The second annual two-day State of Cannabis wrapped up Thursday aboard the Queen Mary, where those in the cannabis world were educated on the ins and outs of California’s nine-month old legal industry.

There was an overwhelming amount of information provided by policymakers, bankers, investors, retailers, advocates, lawyers and more but we’ve condensed the gist of it to these five points.

First off, it’s cannabis—not marijuana.

Cannabis, the scientific term for marijuana, is becoming more and more the preferred term by the industry, many saying it removes the stigma and racist roots. However, some have argued that this name switch can possibly erase its complicated history and people should embrace it instead.

The case for medical cards when recreational use is finally legal.

Some of the most compelling arguments for consumers to continue renewing their medical cards came from two different panelists and centered on the importance of cannabis for patients.

Going to doctors to get prescribed challenges them to continue these conversations around cannabis and it forces research to continue and advance, according to Jerred Kiloh, owner of the L.A. dispensary A Higher Path. Kiloh said this can hopefully lead to more recommendations of Cannabidiol, or CBD, the non-psychoactive compound deriving from cannabis, and less prescribing of pharmaceuticals.

For those who rely on cannabis for medical purposes, having a medical card not only allows for legal access, but higher dosages. Recreational users are currently limited to buying topicals, tinctures and edibles with a maximum strength of 100 milligrams, but patients with complex disorders can technically receive higher dosages, according to Stacy Shymansky, president of Medicine Women Consulting.

At issue right now, however, is that with the new statewide packaging regulations, edibles are only allowed to contain a maximum of 100 milligrams of THC across the board, essentially preventing patients from accessing these products with higher dosages. Also, the lower taxes that medical card holders should get may not always be the case in some storefronts now that recreational buyers are added to the mix. Advocates are working to address that.

Selling cannabis isn’t the “get-rich-quick” scheme you thought it would be.

During multiple panel discussions, industry experts stressed the amount of difficulty for those in the cannabis industry. Only about 20 percent of cannabis businesses actually succeed, some said, with the most success seen in businesses that aren’t in the “plant touching” part of the industry but sell the products needed to grow the plants. This is due in part to the fact that taxes, business licenses, permits and lack of bank loans make it hard for retailers and cultivators to grow or sell the plants and grow their businesses.

Inconsistencies and slow-paced regulation at all levels of government is preventing the market from thriving.

One of the biggest complaints heard during the conference was the pace at which both local and state government agencies have been working to regulate the cannabis industry since recreational use became legal Jan. 1. The biggest issue is that it is still a Schedule I drug in the eyes of the federal government—along with heroin and cocaine. This makes it hard for small businesses to secure bank loans or to deposit their cash into banks, making them more vulnerable to robberies and violent crimes. Also, not every city or county in California has allowed the sale or use of cannabis, making businesses, like those that offer delivery services, difficult to operate.

The illicit market is the bane of legal businesses’ existence.

There are more illicit cannabis dispensaries in the city of Los Angeles than legal ones, according to Cat Packer, executive director of the Department Cannabis Regulation in L.A. However, pro-Cannabis politician Assemblyman Reggie Jones-Sawyer, who represents South Los Angeles, stressed the importance of cracking down on these businesses without “filling up prisons with blacks and Latinos”—the two minority groups most incarcerated for drug crimes—and instead creating a pathway for legalization.

Then there’s what some consider to be the excessively high taxes tied to the selling of legal cannabis. Many argue that the taxes will not only turn away businesses but also send clients to illegal businesses, or your local drug dealer, that can offer products at half price in some cases.

In Long Beach, the tax rate for recreational buyers is 35 percent while medical buyers pay 33 percent in taxes. Some argue that this isn’t only bad for businesses but for the cities relying on that tax income.

Read more about cannabis in Long Beach here and California’s laws and regulations here.