Top 3 Impacts Of New Technologies On The Cannabis Market

New Technologies On The Cannabis Market

The technology used to advance the cannabis sector has evolved in tandem with its rapid expansion. There are also many technologies, and ancillary businesses thriving in the cannabis industry in addition to growers and merchants.


For a long time, smoking pot was a subversive behavior performed in the shadows. Marijuana users in movies were typically portrayed as slackers who lacked ambition.


Because of developments such as the Food and Drug Administration’s (FDA’s) recent green light for cannabis-derived medications and the resulting boom in the industry’s employment opportunities, Grandview Research estimates the worldwide cannabis market to be worth $73.6 billion. By 2027. Every year, a few more nations and states legalize cannabis for medical or recreational use, further ingraining it into our culture. Obviously, we’ve come a long way since the ‘War on Drugs,’ and it seems inevitable that the movement surrounding marijuana will continue to gain steam.


Moreover, while the ongoing COVID-19 pandemic is doing havoc on most companies, the cannabis industry has been designated a “vital” service and is booming.


Even if there has been a sea change in how people across the world view cannabis, the cannabis industry would not have been able to thrive without the technical advances that have followed it in the modern day.

In this article, we will examine the many ways in which technological advancements have influenced the cannabis market.


1.      Apps


The COVID-19 pandemic demonstrated the importance of being prepared to respond swiftly to global events in order to lessen their economic impact. The cannabis business sector has been remarkably effective in this regard. Cannabis businesses used applications like Eaze and Budly to continue offering curbside pick-ups and deliveries despite the widespread COVID-19 lockdowns. Consequently, while many businesses have been forced to shut down or suffer sales declines as a result of the epidemic, the cannabis industry has actually seen a rise in sales across the board.


Then there are apps like Leafly, which provides extensive information on cannabis strains and includes user ratings to assist educate consumers on which strain is the best, and WeedMaps, which tells users where their local cannabis store is located.


Althea Group Holdings of Australia, a cannabis company, has also leveraged apps in this sector with the creation of their “Concierge” app. Althea saw that a lack of knowledge was a big barrier in the Australian medical cannabis sector, so they developed the app Concierge to fill the information gap. Concierge is a hub for patients, pharmacists, and other medical staff, where they may get their questions answered and the prescription process streamlined. Simple App has led to over 40% of Australian doctors prescribing Althea products.


2.      Extracting Cannabinoids Using Modern Science


With the help of modern technology, the range of cannabis products available has expanded beyond the traditional bong and blunt. The removal of CO2 is one example of such a method. Big, futuristic-looking CO2 extraction machines have made it possible to separate out certain components of the cannabis plant, allowing for the sale of isolated terpenes, cannabis concentrates, CBD oils, tinctures, and much more.


In particular, cannabidiol (CBD), which can be extracted from low-THC hemp plants and hence is lawful under federal law in the United States without getting the user high, has been a huge windfall to the cannabis sector. As a result, experts predict that by 2024, the CBD market will be valued more than $20 billion.


The development of cannabis extraction methods has led to the emergence of non-smoking or more potent methods of consuming the drug, such as vaporising and dabbing rigs. Cannabis-infused beverages, for example, have gained widespread notice and interest from major corporations like Coca-Cola and the creators of Corona beer, Constellation Brands.


3.      Lights


To exclude cannabis grow lights from consideration would be absurd. Grow lights for cannabis were a game-changer for the business, allowing growers in less-than-ideal climes to move their operations indoors and speeding up the process for everyone.


Growing cannabis used to be at the mercy of the elements until the advent of grow light technology. This meant that a cultivator had very little control over the outcome of a catastrophic weather event, which may wipe out an entire crop. However, these days, cannabis farmers have a lot more leeway than ever before.


Cultivators’ choice of lighting for cannabis plants, whether fluorescent, LED, or HID, can have a significant impact on the plant’s final appearance and the medicinal properties it yields. Growers can control the duration of the vegetative stage, the type of light used, the temperature at which the plants are grown, and many other factors.


Thanks to advancements in cannabis grow light technology, growers now have more say over the quality, quantity, and consistency of their crop, and consumers have access to cannabis throughout the year.


Future of Cannabis


All of the aforementioned are just a few examples of how quickly the cannabis industry is adapting to new technological developments. There is constant development of cannabis-related safety technologies like plant THC testing devices and breathalyzers for drivers to make sure they aren’t high on the job.


These innovations may alter the entire cannabis landscape as cannabis becomes legal in a larger number of nations and states and becomes more widely accepted as a recreational and medical drug.

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