The growth of the cannabis industry slowed last year, causing many attending MJBizCon 2022 (Nov. 15-18 at the Las Vegas Convention Center) to pout about their pain. One group that showed unwavering enthusiasm at the event was the RSPA Cannabis Community.
After the first day of MJBiz concluded, nearly 50 RSPA members toured the Planet 13 and Reef dispensaries. There were lots of new connections and great conversations about actions the retail IT industry can take collectively to elevate cannabis merchants. There was no fretting or wallowing like we heard from many others outside our group. Perhaps it’s because we’re veterans of the non-cannabis business world. We’ve seen market ebbs and flows before and know what to do.
Our community met online after MJBiz wrapped and exchanged observations about the world’s largest cannabis trade show:
- The halls were flooded with people, I couldn’t believe all the traffic. Traffic was like that for two days nonstop.
- It was a good show with lots of traffic. Even though investment dollars are in a holding pattern, it was still a busy show.
- We’re still just as excited about the space as we’ve ever been. We think it’s a really good market. You’re not going to continue to see exponential growth every year.
- I think the market changes play into our (RSPA members’) hands. Dispensaries need to be more competitive when there’s less money and more competition. It’s all about providing a better customer experience. That should be good for us as POS professionals.
- There isn’t a well-established tech stack in the dispensary, but it’s getting there. Dispensary owners are making poor decisions and we can help them.
- There were a lot of payments providers and POS systems but I was surprised we didn’t see an expansion of the tech stack and see more tools. It seems like the stack extends to an online and e-commerce menu and it ends there.
- You have to think bigger. Just look at the distinction between Planet 13 and Reef. Reef is the lowest of the low tech. If someone approached Reef, they could do better with their technology and customer experience, and it could fall to the bottom line for them.
- Our goal has to be how can we help dispensaries be more efficient and thus more profitable as the market matures.
Did You Know …
The RSPA Cannabis Community has grown to over 220 members ranging from Fortune 500 organizations to SMB VARs and software developers.
To join or sponsor the RSPA Cannabis Community, email Membership@GoRSPA.org.