Why Blockchain and AI Could Be the Next Game-Changing Technologies for the Cannabis Industry
PALM BEACH, Fla., Feb. 22, 2021 /PRNewswire/ — Artificial Intelligence (AI) and blockchain technologies have already expanded the possibilities of the cannabis industry, especially the delivery market. Using AI to tailor search, product recommendations, and delivery capabilities to individual cannabis customers boosted sales and revenue. The use of chatbots has made finding which strain is right for you a smoother process. Just as other e-commerce businesses have started to use AI and machine learning, and crypto technology to boost their operations, cannabusiness is well on its way to reap the advantages and benefits of these technologies. Companies use AI and machine learning technology to optimize cannabis market growth from seed to sale/delivery. Even in places where recreational marijuana is fully legalized, not everyone can easily access a dispensary. In an industry that supplies people with medicine, catering to individuals who can’t easily travel could boost sales. A Canadian company has already created an AR dispensary experience that aims to educate, invigorate the online shopping experience, and increase accessibility all at once. Thinking is it’s not a far-off idea that more companies will consider adopting AR technology for delivery services. Active Cannabis companies in the markets this week include NxGen Brands Inc. (OTCPK: NXGB), ISW Holdings, Inc. (OTCPK: ISWH), Canopy Growth Corporation (NASDAQ: CGC) (TSX: WEED), KushCo Holdings, Inc. (OTCQX: KSHB), GrowGeneration Corp (NASDAQ: GRWG).
A report in Cannabis Business Times added that: “Blockchain, steadily gaining adoption in other markets, could be the next game-changing technology for the cannabis industry. Proven in mainstream food safety, pharmaceuticals, and other sectors, blockchain-powered platforms offer everyone potential benefits, from breeders with new genetics to consumers’ shopping dispensary shelves. Cannabis attorney Braden Perry, partner at Kansas City, Mo., law firm Kennyhertz Perry, helps companies implement novel and emerging technologies, including blockchain. An expert in enforcement, digital currencies, and regulatory and compliance issues, Perry suggests the easiest way to envision blockchain is to think of it as a digital ledger—one that contains a series of unchangeable records.”
NxGen Brands Inc. (OTCPK: NXGB) BREAKING NEWS: NxGen Brands, Inc. Integrates BTC & Cryptocurrency for Cannabis Delivery – NxGen Brands is updating all parties interested that we have successfully included cryptocurrency and artificial intelligence integration as part of our core secure delivery as the request for payment alternatives and security design. This service is to complement our SAAS licensing model for dispensaries across the country. The design will ensure that our customers will achieve a high level of compliance, validation, and security achieved for state and federal oversight.
Blockchain is a validation technology that is efficient in confirming or registering a transaction or event that cannot be modified. Our main goal is to ensure secure transfers of custody. When the dispensary sends the order via the secure network, it starts with a secure identifier assigned to the transaction; it gets registered into the blockchain. Anything that happens automatically gets added, and the event gets registered.
Artificial Intelligence is being incorporated, with the understanding that it will enhance the capabilities of the delivery network and software design, allowing us to keep pace with the cannabis industry and migrate to other revenue-generating models of delivery and supply chain management integration. This allows for a higher-performing application output and will help streamline the real-time operations that this adds to the design.
Integration of AI, machine learning technology, cryptocurrency, blockchain will allow the Company to increase the scale, efficiency, and safety of all network design components. “I am proud to see how the final version of the delivery application will allow not only compliance at all levels but will also assist in transport analysis, real-time efficient routes for drivers and suppliers. Being able to forecast arrivals and deliveries from within the network will be invaluable as operations streamline themselves,” said Angel Burgos, CEO of NxGen Brands Inc. The Company feels that the continued updating of the design to meet and exceed existing market stipulations are key in establishing a standard of security and excellence. To read this and more news for NxGen Brands, please visit https://nxgenbrands.com/news/.
Other recent developments in the markets include:
ISW Holdings, Inc. (OTCPK: ISWH), a global brand management holdings company with commercial operations in Telehealth and Cryptocurrency Mining, recently announced that the Company is currently in negotiations toward the purchase of an additional large number of miners (between 300 and 900) in preparation for its coming Phase 3 expansion in mining volume. The Company previously announced that it is currently launching its initial Pod5 Cryptocurrency Mining Pod, a fully self-contained high-PUE mining solution designed, assembled, and installed in partnership with Bit5ive, LLC (“Bit5ive”) at the Bit5ive 100 MW renewable energy cryptocurrency mining facility in Pennsylvania.
ISWH has also established itself as a health and wellness company focusing on reshaping the CBD products market through state-of-the-art nanotechnology processes, developing a wide range of nano-infused CBD gummies and beverage formulations.
KushCo Holdings, Inc. (OTCQX: KSHB), a premier provider of ancillary products and services to the legal cannabis and CBD industries, recently announced that it had renewed its partnership with Abstrax Tech (“ABSTRAX”), an industry leader in research, development, and production of cannabis and botanically-derived terpenes.
Having recently celebrated its tenth anniversary, KushCo has established itself over the past decade as a trusted partner providing ancillary products and solutions to the leading multi-state operators (“MSOs”), licensed producers (“LPs”), and regional brands in the legal cannabis and CBD industries. An industry trailblazer in its own right, ABSTRAX employs award-winning product developers and scientists armed with three-dimensional strain analysis technology to extract, study, and perfect aromatics and flavors.
Canopy Growth Corporation (TSX: WEED) (NASDAQ: CGC) recently announced its financial results for the third quarter fiscal 2021 ended December 31, 2020. “We delivered another quarter of record net revenue, with growth across all our businesses, led by improved commercial and supply chain execution,” said David Klein, CEO. “We are building a track record of winning in our core markets while also accelerating our U.S. growth strategy with the momentum building behind the promising cannabis reform in the U.S.”
“We are executing against our cost savings program, with several initiatives already completed and more underway to build a leaner and more agile business,” added Mike Lee, CFO. “These cost savings, along with our top-line growth and continued cost discipline, puts Canopy firmly on a path to achieve profitability during Fiscal 2022, with further improvement anticipated beyond.”
GrowGeneration Corp (NASDAQ: GRWG) (“GrowGen” or the “Company”), the nation’s largest chain of specialty hydroponic and organic garden centers, recently announced its acquisition of Grow Warehouse, a four-store chain of hydroponic and organic garden stores in Colorado and Oklahoma. The acquisition brings the total number of GrowGen hydroponic garden centers to 46, with new Colorado Springs and Pueblo, Colorado, and Oklahoma City, Oklahoma.
“We continue to acquire best-of-breed hydroponic stores that complement our existing footprint and accelerate our growth strategy,” said Darren Lampert, GrowGeneration’s CEO. “Grow Warehouse is our third acquisition this year and boasts a team of 50-plus grow professionals and an additional 35,000 square feet across four state-of-the-art facilities. It’s exactly the type of acquisition that will continue to position GrowGen for long-term growth and success.”
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