In one of several fireside chats taking place at the Benzinga Cannabis Capital Conference, Dave Martyn, president of the Compass Cannabis chain of Canadian dispensaries, sat down Wednesday with Peter Miller, CEO of cannabis branding and packaging company SLANG Worldwide. The two discussed the intersection of Canada's newly legalized industry with the burgeoning U.S. market.
Although legal and regulatory concerns entered into the conversation, the two entrepreneurs were far more enamored by the breakneck speed with which the cannabis industry is developing and how the industry stands to define the state of the global cannabis market for years to come.
From Sharpies On Jars To Blister Packs
Early in the conversation, they landed on the topic of just how far the cannabis industry has come in the years leading up to broad legalization in both Canada and the U.S. — and why that exponential growth foreshadows even greater developments in the coming years.
Miller discussed his early impressions of the industry when Colorado first legalized recreational use back in 2012.
"I got to see the early days of Colorado's legalization," he said. "I saw product go from sharpie labels on glass jars to more sophisticated, polished finished goods."
Following up on the industry's maturation, Martyn expanded on what those prior developments likely mean for the cannabis industry now.
"Ultimately, more cannabis users will pay for brands [and] new delivery methods. I think Canadian flower will be less in demand and we’ll see growth in extracts and edibles. There's still a lot of development in the market."
Tomorrow, The World
When discussing exactly what the future of the global cannabis industry will look like, both Miller and Martyn suggested companies look to the past. Industry models in recreational cannabis forerunners like Colorado, Washington and of course Canada, serve as examples of what works.
"We look for the best operators in the area; they help us achieve our goal of getting brands on shelves," Miller said. "Battle-tested operators, those with experience, will take over less competitive markets."
According to Martyn, that replication will be less about individual products or retailers and more about who can replicate the success of those that came before.
"In an early market, say Australia or New Zealand, It's not a focus on brands — it’s a focus on a system," he said.
Miller predicts that investors will soon begin to see different markets develop In similar ways at different times, acting as a relative gauge for the maturity of a particular market. At the moment, both entrepreneurs see the synergy between U.S. and Canadian cannabis as a driving force.
"Capital flows around the world to find a home where it's most rewarded," Miller said. "But I think it all blends together between Canada and the U.S."
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SLANG Worldwide CEO Peter Miller, left, and Compass Cannabis President Dave Martyn during a fireside chat Wednesday at the Benzinga Cannabis Capital Conference in Toronto. Photo by Juil Yoon.
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