MJBizCon 2024: Paving the Way for Cannabis Industry Transformation in 2025
MJBizCon, the world’s largest B2B cannabis industry event, returned to the Las Vegas Convention Center, gathering thousands of cannabis professionals to explore the future of the industry. Federal hearings to reschedule marijuana are underway, with experts predicting transformative changes in 2025.
Rescheduling Marijuana Could Transform the Industry
During the “State of the Industry” session, MJBizDaily political reporter Chris Roberts forecasted marijuana could be rescheduled from Schedule 1 to Schedule 3 by 2025. This reclassification would remove cannabis businesses from the limitations of Section 280E of the Internal Revenue Code, allowing them to deduct standard business expenses. This change would reduce effective tax rates for cannabis operators from 70% to the mainstream corporate rate of 21%, providing significant financial relief. Roberts emphasized the substantial savings awaiting the industry once rescheduling occurs.
Florida and Ohio Lead Market Growth
Ohio’s adult-use cannabis market, launched in August 2024, is expected to triple its dispensaries from 100 to 300 in three years, according to Marcia Pledger, director of the Florida chapter of Minorities for Medical Marijuana. Cultivation sites in the state are also projected to grow from 37 to 100 as municipalities that initially opposed cannabis businesses are reconsidering their positions due to the economic benefits. Florida remains a major player in the medical cannabis sector with 880,000 patients, ranking third in revenue behind California and Michigan. Pledger predicts the state’s market will continue thriving despite recent setbacks in adult-use legalization efforts.
Cannabis Hospitality Gains Momentum
Cannabis consumption lounges are poised to flourish by 2025, according to MJBizDaily reporter Chris Casacchia. Nevada is leading the charge, with at least a dozen lounges in development, while California’s new regulations support the integration of food, beverages, entertainment, and cannabis sales within these spaces. Consumption lounges are viewed as the next evolution of retail, offering unique opportunities for customer engagement and revenue diversification.
A Bright Future Ahead
The cannabis industry is preparing for a transformative year in 2025, marked by federal rescheduling, expanded consumption venues, and the introduction of adult-use cannabis markets in states like California, Delaware, and Minnesota. Kentucky will also launch a medical cannabis program. MJBizCon 2024 provided a platform for cannabis professionals to connect, innovate, and strategize for the future, leaving attendees inspired to embrace the opportunities ahead.
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MJBizCon is the premier global cannabis industry event, fostering innovation, collaboration, and growth through unmatched networking and educational opportunities Just Now News.Press.
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