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Marijuana industry descends upons Las Vegas for MJBizCon

Yahoo Finance Video

Yahoo Finance Live anchor Dave Briggs shares key takeaways from the marijuana industry's MJBizCon in Las Vegas.

Video transcript

[AUDIO LOGO]

RACHELLE AKUFFO: Well, the cannabis industry descending on Las Vegas for MJ Biz Con, a top conference for the sector, and it comes just a week after the industry made some progress on legalization in the midterm elections. And Vegas is where we find our very own Dave Briggs. So hi, Dave. What's the sentiment there?

DAVE BRIGGS: Hi, Rachelle. Nice to see you. Yeah, I would describe it as cautious optimism, really. I think there's a lot of headwinds for this industry. Like a lot of sectors in this economy, it just comes at a tenuous time. You wouldn't know it on the conference floor, 320,000 square feet, more than 1,400 businesses that support this industry. They do have some tailwinds, like sales expected to top $30 billion this year.

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As you mentioned, some good news in the midterms. Missouri and Maryland coming on legally. That adds 12.2 million to legal access. But the headwinds are many. Capital, as far as investment capital, has completely dried up. The biggest market in the country, California, it's been a disaster with many small and large businesses pulling out because the illicit business continues to outpace the legal. And they fear the same could happen in New York. Colorado, Oregon, Washington, all seeing sales declines. As for the stock story, it's been brutal. The big multistate operators down between 2% and 5% today, and they've lost between a quarter and a half of their market cap year-to-date. So that has not been positive.

Legislatively, they give me about a 10 to 20 chance-- 10% to 20% chance of getting SAFE Banking done this year, but they still don't think that happens until '24. And legalization at best, say the CEOs, 2028. And they're not overly optimistic at that. So a lot of headwinds for this industry. I will tell you, Las Vegas, my friends, is back. The flights were full. The casinos are packed. The restaurants all have long waits, and they're full. We'll talk to Carolyn Goodman, the mayor, about that tomorrow.

RACHELLE AKUFFO: All right, great stuff, and good to see you. Dave Briggs there.