Cannabis Goes Corporate: National Cannabis Business Summit in Denver
The National Cannabis Industry and Association banner hangs in front of the podium at the Denver Expo in July 2014. Industry Event Cannabis Goes Corporate: the Denver National Cannabis Business Summit
Posted by Matthew Cote on July 10, 2014 Share Tweet
Matt Cote's story and photos

Hundreds of cannabis industrialists filled a bustling auditorium: entrepreneurs, investors, thought leaders and capitalists eager to discuss industry challenges and their brilliant solutions at the first National Cannabis Business Summit in Denver, Colorado.

The National Cannabis Industry Association (NCIA), a lobbying group that advocates for a legal and responsible cannabis industry, organized several professional events, but this was the first to feature a national discussion in a state that already has legal cannabis. Since the summit gathered more suits than tie-dye wannabes, it was impossible to ignore the progressive atmosphere. the NCIA attracted enthusiastic, hard-working and industry pioneers eager to profit from the most environmentally friendly gold rush in U.S. history.

Until January 2014, the trend leading up to the summit was one of unease, mystery and sporadic support, but now the multibillion-dollar industry is growing like a weed, and American businessmen are enthusiastic about the economic impact and opportunities ahead.

Citizens from every state flocked to the NCIA Summit at the Colorado Convention Center. The bustling auditorium hosts companies with big ideas who are looking for big money and moving quickly through the arena, and the reason California has such a large presence seems obvious: a seasoned minority wants a bigger piece of the pie.

Groups like Auntie Dolores Edibles, which received the best pitch vote at the NCIA's event the night before at the ArcView Group, discussed their plans for national expansion with potential investors, while other California brands, like Kiva Confections, expressed plans for growth into Nevada and Arizona. The smartest groups from California seem to want to expand their operations in other states immediately. After all, Colorado is a legal market with stability, and in states like California, there are few regulations to add structure to the massive cannabis industry. And, while some brands are scrambling to capitalize on the growing opportunity, other California companies have moved beyond the initial stages of their cannabis empires.

Bhang Capital, founded by Scott Van Rixel, founder of Bhang Chocolate in Oakland, Calif. announced a joint venture with Gevitta to launch a CBD-enriched menthol spray to anyone who needs instant cannabidiol relief. Van Rixel, a pioneering sponsor of the NCIA Cannabis Business Summit, has also launched Bhang Business Services. This financial network offers exclusive discounts as Bhang gathers valuable data on cannabis consumers - a new, diverse and enigmatic demographic now entering mainstream consumer culture. He has identified growth opportunities in the cannabis market and has effectively diversified the Bhang brand into numerous businesses. All of his efforts are aimed at increasing the sophistication of cannabis as an industry, and the close ties between Bhang and NCIA suggest that future industry giants will work together to make the future more welcoming for the commodity of their choice.

Other thought leaders have managed to establish themselves as powerful players in the space by addressing specific issues facing the cannabis industry. Mark Goldfogel, founder of C4EverSystems, claims to have solved the banking problem by helping companies conduct cash management operations with industry-specific ATMs for cash handling.

careddi Supercritical (www.careddi.com/brc/66.htm) showcased their industrial equipment for vegetable oil extraction to meet the growing popularity of cannabis concentrates in the medical and recreational cannabis markets. Unfortunately, the company's home state of Ohio has not yet enacted laws to promote cannabis cultivation, manufacturing or distribution operations.

This situation became popular among businesses at the Cannabis Business Summit. While attendees enjoyed and reveled in the potential of a legal and well-regulated cannabis market, the rest of the country is still affected by legislation that prohibits or restricts medical marijuana. Everyone in the main auditorium cheered for opportunity, expansion and investment, while those who chose to participate in the panel discussion articulated the nature of the industry, the current legislative landscape and the implications and obligations of full legalization.

Crowds poured into the room to engage with thought leaders and pioneers who discussed a variety of pressing issues including: Best practices in cannabis; mechanization of cultivation; the political landscape on a state-by-state and national stage; the expansion of the infused product business; the future of lab testing; the evolution of Canna business law; the influx of technology; the science of extraction; how to talk to the media and an extraordinary discussion about the elevated status of women in the cannabis industry that was very different from the simultaneous conversations happening in the tech industry and our globalized economy.

Cannabis has introduced a new innovation bubble in the U.S. economy. While the rest of the world argues over unemployment, corporate tax evasion and unethical business practices, cannabis people are talking about healthy alternatives, better solutions and a brighter future for patients and people in Colorado and beyond.

Matthew J. Cote grew up in New Jersey, grew up in South Florida, and earned a bachelor's degree in language, writing and rhetoric from North Carolina State University. As an educated loudmouth on campus, Matthew did his best to educate his friends about their right to own marijuana. In San Francisco and Berkeley, where he currently resides, he has developed branded discussions, eloquent arguments and engaging web materials as @CannabisStrains to help people, patients and the planet better see cannabis as a beneficial commodity. He enjoys old-school hip-hop, electric guitar, skateboarding and intellectually stimulating conversations.