Industry experts at the Benzinga Cannabis Capital Conference discussed M&A trends in the cannabis industry, noting a decline in activity compared to 2021 but an increase in deal size and interest from multi-state operators. While regulatory changes have impacted valuations, there is still potential for consolidation and growth. New markets tend to see more M&A activity due to capital constraints, while established markets offer opportunities for stressed asset sales and fundamental-based investments. Cash is considered a valuable asset in the cannabis industry.