“Consumption lounges are not sustainable without retail colocation.”

5 MJBizCon Consumption Panel Takeaways

“Consumption lounges are not sustainable without retail colocation.”

Probably the hottest take I heard at BizCon, and it split the panel.

I stopped by the “How to Perfect the Consumption Lounge Experience” panel to support my buddy Teddy Cabugos, but left with 5 main takeaways about where the consumption industry is currently, and where it could be headed.

The short version:

There’s a big audience for the right model.

We just don’t agree on what that is yet, and only time will tell

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5 Key Takeaways from the Consumption Lounge panel:

1. Biggest challenge: consumer familiarity with and willingness to pay a premium. People understand it with bars and cocktails, but unfamiliar with it in this space.
2. In “Amsterdam 2.0”, Experience Economy is the revenue model, not just a bar/lounge. Tourists want memories, locals need a reason to consume out-of-home.
3. 72M people = U.S. Cannabis-motivated travel audience (29% of…