeshow floor lined with booths and brand exhibitor “boxes.” These unique set-ups allowed brands to showcase their products. You were able to obtain contact info via QR codes, and operators could stand near their exhibits to chat or free roam without leaving a booth unattended. It’s super simple yet incredibly effective. This creates a unique opportunity where individuals can browse and converse standing equally without a booth separating the conversation.
Above the trade show floor were investment fund areas. The money room was off to the side where groups were pitching investment opportunities. The main stage held presentations and panels all week long. There was a lounge, and plenty of space to conduct meetings. They even had a gong to bang if a deal was made. There was also, for the first time we’ve ever seen, a women-only lounge. Cannabis is notoriously a bro fest men’s club. The Jage Media team dedicated a whole space for women to chill without any concern for the aggressive energy that events can potentially bring.
Diversity & Inclusion
When you think of a cannabis B2B event, investments, suits, and “stuffiness” may be appropriate words to describe the makeup of the room. Unpacked NYC had its share of suits, but we were completely impressed with what the audience looked like. The culture of cannabis had full representation. Minorities in cannabis held more representation than any other B2B event we’ve attended. Women were out in full force and providing amazing energy. This did not feel like the wrong side of diversity that we so often see in cannabis. You know, the ones that talk about social equity, but the genetic makeup of the crowd is far from equitable.
We held multiple interviews with social equity license holders that were presenting. Many of the guests representing the diverse side of the racial make-up of attendees, seemingly all expressed having similar feelings. We truly need to tip our hat to the hosts for ensuring that this was done properly.
The Culture of NYC
MJ Unpacked gave us a great look at legal cannabis across the country. It also gave us a decent look at cannabis on the East Coast, by means of Massachusetts. But, it wasn’t the best look into the New York cannabis scene. I mean, how could it? Adult-use sales have yet to start in the state of New York. As well, sales are so fresh in New Jersey that we’re still a year or more out from any sort of market establishment. It will still be a while before the market reaches maturity to where we could see brands operating. We met numerous folks from the NY and NJ areas. But, many had come back from the West Coast where they’ve been in operation for the last few years. There were a few legacy folks bouncing around the show too.
Unpacked provided RMR’s core leadership with a first-time trip to New York. Simply being in the city for the event gave us ample opportunity to explore and chat with the public about cannabis. For starters, it’s incredibly comfortable to light up anywhere in the city where people are smoking cigarettes. Secondly, the culture of cannabis in NY has no intention of stopping. Legalization will likely mean very little change to the culture if they’re not able to be properly brought into the mix. We went around to various underground cannabis clubs and dispensaries, seeing products from California and Oregon alike. There were food truck-like cannabis dispensaries all over the streets of Manhattan. The price of weed was eerily similar to that of the legal market in California.
Takeaways
One of the biggest takeaways from this experience is the connoisseur of cannabis in New York shows what we believe the connoisseur will look like nationwide. They understand the value of cannabis being from a certain area. They’re seemingly willing to pay for exclusive genetics and access to hype brands. If you’re growing low-quality product outside of the West Coast, you’ll have an incredibly tough time adjusting to interstate commerce in any major market once the industry sees the big shift.
Conclusion
All in all, New York was an incredible experience. MJ Unpacked NYC really set the tone for what cannabis B2B events can be on a national level. It all starts with a goal and a focused audience. It’s simple but many events miss the mark yet Unpacked was able to hit the target with sniper-like precision.
Watch The Full RMR MJ Unpacked Recap Here
Anthony Alegrete, COO of 40 Tons Interview
Find more information at the MJ Unpacked website
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