Conventions for the cannabis industry could flourish in Atlantic City, New Jersey, as well as other events.
With the growth of the Green Rush and the cannabis industry events that follow, Atlantic City, New Jersey may regain its former splendor as a tourist destination. Local experts believe cannabis business-to-business gatherings could be the solution to the future uncertainty facing a city that was formerly dominated by the gaming sector.
Locals are familiar with the “glitter and sleaze” of Atlantic City’s boardwalk, yet the city has been declining for years. On October 10, 2016, Donald Trump’s Taj Mahal casino and hotel permanently closed, but the gambling business hasn’t had any easier times since. Following suit, Revel Casino Hotel closed its doors and was also bought out.
The situation seemed to worsen in 2019, and even while casino sector earnings increased in 2021, largely as a result of a tax cut, the city is still a long way from where it once was. Additionally, as the future of the casino is still uncertain, employees at the Atlantic City Tropicana are picketing for greater wages and to unionize.
However, the city’s long-term financial problems might be solved by the economic repercussions of the legalization of cannabis. The first month that adult-use marijuana was sold in New Jersey resulted in $24 million in tax income for the state.
The event industry-focused website Skift Meetings recently published a report on the genuine possibilities Atlantic City presents for the Green Rush, offering more than just a temporary fix for the city’s economic woes.
The Marijuana Business Association member and head of Bridge Strategic Communications, Stu Zakim, stated that “[Atlantic City] can be a hugely popular site to host cannabis conventions.”
Others also concurred that a location like Atlantic City will benefit greatly from the emerging cannabis industry in New Jersey. This is particularly true for cannabis conventions, which require big facilities.
“Cannabis was made legal in the state of New Jersey, creating a new vertical market for conferences and meetings in Atlantic City. According to Larry Sieg, president and chief executive officer of Meet AC, “we see cannabis as a developing business that will significantly improve the overall economic impact of the destination. Meet AC focuses on Atlantic City’s growing convention industry.
The concept is also not brand-new. In 2016, Democratic Assemblyman Reed Gusciora, who is currently Trenton’s mayor, urged that Atlantic City take advantage of the cannabis industry’s immense potential.
As a “wet city,” Atlantic City reached its zenith in the 1930s, but since then, it has experienced a precipitous decline, and casinos are closing. During the city’s boomtime, its population plummeted to half its previous level.
On September 9 and 10, the Atlantic City Convention Center will host the third annual New Jersey Cannabis Convention (NECANN).
For more than a year, the potential has been growing. New Jersey became the fourteenth state to legalize cannabis for adult use on February 22, 2021.