Cannabis legalization is a new concept, and yet it shows tremendous business opportunities in many countries. The expansive rate of growth and investor influx instills a lot of potential in the industry. Somehow, platforming much scope for advances. Nonetheless, the changing face of technology implied a tremendous impact on the driving forces in the industry. Largely simplifying the business equation along with providing solutions and expanding opportunities.
It would not be wrong to state that technology is continuously transforming the cannabis industry and will continue to do so. This article gives five different ways in which technology is bringing a significant shift in the cannabis industry.
Cannabis Industry Technology – Cannatech
1. Product Innovation
With the medicinal use of marijuana becoming mainstream, there was a need to uncover alternate modes of consuming the herb. People who shy away from traditional vaping or smoking methods can now choose from various THC gummies, cannabis edibles, dabbing, transdermal patches, etc. New approach targets incorporate DNA sequencing methods, aiming to sequence and modify Sativa’s DNA to customize breeds. This could make room for CBD and THC unique composition ratios to help serve the emerging medicinal needs based on individual chemistry. It can also help segregate some rare and useful cannabinoids like Cannabichromene(CBC).
2. Making Business Scalable
Cannabis has been around for ages, but the speculation in legislation and sudden reforms left the industry unprepared. Trends in the past couple of years and the projections indicate high demands backed by improper logistics channels. Gladly, technology and e-businesses simplify the equation by opening doors to direct selling from manufacturers to the end consumers. The flourishing online businesses are minimizing the demand-supply gaps and contributing to sustainable industrial growth.
3. Reducing the Cost of Production
A cannabis plant requires specific growing conditions to flourish. Light and heat are crucial factors that contribute to growth and yield. Planting cannabis in places that experience scanty sunlight requires a full-spectrum lighting system, an expensive set-up. Technology like LED lights has reduced the upfront and operating costs. It also simplifies the entire process by generating less heat than former high-pressure sodium bulbs.
Cannatech Industry – Cannabis Technology
4. Alternative Uses and Tapping Future Potential
The use of cannabis is not limited to recreational and medicinal purposes. Many parts of the plant, including the fibers and oil, can be useful for other purposes like fabrics and textiles. Forward horizontal integration of the cannabis industry with the polymer industry can bring a revolution. Cannabis and hemp plants can now serve as raw materials to introduce new textiles and product range known as hemp fabric.
The fiber obtained from a cannabis plant shows antibacterial properties, conducts heat, and blocks UV rays. Apart from being cost-effective, it is also biodegradable. Hemp fiber was not widespread due to the coarseness. Technology has made it possible to remove lignin from the fiber, making it durable while maintaining softness.
Cannabis Industry Technology
5. Providing Retailing Solutions
Gathering data has always been a problem for the cannabis industry. Integrating sales with present-day seed-to-sale platforms can store information on the cloud to help retailers and growers create the right mix according to business needs. It can help develop customers’ buying behavior by using technologies like Artificial Intelligence and Big data. With detailed analytics and integrated software features, there can be better tracking of seed-to-sale systems.
Cannabis Industry Technology
The Bottom Line – Cannatech
Cannatech has changed how the cannabis business is operated. The past progression remains to be beneficial for stakeholders, investors, and manufacturers. A fair understanding of evolving technology can let enterprises minimize challenges and reap profits. Cannabis has never failed to amuse the masses. Growing technology, however, leaves us expecting more groundbreaking discoveries in the industry.
5 Ways Technology Is Transforming The Cannabis Industry
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