Midwest cannabis industry converges on Chicago for major summit
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The top Midwest minds in cannabis are set to converge on the Near West Side Thursday for an inaugural summit on all things marijuana.
The latest: The Midwest Cannabis Forum will take over Salvage One on Hubbard Street, featuring panel discussions, demonstrations and audience Q&As.
- Attendees are expected from Illinois and neighboring states, including Michigan, Missouri, Wisconsin and Minnesota.
What they're saying: "The forum is a part of an ongoing conversation about cannabis, commerce, culture and Chicago," co-founder Brad Spirrison tells Axios. "As cannabis goes global, what unique role does Chicago and the Midwest play in its ascent?"
State of play: Midwest cannabis companies have struggled to match the scale, branding power and investment flowing into markets like California.
Yes, but: Chicago could carve out its own niche, as it has for other big industries over time.
- "In Chicago in particular, we can innovate and execute when it comes to logistics and infrastructure," Spirrison adds.
Zoom out: One issue likely to come up is the proliferation of hemp-derived THC drinks.
- Once mostly confined to liquor stores, they're now sold at retailers ranging from Target to Navy Pier.
- While the drinks are booming in popularity, their future could hinge on whether Congress moves to regulate hemp by the fall.
The intrigue: The industry is also facing mounting legal scrutiny. Former McHenry County State's Attorney Patrick Kenneally is helping lead a lawsuit alleging that major cannabis companies — including Chicago-based Cresco Labs — deceptively marketed marijuana products by overstating their medical benefits.
Between the lines: Access to capital remains a major challenge for cannabis entrepreneurs because marijuana remains federally illegal.
Yes, but: The Senate is expected to consider banking reforms aimed at loosening financial restrictions on cannabis companies. Meanwhile, FundCanna recently announced a financing agreement worth up to $60 million that could expand lending for smaller operators.
The bottom line: Chicago may never be the cannabis capital of America, but industry leaders increasingly see an opening for the city to shape how the business operates nationwide.
If you go: Doors open at 12:30pm and the forum runs through 6:30pm. Tickets are $148.75.