The Green Street Festival is one of many events that is a response to the growing acceptance of cannabis use, as the future of the cannabis industry is in real estate.
Green Street Festival was a 2-day event in Downtown Los Angeles focused on education and entertainment in the cannabis industry. Day 1 was a VIP-invite only; Viking News was only invited to cover Day 2.
The event hosted about 70 brands, had keynote speakers like Gary Vaynerchuk and Adam22, and a headline performance with Juicy J.
On Day 2, cannabis enthusiasts and industry workers mingled at Green Street, a real estate building known for 50+ cannabis brands and companies under one building.
What occurred at Green Street Festival was unique, it was more than just a festival for consuming cannabis, but a place to network. Brands like The Cure Company, PuffCo, WeedFeed, and STIIIZY were among California’s top-selling brands that were promoting their brand that evening.
STIIIZY, the largest cannabis brand in the world, had brand ambassadors carrying a 5 foot long electronic vape pen, known as a “STIIIZY.” Attendees were able to take hits of the STIIIZY throughout the night or consume mocktail cannabis-infused drinks.
Throughout the evening, attendees were seen dancing, networking, and consuming cannabis. The majority of attendees were industry workers looking to expand their network and brand.
Mike Moya, CEO of Dulze, is an award-winning cannabis chef that attended the event looking to expand awareness around his edible brand. “I have been doing this for a long time. I want to get the word out,” Moya said.
What was unique about this festival, is that the event was intended to be a place to reimagine how we consume cannabis. As the industry becomes more mainstream, cannabis events are starting to reinvent themselves and finding new ways to reach audiences.
The festival had experienced hurdles with finding a venue, since the city of Los Angeles did not approve their event application to use the city’s park. Organizers had to reconfigure how they would execute the event.
This worked in their favor because it showcased where the future of cannabis lies and that is real estate.
Green Street Festival is an example of what investors hope to achieve for the future of the real estate and cannabis industry. Since Los Angeles lacks places for cannabis consumption, investors and brands are finding a way to capitalize on this need.
Investor Gary Vaynerchuk, who is a 50% stakeholder on Green Street, hopes the property can revitalize the jewelry district in Los Angeles.
According to Forbes, Vaynerchuk hopes an influx of companies and professionals to one building will quickly revitalize the surrounding neighborhoods. Green Street Festival was an attempt of this vision.
Whether real estate in cannabis will revitalize communities is something that could be arguable, but events like Green Street Festival will continue to occur as cannabis becomes widely accepted by different age groups.