Insights from CannaDataCon with Ian Dominguez

In this episode, Vangst CEO, Karson Humiston, discusses the cannabis industry with Ian Dominguez, the founder and Chief Investment Officer at Delta Emerald Ventures. Ian recently hosted the second CannaDataCon in Miami, which was a resounding success.

A Deep Dive into CannaDataCon's Success and Takeaways

CannaDataCon is Ian's answer to the repetitive nature of cannabis conferences. He aimed to create an event that fostered genuine discussions, sharing best practices among operators and technologists to tackle the industry's challenges head-on. The conference's intimate setting at a boutique hotel in Miami Beach facilitated close interactions and networking among attendees.

The event has grown significantly, with in-person attendance nearly doubling from 78 to 145, and online participation increasing from 356 to 665. Despite this growth, Ian intends to maintain the conference's intimate nature, capping in-person attendance at 200 for next year.

Consolidation, Hemp Beverages, and Industry Growth Trends

A key addition to this year's conference was the presence of operators, which enriched the discussions. Panels covered a range of topics, including discounting strategies and the transition from cannabis to hemp.

The consensus was clear: the industry should not be divided into "us versus them" but should work collaboratively towards safe cannabis access.

Reflecting on the conference, Ian highlighted the importance of cooperation to solve industry problems and the potential of hemp beverages, which are currently a hot topic. He also emphasized the need for consolidation in the industry, as talent is the scarcest resource. Delta Emerald Ventures is focused on amassing experienced individuals to drive the industry forward.

Predictions for the Cannabis Industry

Looking ahead to 2024, Ian shared that Delta Emerald Ventures is interested in the ongoing consolidation, the burgeoning hemp market, and focused investments in plant-touching operations. He stressed the importance of a long-term mindset for both founders and investors, predicting that the cannabis industry will eventually surpass the alcohol industry in size.

The episode also touched on the potential federal rescheduling of cannabis, which could significantly improve profitability and attract more capital to the industry. However, Ian cautioned that even if rescheduling is announced, the process will take time and face legal challenges.

In closing, the episode conveyed a sense of optimism and excitement for the future of the cannabis industry. The key takeaway is that now is the time to invest and get involved, as the industry is poised for growth and positive change.