Navigating the Cannabis Industry: Insights from CannaDataCon with Ian Dominguez
From Challenges to Opportunities: Unpacking the Cannabis Market with Delta Emerald Ventures
Karson Humiston reflects on the recent CannaDataCon conference with the show's organizer, Ian Dominguez, the founder and chief investment officer at Delta Emerald Ventures. The conference, held in Miami, aimed to address the repetitive nature of cannabis conferences and to foster a space for sharing best practices among operators and technologists in the cannabis industry.
Karson describes the conference as intimate and small-scale, with a setting that encouraged mingling and networking among participants. The event saw an increase in attendance from the previous year, with both in-person and online participants nearly doubling. Despite this growth, Ian Dominguez intends to maintain the conference's intimate nature, capping in-person attendance at 200 for the following year.
A significant change in this year's conference was the inclusion of operators, which led to more comprehensive discussions. Panels featured industry experts like Dennis O'Malley, who spoke on topics such as discounting strategies. The conference's structure focused on driving sales and profitability in the cannabis retail space, with a strong emphasis on cooperation within the industry.
The episode delves into the key takeaways from the conference, including the importance of addressing meaningful problems collaboratively and the potential of hemp beverages as an emerging market. Karson and Ian discuss the consolidation trend in the cannabis industry, emphasizing the value of experienced talent and the benefits of companies working together to achieve profitability.
Ian shares his investment perspective, highlighting the importance of customer-focused founders and the potential of hemp, which is estimated to be as large as the cannabis market. He also touches on the challenges and opportunities in plant-touching operations and the need for focus and long-term commitment in the industry.
The conversation shifts to federal rescheduling of cannabis, which is seen as a positive development, though it is acknowledged that the process will be lengthy and complex. The potential impact of rescheduling on profitability and investment in the industry is discussed, along with the importance of state-level developments, such as the possibility of Florida legalizing adult-use cannabis.
The episode concludes with a discussion on the long-term mindset required for success in the cannabis industry, the importance of understanding customer needs, and the optimism and excitement for the future of cannabis that was palpable at the conference. They encourage listeners to attend the next CannaDataCon and to stay tuned for the release of recorded sessions from the event.
https://www.linkedin.com/in/iancdominguez/
TIMESTAMPS
00:00:00 - Introduction to Proud to Work in Cannabis Podcast
00:00:10 - Ian Dominguez and Canna DataCon Success
00:00:41 - Frustrations with Cannabis Conferences
00:01:40 - Canna DataCon's Intimate Setting
00:02:12 - Feedback and Future Size of Canna DataCon
00:03:13 - Inclusion of Operators at the Conference
00:04:24 - Key Takeaways from the Conference
00:05:00 - Conference Structure and Profitability Discussions
00:06:05 - Cooperation and Growth in the Cannabis Industry
00:06:39 - Hemp Beverages and Industry Trends
00:07:31 - Collaboration and Consolidation in Cannabis
00:08:08 - Talent Acquisition and Industry Consolidation
00:09:02 - Importance of Experience in the Cannabis Industry
00:10:03 - Reducing Redundancy in Cannabis Tech Providers
00:11:02 - The Future of Cannabis Service Providers
00:12:08 - Long-Term Mindset in the Cannabis Industry
00:13:02 - Federal Rescheduling and Industry Impact
00:14:26 - Investment Criteria for Delta Emerald Ventures
00:15:35 - Pre-Selling and Customer Validation
00:16:37 - Investment Focus for 2024
00:18:01 - Challenges and Opportunities in Plant-Touching Operations
00:19:55 - Long-Term Commitment in the Cannabis Industry
00:21:04 - The Future Size of the Cannabis Industry
00:22:38 - Federal Rescheduling and Momentum in the Industry
00:24:24 - State-Level Wins and Industry Optimism
00:25:05 - The Impact of Rescheduling on the Cannabis Market
00:27:00 - Consumer Demand and Hemp Product Safety
00:28:04 - Capitalizing on Industry Timing
00:29:07 - Optimism and Excitement in the Cannabis Industry
00:30:39 - Learning from Industry Trends at Canna DataCon
00:31:08 - Rationalization in Competitive Cannabis Markets
00:32:16 - Closing Remarks and Future Canna DataCon Announcements
QUOTES
"I felt like a lot of the same things were being said." - 00:00:51
"You're not going to solve them by just acting like everything's OK." - 00:01:23
"The whole purpose of Canada Data Con is to share best practices." - 00:01:33
"People love the intimacy of it." - 00:02:24
"We can cooperate to grow the size of this pie together." - 00:05:54
"Hemp beverages are extremely topical right now and something that we are very bullish on." - 00:06:15
"Talent is actually the scarcest resource in this industry today." - 00:08:18
"The cannabis industry will be bigger than the alcohol industry." - 00:21:14
"It's an indication of the consumer's level of demand for this product." - 00:27:20
"We pushed out some irrational actors, and now the players that are in that game right now are doing pretty well." - 00:31:29
Watch Video - https://www.youtube.com/channel/UCNZI8qZy0lKxLO4OTk6P-tw
Karson Humiston - https://www.linkedin.com/in/karson-humiston-64572b97/
Vangst - https://vangst.com/
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