- MJBiz sold for $120 million in 2021.
- RacquetX grew from 2,000 to 4,000 attendees in two years.
- Founders emphasize community and outsider perspectives.
- Adaptability is key to navigating industry shifts and growth.
In a candid discussion, two trailblazing event founders, Cassandra Farington of MJBiz and Robin of RacquetX, revealed the strategies and sacrifices behind building highly successful industry events from the ground up. Their journeys, though distinct, underscore universal truths about community, adaptability, and the relentless pursuit of human connection in business.
Cassandra Farington, founder of MJBiz, which began as a newsletter in 2011 and sold for $120 million to Emerald in 2021, highlights the critical role of community. For MJBiz, this meant creating a professional platform where cannabis industry professionals, previously working in silos, could connect and conduct business. This focus on fostering a conducive environment for deal-making, rather than just a festival, allowed MJBiz to eventually sell out the Las Vegas Convention Center. Robin, founder of RacquetX, echoed this sentiment, emphasizing the importance of understanding and honoring the community's core identity, even if it means evolving from a purely B2B model to a B2B-to-C festival-like experience that encourages play and demoing products.
Both founders, notably, entered their respective industries as outsiders—Robin as a basketball player in the racket sports world, and Cassandra without prior cannabis industry experience. This outsider perspective proved to be a significant advantage. It allowed them to identify unmet needs and build events that truly served their communities, offering business education to a nascent cannabis industry or creating engaging, interactive experiences for racket sports enthusiasts. This fresh viewpoint enabled them to innovate without being constrained by existing industry norms, fostering growth and acceptance from within the communities they sought to serve.
The conversation also delved into the challenges of scaling and exiting. Cassandra discussed the shift from a 'scrappy startup' mentality post-acquisition, noting that the industry itself had matured, necessitating a more professional approach. Robin, who started RacquetX with outside investment and an explicit five-year exit strategy, highlighted the intense pressure of cash flow in a single-show business and the constant need for iteration. Both underscored the importance of listening to the community and being flexible with business plans, emphasizing that adaptability is not a sign of weakness but a smart strategy for long-term success, especially when navigating external forces like private equity investments that often prioritize short-term returns over sustained community building.
Ultimately, the founders shared a powerful message for aspiring event entrepreneurs: despite the extreme highs and lows, the impact of creating moments where people connect, collaborate, and grow makes it all worthwhile. Events serve as a bellwether for industries, reflecting their health and vibrancy. Their advice centers on passion, resilience, and the unwavering commitment to serving the human-to-human connections that define truly successful events.
“The highs are so high and the lows are so low. And I just I like I knew that. Like, oh yeah, I know. I'm I'm built for this. Like, like I could do this. Well, let me tell you. Um I was humbled.”
- Andrea Doyle, Executive Editor at Skift Meetings
