What Cannabis Legalization Means for Meetings
The legal status of marijuana in a growing number of states poses new challenges for meeting planners.
When Illinois became the 11th state to legalize the recreational use and sale of cannabis this past June, the move was seen by many as a tipping point.
“It’s a major milestone,” said one supporter, predicting that, with the Prairie State on board, this once taboo activity could go mainstream. By January 2020, when the Illinois law goes into effect, 30 percent of the U.S. population will live in a place where it’s legal for adults to possess and consume marijuana for recreational use. It’s also legal in the District of Columbia, and another 22 states permit it for medical purposes only.
Meeting planners were also watching closely. In July, just weeks after Gov. J.B. Pritzker signed the Illinois law, 400 attendees flocked to the Fairmont Chicago Millennium Park for the Arcview Investor Forum, a conference designed to bring together aspiring cannabis entrepreneurs and potential investors. Exhibitors displayed everything from CBD “topicals” to cannabis-infused drinks, but no one was there to get high — unless you count the high that comes with nailing a million-dollar deal.
“It’s definitely getting legitimized,” said one attendee from the National Cannabis Industry Association. And when that happens, capital flows in: This nascent industry is already said to be worth more than $10 billion.
