It’s no secret to readers of this column that the legal cannabis industry in the United States is in great distress. Mature markets like California, Colorado, and Oregon are shrinking in sales and tax revenue. Most of the large publicly traded cannabis companies are not profitable; they’re contracting and not growing their operational footprints. Still others have gone belly up and find themselves in receivership with more coming. And the federal government has refused to enact reforms the industry has been pushing for at least a decade.

This was the financial and emotional backdrop at the annual MJBizCon earlier this month in Las Vegas operated by Marijuana Business Daily magazine. Large industry conferences are important events for business leaders to see each other in person (not Zoom), gather leads for their businesses, see all the latest technology available, and try to close some deals. I look forward to connecting and meeting people every year because, in my experience, this is a relationship business.

I’ve attended nearly all of the 13 MJBizCons since inception. What I notice every year is how many entrepreneurs are “running down a dream” (thanks, Tom Petty). New companies are always present showing off their differentiation from everyone else—or so they think. And the more established players are there for synergies and meetings. This is a conference of 30,000-plus attendees, mostly B2B. It’s a giant affair and participating allows everyone to get a real pulse on the entire industry.

“Hanging in there,” said Max Simon, CEO of Green Flower Media, when I asked him how things were going for his organization. “Hanging in there” was a common refrain I heard at the show. Simon reflected insightfully on the conference in his LinkedIn recap post.

Simon pointed to a strong sense of optimism expressed by attendees despite profitability remaining elusive overall. This may mean a potential 2025 industry thaw after two years of frozen growth rates. Simon noticed that first-mover advantage is long gone in the cannabis industry and that reform at the federal level appears far off but unpredictable with Trump 2.0.

“This industry may be tough,” wrote Simon, “but the people in it are even tougher.”

His feeling of connection to the people who are in the industry is another common refrain I heard at MJBizCon. Times may be tough but relationships are strong. Conventions can be like college reunions but at this particular one, you don’t have to hide your stash of weed. In fact, you’re encouraged to share and taste the latest and greatest weed products with each other. It makes for an elevated vibe.

The showroom floor itself seemed to be more intuitive for attendees than in years past. “MJBizCon is a vital hub for cannabis professionals,” said Sarah Wilson, VP of events and sales for MJBizCon. “This year, we revamped our layout with dedicated pavilions and fresh, innovative spaces to make navigation as easy as possible, ensuring attendees could effortlessly access the resources they needed.”

The showroom floor had three football fields-worth of booths and activations, but I had no problems navigating between cultivation or business services. Each portion of the cannabis value chain was organized in its own section, clearly marked, and well distinguished from the others. No easy feat with 1,400 exhibitors.

Social equity cannabis organizations were more integrated in the trade showroom than I had seen previously. An entire section of the showroom floor was devoted to these companies called Equity Row. It was refreshing to meet former cannabis prisoners with their own brands like Delisioso (Richard Delisi) and Conbud (Coss Marte), to name a few.

The social equity impact brand 40 Tons created a large activation and live podcast in collaboration with Core Cannabis Museum and many sponsor organizations. A gallery-like experience recreated prison cells, mug shots, visitation booths, and even hired actors as cops who simulated arresting attendees during the activation. It was an engaging way to draw attention to the thousands of cannabis prisoners still imprisoned in the United States (despite widespread legalization) and demonstrated that the industry has not forgotten its incarcerated comrades.

Not unlike the entertainment industry, the after-parties and evening soirees are where much of the action is. I’m told that this is where the real deal flow is and it may be true. I managed to wrangle invites to parties thrown by Flower Hire, Grasslands, Blimburn Seeds, and former NBA star Carmelo Anthony. He’s launching his cannabis brand (StayMe70) and was at the conference promoting his drive down the industry lane. These gatherings may or may not lead to closing deals, but they always lead to deeper relationships. And that may lead to more business.

Hanging out becomes another way of “hanging in there” together rather than in isolation. While no one knows what to expect in 2025, optimism was high after two brutal years. Only time will tell if the industry will need to hang in there for another year or if robust growth will return. Judging from the amount of exhibitors at MJBizCon (a record number), 2025 may prove to be the year of turning tides for the industry.