Roz McCarthy walked the MJBizCon show floor in 2021 with business cards, a custom T-shirt, and a pitch for what would become Black Buddha Cannabis. She found Pam Moore, then a senior content executive, and turned that hallway conversation into a business partnership.
McCarthy's story is typical at MJBizCon, the annual Las Vegas gathering that has become the cannabis industry's premier dealmaking venue. Industry executives say the conference's value is in chance encounters and face-to-face negotiations that don't happen at regional events.
"The deals happen in the hallways, not in the conference rooms," said one longtime attendee who has closed three acquisition agreements at past MJBizCons. The 2024 event drew over 15,000 registered attendees, according to organizers.
The numbers
MJBizDaily estimates that companies have announced $2.4 billion in transactions, partnerships, and funding rounds that originated at MJBizCon events over the past five years. That figure includes mergers, licensing agreements, and capital raises where executives first met at the conference.
The event has grown from roughly 5,000 attendees in 2015 to more than triple that size. Booth space for 2024 sold out in August, three months before the December event. Exhibitor fees range from $3,500 for a 10x10 booth to over $100,000 for premium floor positions.
Multistate operators use MJBizCon to scout acquisition targets and meet with investment banks. Ancillary service providers pitch cultivation technology and compliance software. State regulators attend panel discussions on emerging markets.
Why Vegas matters
The concentration of decision-makers sets MJBizCon apart from regional cannabis trade shows. CEOs who skip smaller events block out their calendars for the Vegas gathering. Private equity firms send partners instead of associates.
"You can meet 20 potential partners in three days," said a cultivation equipment manufacturer who has exhibited at MJBizCon for six years. "That would take me six months of cold calls and Zoom meetings."
The networking extends beyond scheduled conference hours. Hotel bars and dinner reservations fill up months in advance. Some companies rent suites for private meetings that run past midnight.
But the event has critics. Smaller operators say booth fees and travel costs create barriers to entry. Some longtime attendees complain the conference has become too corporate as institutional investors replace cannabis entrepreneurs.
What's next
MJBizCon 2025 is scheduled for December 3-6 in Las Vegas. Organizers have added a second exhibit hall to accommodate demand. Early registration numbers suggest attendance could top 18,000.
The conference competes with regional events like the Benzinga Cannabis Capital Conference and the National Cannabis Industry Association's Seed to Sale show. But industry veterans say MJBizCon maintains its position as the must-attend gathering.
For McCarthy and Black Buddha Cannabis, that 2021 show floor conversation led to a partnership that helped launch her brand. She plans to return in 2025, this time with a booth instead of business cards.
This article is based on original reporting by mjbizdaily.com.
