LAS VEGAS — This budding industry just keeps growing, and the presence of baking with cannabis at IBIE 2022 is all about taking action.
Cannabis Central, located in the North Hall and powered by Cannabis Products, will allow attendees to learn about this sector, connecting them with suppliers and experts across numerous channels. From product development and formulation to regulatory compliance and packaging, there’s plenty to learn at this pavilion.
The new show feature comes at a time when US support for cannabis decriminalization is stronger than ever. Sales of recreational marijuana are now legal in 31 states, the most recent additions coming in 2021 with New York, Connecticut, New Jersey, Virginia and New Mexico.
Public opinion on cannabis also appears to be leaning in the industry’s favor. As consumer demand for products with functional benefits continues, using cannabis for pain relief, inflammation reduction or improving sleep becomes more appealing.
A November 2021 Gallup poll found that 68% of Americans now support full cannabis legalization, and an April 2021 Pew Research Center survey found that support increases to 90% when used specifically for health, wellness and medical needs.
But cannabis isn’t just trendy; it’s a booming business. In legal US states, the overall market is valued at $25 billion, with 40% sales growth in 2021 according to BDSA retail sales tracking. The edibles category accounted for about 15% of dollar sales and is expected to grow to $6 billion by 2025.
Jessica Cristadoro, president and CEO of cannabis-infused business solution provider The Vivid Team, expects IBIE attendees to be more prepared to act than in years past due to urgency by manufacturers to begin the process of adding these products to their portfolios.
“One huge difference between starting a commercial bakery versus starting a commercial cannabis bakery is that the risk is very high, and if you approach it without a team that knows what it’s doing, then you run a risk not only of a business failure but of also breaking the law.” — Jessica Cristadoro | president and CEO | The Vivid Team
With suppliers and experts available to cover topics including R&D, manufacturing, regulation, packaging and labeling, food safety, and more, there will be no shortage of resources for Expo-goers.
“Previously, there were a lot of manufacturers that would attend out of curiosity,” Cristadoro said. “But now, I feel like companies are starting to plan for incorporating cannabis and thinking, ‘How can we actually position ourselves?’ Especially when they do the math on margins and realize that the brownie they currently sell can be worth 10 times more with cannabis.”
Although cannabis’ lucrative nature might lure in potential manufacturers, Cristadoro said that proper planning is critical for success. Significant portions of the pavilion will focus on areas like regulatory compliance, packaging and formulation. “Compliance is paramount, and there’s a huge knowledge gap,” she said.
That includes the ever-changing legal landscape that varies between states.
“One huge difference between starting a commercial bakery versus starting a commercial cannabis bakery is that the risk is very high,” Cristadoro added. “And if you approach it without a team that knows what it’s doing, then you run a risk not only of a business failure but of also breaking the law.”
To help attendees navigate the legal roadmap, experts from two law firms will be on hand to offer assistance during and after the show as well as shed light on where policy might be headed.
Steven Schain, senior counsel for Schain Law Firm will also present “How to Infuse Baked Goods with Cannabis-Derived Products…LEGALLY” at 1 p.m. Tuesday, Sept. 20.