EXCLUSIVE: ‘30% Of Cannabis Businesses Will Get Swallowed Up,’ Says This Public Co. CEO

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The 16th edition of the Benzinga Cannabis Capital Conference, the world’s most successful cannabis business event, is set to take place at the Fontainebleau Miami Beach Hotel in Florida on April 11-12. Known as the premier event for deal-making, capital raising, and M&A in the cannabis industry, the conference will feature a panel discussion titled “Collision Course: Cannabis & The Future of Retail,” with Mike Weinberger, CEO of Item 9 Labs Corp. (OTCQX: INLB), as one of the participants.

Weinberger recently shared some insights on the current state of the cannabis industry and the future of cannabis retail.

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A Tough Pill To Swallow

Weinberger predicts that about 30% of cannabis businesses will either be swallowed up or go out of business due to increased M&A activity and consolidation in highly competitive markets. He believes that while many companies have been holding on for improved federal legalization, it’s unlikely to occur for another three years.

Despite this, he remains optimistic: “Cannabis remains resilient, and I am optimistic that these changes will lead to a more sustainable and profitable future.”

How To Feel SAFE

Regarding the challenges faced by the cannabis industry, Weinberger emphasizes the importance of the SAFE Banking Act, which would provide equal access to banking and capital on the federal level. He explains, “The cannabis industry is facing its greatest challenges yet, with the lack of capital and banking continuing to plague businesses across the country. In Oregon, Washington, and California, we are already seeing the effects of this issue on entrepreneurs. However, hope lies on the horizon with the SAFE Banking Act providing a solution to this critical issue.”

Frankly, It’s A Franchise World

As for the future of cannabis retail, Weinberger asserts that franchising is the way forward. He highlights Item 9 Labs Corp.’s unique position as the first national vertically integrated cannabis franchisor and operator in the U.S. With an upcoming acquisition of a Canadian cannabis retailer franchisor, the company will soon become a top 10 player that rivals the largest multi-state operators (MSOs). Through its dispensary franchise, Unity Rd., Item 9 Labs Corp. aims to empower local entrepreneurs with the tools and support they need to compliantly operate and grow their own successful dispensaries.

Weinberger says, “We believe in the value of franchising in local communities and always champion the small business owner. The future of cannabis retail is franchising. It’s no doubt that the cannabis industry is fragmented — it needs franchising to keep the door open to local, independent entrepreneurs.”

The upcoming Benzinga Cannabis Capital Conference promises to be an exciting and insightful event for anyone interested in the cannabis industry. With industry leaders like Mike Weinberger sharing their knowledge and expertise, attendees can expect to learn about the latest trends, challenges, and opportunities in the rapidly evolving world of cannabis. Secure your tickets now, as prices are set to surge very soon.

© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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This article EXCLUSIVE: ‘30% Of Cannabis Businesses Will Get Swallowed Up,’ Says This Public Co. CEO originally appeared on Benzinga.com

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