EPISODE #62 Cannabis and Business Media with Chris Walsh, CEO and President at Marijuana Business D

How does trade media serve the cannabis industry?

This week we’re joined by Chris Walsh, CEO and President at Marijuana Business Daily (MJBiz), B2B media and events company.

Join us as we explore the company’s beginnings, its business model, and how Covid-19 has impacted the industry.

About Chris Walsh
Chris served as the founding editor of Marijuana Business Daily during the company’s launch in 2011, becoming the first journalist in the United States to focus exclusively on covering the business of cannabis. He now oversees the company’s day-to-day operations and strategic initiatives. Chris has been quoted as one of America’s foremost cannabis industry analysts by dozens of media outlets, including Harvard Business Review, NPR, CNBC and the New York Times. He earned an MBA in international business from Regis University.

Episode Summary
• Chris is a journalist by trade and worked across newspapers in the USA on their business desks. He covered a variety of topics including airlines, technology, and the economy.
• Chris was studying for an MBA in 2011 when he connected with the two other co-founders of MJBiz Daily, who were looking to launch a news service for the cannabis industry.
• At the time, this was seen as a risky move from a professional standpoint, but there was a gap in the market for marijuana B2B communications.
• Chris didn’t come from a marijuana background, and so took an objective viewpoint on the matter. He was also seen as an outsider because of this.
• Over time, the platform evolved to launch professional business events within the industry.
• When MJBiz Daily launched, the cannabis and marijuana industry was very gimmicky, with an emphasis placed on getting high and escapism – MJBiz Daily took an alternative view, aiming to create a sense of professionalism within the industry. Their corporate stance was subsequently embraced by many.
• Upon launching, the platform was called ‘Dispensary Insider’ which served as B2B trade media for the dispensaries. It started off as a blog, but pivoted towards journalism and events, and conferences after monetisation proved difficult.
• Much of the platform’s revenue comes from events such as the Cannabis Business Conference in Las Vegas which had 35,000 attendees.
• Chris has seen more mainstream media covering cannabis within the past two years with more media focusing specifically on the industry, or with dedicated journalists who are knowledgeable around the topic.
• Things move incredibly fast within the cannabis industry as it is not yet a mature market – things change so quickly that you have to be flexible, nimble and responsive. MJBiz Daily, along with many other businesses within the industry find it difficult to plan ahead because of this.
• MJBiz plan to expand into other areas such as whitepapers which will serve the growing number of scientists and researchers in the area.
• Chris suggests that Covid-19 will bring innovation to the industry as we are forced to communicate online, it will also bring pain – with some companies not making it through.
• Chris’s family were incredibly supportive of his cannabis ventures including his Auntie who is a Catholic nun.

Quotables
‘3-4 months in the cannabis industry is like a year in any other industry’ 29:15
‘The mid term to long term future of this industry is very bright’ 41:20

Resources
Join Chris on LinkedIn:https://www.linkedin.com/in/chris-walsh-8a15864/
MJBiz Daily: https://mjbizdaily.com/