Would doing so put you in violation of the law?
Well!! As soon as they hear this term, this is the typical reaction. Right?
Cannabinoids in cannabis have long been recognized for their beneficial effects on health and wellbeing, although this information is common knowledge at this point. What we don’t know about, though, is how technology can be used to the burgeoning cannabis sector.
Here, then, we shall discuss the effects that technology is having on the cannabis business in the year 2022.
Okay, so let’s get going.
The widespread prohibition of cannabis around the world has made it difficult and time-consuming for the business to develop any significant breakthroughs in terms of technology.
The recreational legalisation of cannabis in several countries, including the United States as of right now, has created new opportunities for growth by attracting more people to the industry. As more people recognise cannabis’ therapeutic benefits, cannabis businesses are adapting to the growing market by centralising their operations using cutting-edge technological developments and taking their trade online.
Massive advances in technology over the past decade will revolutionise the cannabis industry.
Increases in cannabis technology are helping to propel the industry upward by facilitating higher yields, connecting consumers with dispensaries, ensuring strict adherence to safety standards, and providing consumers with a diverse array of products from which to choose when partaking in cannabis.
Today, we can see that in addition to the vast array of farming and security technologies employed in the cultivation of cannabis, a wide variety of resources are available, ranging from automated dispensary teller machines to application programming interfaces, to facilitate the sale of cannabis in a way that is profitable, user-friendly, and lawful.
Information on the Cannabis Market and Sales
According to Grand View Research, the global legal marijuana market size was USD 9.1 billion in 2020 and is projected to develop at a compound annual growth rate (CAGR) of 26.7% from 2021 to 2028.
As reported by Markets and Markets, the worldwide cannabis industry is expected to be worth $20.5 billion in 2020 and is forecast to reach $90.4 billion by 2026, growing at a compound annual growth rate (CAGR) of 28%.
There were estimates that by 2020, global cannabis sales had reached $21.3 billion, up 48 percent from 2019’s $14.4 billion. Sales of cannabis are expected to increase from $21.3 billion in 2020 to $55.9 billion in 2026, a compound annual growth rate of more than 17%, according to the BDSA.
Global Legal Marijuana Market Share
|Chronic Pain||Mental Disorder|
Useful reports of marijuana suggest that its medical application can reduce discomfort. The market is projected to expand fast as more individuals learn about the advantages of cannabis use.
Most of the progress made in the expanding marijuana sector may be attributed to technological advancements. That is, many emerging technologies are already transforming some facet of the industry or are on the cusp of doing so. Let’s check out the most cutting-edge innovations in the cannabis market.
Top Emerging Technologies Changing the Cannabis Industry
Global investors have been persuaded to put their money into the marijuana industry, and this money has been put to good use. The increased demand for cannabis has prompted farmers to experiment with innovative techniques.
Weed Gummies, however, continue to be at the vanguard of the rapidly developing CBD (cannabidiol) medical marijuana market. Because of this, the cannabis technology market must be utilised throughout cultivation in order to shorten the harvest period and improve the crop’s quality to meet the demands of the market. Consequently, it becomes less difficult for businesses to generate high-quality goods.
New technologies enable the development of novel approaches to CBD extraction and cultivation. Organizations, for instance, implement the use of remote sensors to aid in the plant growing process.
In the medical marijuana industry, these advancements allow for the isolation of therapeutic chemicals from non-therapeutic ones. In order to ensure the highest possible quality and safety of the final product, cannabis is subjected to a battery of testing before it is released to the public.
1. CBD Product Use
Cannabinoids are chemical compounds or classes of chemicals that are exclusively found in cannabis.
Many cannabis manufacturers still use time-honored methods of solvent extraction to isolate the cannabinoids from the raw cannabis plant. Unfortunately, the high cost of these processes is mirrored in the high prices of the products they produce.
Cannabinoid biosynthesis is an emerging technology that has proven to be an economical means of producing CBD, THC, and other cannabinoids. Major players in the medical marijuana market are investing in this new technology, which they believe will revolutionise the sector as a whole.
This new extraction technique makes use of microorganisms to breed yeast strains that produce lucrative cannabinoids, adding to the profitability of the marijuana business. The technique is expected to reduce manufacturing costs, boost product quality, and decrease retail prices for cannabis.
2. Products That Are Both Unique And High-Quality
The evolution of marijuana’s use in tandem with technology has resulted in a wide variety of applications. It’s important to note that until recently, smoking was the only method of ingesting cannabis.
Now, thanks to advancements in the technology supporting the marijuana market, consumers have a wider range of edible options than ever before, including vapes, oils, sweets, candies, gummies, and more.
Finding the optimal ratio of THC to CBD in each product is, thus, crucial, but can be challenging. Individuals’ biochemistry causes them to metabolise cannabinoids differently, therefore ongoing efforts are also under way to encapsulate the chemical compound contained in cannabis to optimise the efficacy of the products.
Since marijuana is a psychotropic drug, using a strain that doesn’t suit your physiological requirements can have serious consequences. By allowing for the precise measurement and mixing of cannabis’s ingredients, technology is helping to eradicate this problem.
3. Light-Emitting Diode Illumination
Interesting new technology being used to help the cannabis sector thrive is switching from high-pressure sodium (HPS) bulbs to light-emitting diodes (LEDs).
You’re probably wondering how a candle got placed in the middle of all this technology.
The reason for this is that the cannabis farm utilises state-of-the-art lighting systems. Indoor cultivation of the plant necessitates the use of high-intensity discharge lamps, which are both costly and power-hungry.
Well! Recently, HPS bulbs have become the standard in the cannabis market. These high-pressure sodium bulbs (HPS) use an excessive amount of energy, have a limited lifespan, and generate a lot of heat, necessitating the employment of a climate control system, which also consumes electricity, in almost all production facilities.
As a result, LED lighting has become a saviour for the marijuana industry’s tech firms. LED lights have a longer life than HPS bulbs, use less energy, put less load on a building’s temperature control system, and are cheaper to produce.
4. E-Commerce Technology
Customers may now get cannabis more easily than ever before thanks to the internet. Now, from the convenience of your own home, you can easily organise or acquire premium cannabis goods. The rapid expansion of the e-commerce sector within the growing cannabis industry has contributed to an increase in global cannabis sales.
When it comes to expanding into the new purchase medium previously reserved to other businesses, cannabis companies have another option: the retail online business area.
Some estimates place the size of the cannabis market at $166 billion by 2025, with the help of the increasing number of cannabis businesses using online marketplaces.
In order to facilitate efficiency, producers and retailers should become familiar with seed-to-sale and point-of-sale software. It is much easier to maintain track of inventory levels without having to manually record data thanks to medical marijuana software. With this newfound ease, stores can more quickly and accurately access vital stock information.
The availability of cannabis goods of a given strain, for instance, is information that can be accessed at the click of a button.
When it comes to accepting payments, cannabis businesses don’t have many options. Due to the proliferation of convenient electronic payment options, purchasing cannabis has never been easier. Prepaid cards, cryptocurrencies, and electronic wallets are just some of the payment options currently available to customers of online merchants.
Let’s take a look at the current technological tendencies that business owners in the cannabis industry should think about.
5. Employing the Cloud
Information is the most valuable resource for every company. Cloud platforms are providing producers, representatives, and other partners in the cannabis space with the ability to take critical information and drive productivity across cannabis operations, whether the topic is plant cultivation, customer and order management, task management, or compliance with the state.
Amazon Web Services, Microsoft Azure, and Google Cloud are just a few examples of the modern cloud computing services and solutions that provide data storage and processing capability to businesses of all sizes and in a variety of sectors. The greatest feature of these cloud platforms is that they are available from any internet-capable smart device. You may be assured that your data, once uploaded to the cloud, will always be available and retrievable at your convenience.
There are many facets of the cannabis industry that can be enhanced, beginning with the seed and continuing through to the sale. By streamlining the process from seed to sale, early adopters can benefit monetarily from data collected and stored in the cloud today.
Many lessons have been learned from the COVID-19 pandemic, and one of them is that businesses need to be ready to adapt quickly to global events in order to mitigate their economic effects. The cannabis industry has figured this out and implemented it successfully.
Applications like Eaze and Budly were used by cannabis businesses to continue offering curbside pick-ups and deliveries despite the COVID-19 lockdowns that had been imposed.
This meant that while many businesses suffered sales declines as a result of the pandemic, the cannabis industry actually saw gains in revenue all across the United States. As a result, more people entered the cannabis delivery industry, and as a result, international expenditure on cannabis increased.
The rise of the cannabis business can be directly attributed to the role performed by applications. There are apps like WeedMaps that help people find the nearest dispensaries that sell cannabis.
Leafly, another app, gives a wealth of information about cannabis strains, with the help of user reviews, to aid to help users learn which strain is best.
Australia’s Althea Group Holdings, which operates a cannabis business called “Concierge,” is another place where firms are using apps.
Concierge is a community forum where doctors, pharmacists, and other healthcare professionals may interact with patients and answer their questions to streamline and enhance the prescription process. With the use of applications like Concierge, healthcare app development companies in the United States are able to help a greater number of individuals than ever before.
There have been revolutionary ideas in the cannabis industry that have altered the entire industry, from the cultivation of plants to the discovery and consumption of cannabis by the general public.
Every time a new piece of technology causes a tremor in the cannabis industry, dozens of new companies, products, and apps appear and disappear almost as quickly.
There is no telling what the next great thing will be, but one thing is certain: cannabis innovation will continue to be a phenomenal phenomenon in the healthcare software development industry, and it shows no signs of slowing down in the near future.
If you’re interested in using this cutting-edge hemp health technology, our bespoke healthcare software development company’s professionals are available for consultation.
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