Trade Show Insights & Analysis
How COVID-19 has affected Cannabis and Hemp Trade Shows
The Cannabis and Hemp trade shows industry has grown year over year, and 2020 was lining up to be the biggest ever. Networking opportunities, cutting edge products, and continued maturation of the industries in general.
Trade Shows supply the perfect environment and opportunity to meet cannabis and hemp leaders and trendsetters, from businesses and entrepreneurs to investors and regulatory agent--all together in one space.
But it all came crashing down.
With the global spread of the novel coronavirus, social distancing became a norm for many cities, states, and nations. Countries and medical organizations advised people against participating in events with more than a handful, often banning gatherings outright.
As the number of cases rose globally, trade shows were canceled.
|Overview of some of the Tradeshows & events that were canceled (or postponed and moved to a virtual format) this year:
Many cannabis and hemp businesses depend on these events to build their networks, boost brand awareness, establish partnerships, and generate leads. Based on data from Marketing Charts, trade shows are among the top three sources buyers seek when researching a vendor, services and products. And according to AdStage, approximately 68% of marketers use tradeshows to generate sales and leads
The cancelation of events has left a substantial financial impact for event organizers and vendors alike. A recent report by Marijuana Business Daily gives us insight into the financial implications for businesses brought about by the postponement of the Natural Products Expo West.
Final Insights/ Silver Lining:
"If you're not there, you're nothing at all."-The unspoken narrative generally accepted by businesses in the Cannabis and Hemp trading space.
But it’s not really true--especially now that in-person trade shows are temporarily suspended.
The silver lining is: pressure makes diamonds. Due to intense pressure and hardships caused by COVID, Cannabis & Hemp Trade Shows were pushed to find or develop groundbreaking solutions, while businesses adopted innovative and exciting new ways to grow.
These items will be covered in next week’s report, where we'll explore the solutions businesses implemented to counteract the business-related effects of the COVID-pandemic.
In this article by Marijuana Business daily, they interview industry leaders about the coronavirus’s effects on the global cannabis trade events businesses.
Article #2. -Did coronavirus cancel your cannabis event?:
Leafly covers the Cannabis and Hemp trade show cancelations due to COVID.
More CannTrend Weekly Analysis
- Trade Shows in the Age of Covid (Part III)
- How Cannabis & Hemp Trade Shows Have Adapted to the Covid 19 Pandemic
- COVID’s affect on Cannabis and Hemp Trade Shows
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