CHICAGO – The Benzinga Cannabis Capital Conference in Chicago played host to a panel of industry experts, who gathered to discuss the growing prominence of manufactured cannabis products such as vapes and edibles and how they compare to traditional cannabis flowers.
Moderated by Tony Abel, managing director of Ultra Consultants, the panel featured insights from Rob Wirtz, president & CEO of MACH Technologies, Andrew Glashow, chairman/CEO of CLS Holdings USA Inc., Arnaud Dumas de Rauly, CEO & chair of ISO Standards at The Blinc Group, and Luna Stower, CIO of ISPIRE Technology.
The panel delved into the transformative power of manufactured products and the implications for profitability and diversification in the cannabis industry. They also explored the role of automation in optimizing operations and the measures being put in place to ensure research and safety standards in this rapidly evolving sector.
Advantages of Manufactured Cannabis Products
Luna Stower highlighted the impact of manufactured products in making cannabis more accessible to a wider demographic of consumers. She emphasized the shift away from traditional flower consumption and how products like vape cartridges and disposables offer a more approachable option for those less familiar with conventional methods of cannabis consumption. She stressed that adherence to Good Manufacturing Practice (GMP) and ISO standards ensures regulatory compliance and appeal to a curious consumer base.
Higher Margins and Efficiency
Andrew Glashow emphasized the profitability and efficiency advantages that manufacturing can offer over cultivation. He noted that manufacturing allows for higher margins, streamlining shipping and storage by reducing bulk products to concentrates. Moreover, he highlighted the comparatively lower technological upgrade demands in manufacturing as opposed to cultivation.
The Role of Technology and Automation
Rob Wirtz underscored the pivotal role of technology in transforming flowers into concentrates. He stressed the importance of flexibility and scalability in the industry, advocating for companies to invest in various extraction technologies to adapt to changing market dynamics. Automation, Wirtz noted, plays a crucial role in reducing labor costs, enhancing scalability, and improving efficiency, ultimately contributing to the industry’s global competitiveness and growth.
Customization, Ease of Use, and Flexibility
Arnaud Dumas de Rauly emphasized the role of manufactured products in broadening cannabis’s appeal to new consumers, particularly through customization and ease of use. He also touched on automation and its ability to provide flexible payment terms to smaller businesses in the cannabis sector. Luna Stower further elaborated on the value of customization and the potential for automation to reduce stress and increase focus, ultimately enhancing the value and return on investment of these products.
Advice for Smaller Cannabis Manufacturers
Panelists provided guidance for smaller organizations in the cannabis manufacturing space. Stower stressed the importance of fostering relationships, collaboration, and education, while Glashow encouraged a people-centric approach, emphasizing the value of education and destigmatization in attracting investors and promoting innovation within the industry.
