Vegas has a history of over the top attractions delighting and engaging the millions of tourists. From stars like Elvis and Celine to the Chihuly ceiling to the the highest roller coaster in the world, the city constantly thinks of ways of engaging the daily throng of visitors. The latest, The Sphere, is the VERY expensive world’s largest spherical structure and concert venue. The $2 billion globe is kicking it off with U2 in residence. Every night is an incredible visual as the sphere is also a giant screen with a variety of innovative imagines.

But hot on the heels on the Sphere is Cannabition, a state of the art cannabis immersive experience opening next to Planet 13.  With 90% of the country open to some form of legal cannabis, this should turn out to be a key attraction – like Kentucky and their bourbon! The 12,000 square-foot cannabis immersive experience has engaged creators to make the experience incredible with or without a little extra (wink wink).

But the founders aren’t stopping there.

The immersive experience just made a significant partnership announcement. Cannabition is welcoming legendary founding figure of outlaw country, Mr. Willie Nelson and his celebrated brand, Willie’s Reserve. The teams are putting their heads together to assure guests a “stoned-cold good time!”

Nelson, an icon of music and marijuana, has spent 7 decades changing the way people look at cannabis and has been a champion of legalization.

His team shared, “with our new partnership in Cannabition, Willie’s Reserve is looking ahead with anticipation for a chance to bring Willie Nelson’s dream for legal weed to a new immersive experience in legendary Las Vegas. Now that’s entertainment!”

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Vegas in 2022, had 38.8 million visitors. Sin City ranks fifth worldwide in terms of worldwide tourism-related, and first in the US. In 2015, 84% of visitors to came from within the US.

Managing Partner Pamela Hart, states “From inception to buildout our partners, sponsors, and creative teams are launching an over the top Vegas immersive experience and a must add to everyone’s visit”.

Also joining the Cannabition team is LP Exotics. Founded by Marianna Arakelyan, who comes from the healthcare industry, Marianna has been at the forefront of pioneering life-enhancing programs across the Western United States.

Managing Parnter Andrew Laub shares,  “Marianna Arakelyan has taken her expertise and passion to create opulent, tailor-made products to delight consumers.  The company and Arakelyan’s innovative and meticulous approach will be another asset to delight for the visitors.”

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Michael Stratton, the general manager, brings a wealth of entertainment and hospitality knowledge. Most recently, Michael was the General Manager and Director of A&R for the iconic indie record label Bong Load Records, where he managed specialty releases by artists like The Killers, Beck, Elliott Smith and James Blunt, among other. His is also major label recording artist himself, a 35-year Las Vegas resident and has lifetime of music industry and operations experience.

Board Member Alex Brough believes Vegas will be home to the premier cannabis attraction and will add to the list of unique opportunities for tourists like Meow Wolf, the Mob Museum, and the extraordinary culinary scene.

The last 2.5 years have been tough for the recreational marijuana industry.  Flower prices have plummeted, New York had a fiasco of a recreational rollout, and some major companies have been on the edge of collapse. But things are changing. The slow moving Biden administration has finally agreed to talk about rescheduling and SAFE Banking again goes before a Congress in turmoil. Is the cannabis industry growing up and starting to act and perform like other mainstream industries?

Despite the trouble, consumer use it up with the long term base of customers growing. While 90% believe it should be legal in some form, about 46% of adults have used marijuana at least once.  The under 40 set sees it almost like beer, sodas and fast food, just a life option.  One key positive for this information is they are more likely to try new products unlike the 65+ who are much less likely to try new things.

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Signs of the industry emerging from its growing pains are clear.  The industry is adjusting reality.  As a $22+ billion industry in 2022, it wants to act like a $250+ billion industry. But market forces are right-sizing in a variety of ways.  There were over 750 conferences/trade shows/ investor conferences in 2018, now there are roughly 200.  Indoor grow companies, the most expensive way to produce, are having to adjust pricing.  Some are threatened with closing because of their assumption of always high premiums.  Commodity fluctuating pricing used in everything from oil to butter has come to weed.  But consumers are still buying in droves, even Montana boosted high sales.

“In most industries, at first everyone wants in and thinks they can make a quick fortune immediately. When that happens people are misguided by false information and the wrong people from other shady pasts thinking they know it all. The cannabis industry is no different and it will act like other successful ones. We needed this readjustment, most of the bad players are out, the misinformed are on the sidelines and the ones who put the time and proper energy into the space are still around and will thrive.” says Andrew Laub, managing partner of Keneh Ventures.

Big names have also struggled recently.  Medmen, King’s Garden, The Parent Company, and others all closed or are a faction of where they were. The early days with promises of easy money, private jets, crazy parties, and hot eye candy swarming around have passed and now it is spread sheets, hard work and focus. Canopy Grow has moved operations from Canada to the US and is applying all the learnings from a highly successful alcohol company to a major player in marijuana.

The industry has also slowly moved to listening to consumers.  Marley brands have fallen away to Wana Brand’s products which appeal to a younger, diverse audience. As the future looks to legalization, product companies are increasingly looking at what will do well on the shelves of Walmart and Target and not something to snicker about with bro friends.

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“The industry is evolving at a quicker pace today due to the assumed changes to cannabis scheduling with the Controlled Substance Act and possible SAFE Banking Act passing in Congress in some form of tandem news. This is causing mainstream investing to get excited again about cannabis, but mainstream does their due diligence and only wants to invest their money in competent and honest people.” shares Curt Dalton, founder of Cannabis.net.

While the industry still has work, large investors see the future where there are fewer products with large distribution, indoor grow and cheap base prices, and a giant consumer base who will look to familiar places to purchase products.

Inflation has been the talk in homes for over a year. Eggs, meat, gas, lettuce, airline tickets and butter are just some of things things soaring. The price of a meal at elementary and secondary schools spiked the most in 2022, by a whopping 305%. The war in Ukraine, the upending of workers and supply chain issues and strikes all contributed. How is a person supposed to manage?  And what about cooling inflation and the marijuana consumer? There is some good news for fans and for medical marijuana patients.

The beverage alcohol is generally considered recession-proof. But in this recent bout of inflation, the price of beer consumed at home has increased much more quickly than the price of distilled spirits. Both are up, but beer prices are up far more.

“Inflation has exerted a substantial impact on the legal cannabis industry, amplifying the expenses associated with cultivating, manufacturing, and retailing cannabis products. This surge in costs has further diluted the already slim profit margins for many legal cannabis businesses.” shares Roy Bingham, Co-founder and CEO, BDSA.

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“Nevertheless, a fascinating counterbalance to this has emerged in the form of significant price compression observed within legal cannabis markets since late 2021. As a result, consumers have been witnessing a notable decline in the price of cannabis purchased at dispensaries.” continues Bingham.

Remarkably, between Q3 2021 and Q1 2023, BDSA’s analysis reveals a staggering 30.5% reduction in the equivalent average retail price of cannabis.  Arizona, California, Colorado, Florida, Illinois, Maryland, Massachusetts. Missouri, Nevada, Oregon and Pennsylvania all had price drops!

Remarkably, between Q3 2021 and Q1 2023, BDSA’s analysis reveals a staggering 30.5% reduction in the equivalent average retail price of cannabis.  Arizona, California, Colorado, Florida, Illinois, Maryland, Massachusetts. Missouri, Nevada, Oregon and Pennsylvania.

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“Historically in times of high inflation, Americans will cut back on non essential luxuries, yet will still set aside spending for requisite indulgences. For example, a wine drinker will continue to drink wine, they might drink more at home than at a restaurant or when out will order a less expensive brand. Cannabis has been following the same trend. It is also promising to notice that data on the industry as a whole has shown that in this time the number of marijuana consumers continues to grow, which for the market is a extremely eouncouraging” stated Andrew Laub, managing partner of Keneh Ventures

New York is in their own category since they have over 1,500 unlicensed dispensaries operating not sharing information. Word is they are also doing a significant uncharge from legal states and locals and tourists alike are paying the premium.