How IT is Fueling the Budding Cannabis Industry?
Is it legal?
Well!! This is the first response of most people when they hear this word. Right?
We all know what cannabis is and how it is used for health and wellness. But what we are missing is the use of technology in the cannabis industry and its growing market.
So here we will talk about the ways through which technology in cannabis industry 2021 is making an impact.
Generally, the innovation in the cannabis technology industry has been slow and tricky due to its ban in most of the countries.
The legalization of cannabis by many nations and currently by the US for recreational use has opened up new spaces for development by permitting more individuals to take an interest. As more individuals embrace cannabis because of its therapeutic impacts, cannabis organizations are adjusting to the trend by streamlining operations utilizing state of the art tech advancements.
The last decade has seen innovative breakthroughs by leaps and bounds that will change how we develop, grow, and use cannabis.
One thing that is pushing this industry upwards is a rise in cannabis technology, which serves better harvests, associates customers and marijuana businesses, guarantees quality safety guidelines, and offers a wide range of choices for cannabis consumption.
Today, we can see that there are not just a pile of farming and security technologies used for growing cannabis, but additionally there are different tools, from dispensary robots to APIs- to assist with selling cannabis in a manner that is advantageous, convenient, and compliant with the guidelines and regulations.
Market and Sale Stats for Cannabis Industry
A report by Grand View Research states that, the global legal marijuana market size was valued at USD 9.1 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 26.7% from 2021 to 2028.
The global cannabis market is estimated to be valued at USD 20.5 billion in 2020 by Markets and Markets, and is projected to reach USD 90.4 billion by 2026, recording a CAGR of 28%, in terms of value.
According to some reports, the Global cannabis sales reached $21.3 billion in 2020, with a rise of 48% over 2019 sales of $14.4 billion. BDSA forecasts global cannabis sales will grow from $21.3 billion in 2020 to $55.9 billion in 2026, with a CAGR of more than 17%.
With useful reports of marijuana, the use of medical marijuana is reported to alleviate pain. With more people becoming aware of the cannabis consumption benefits, the market is expected to grow rapidly.
The transformation in the marijuana industry growth is mostly technology-based. Meaning that many new technologies are either reforming the industry in one part, or are on the verge of doing so in another. Let’s look at the most prominent and exciting technology in marijuana industry.
Top Emerging Technologies Redefining The Future Of The Cannabis Industry Growth
Cultivation and Extraction
The marijuana industry has swayed investors around the world, and obviously, their currency has been utilized appropriately. The rising interest for cannabis has supported the utilization of new and cutting edge technologies while cultivating the plants.
But, Weed Gummies stay on the cutting edge of the CBD (cannabidiol), medical marijuana business. Thus it is important to use the cannabis technology market when cultivating to quicken the harvest time and work on the quality to match the customer’s requirements. This makes it simpler for organizations to produce quality products.
With each innovation, there are new methods of extracting and planting CBD. For example, Enterprises utilize remote sensors to help with the process of plant growth.
The use of these innovations in the medicinal marijuana business provides the separation of medical compounds from marijuana elements. Cannabis goes through tests prior to being passed on through the end product to guarantee quality and product safety.
Cannabinoids are compounds or groups of substances found in cannabis plants.
Most cannabis producers utilize traditional extraction techniques to extract cannabinoids from the crude cannabis plant. The drawback of these methods is the extravagant expense that is reflected in the cost of finished products.
Cannabinoid biosynthesis is a new innovative technology that has come out to be a cost-effective method of creating CBD, THC, and other cannabinoids. The leading medical marijuana industry growth makers are currently putting resources into this medical marijuana technology, expecting to change the whole cannabis supply network.
This arising extraction method utilizes microorganisms to develop yeast strains that can create valuable cannabinoids and make marijuana industry worth. The technology is relied upon to bring down production costs, improve quality, and lower the end cost of cannabis products.
Personalized and Quality Products
Technological advancement has customized the utilization of marijuana. Meaning that, a couple of years back, smoking was the only way to devour cannabis.
But now, with marijuana industry technology services, one can decide to consume the plant in different forms, such as – vapes, oils, sweets, candies and gummies, and other food items.
Thus, it is fundamental to develop the right mix of THC and CBD present in every product, discovering which could be very difficult. Consistent endeavors are likewise en route to encapsulate the chemical substance found in cannabis to improve the items’ viability as individuals’ biochemistry makes them process cannabinoids differently.
Since this is a psychoactive substance, hence, utilization of an alternate strain that is different from your physiological need can cause a genuine issue. Technology helps in eradicating this issue by preparing cannabis contents in a deliberate and measured proportions.
Another intriguing technological advancement that is being implemented for the cannabis industry growth, is the utilization of LED lights instead of high-pressure sodium (HPS) bulbs.
Now you must be thinking, how come a light came in between the technological ways?
It is because the marijuana cultivation area is in connection with lighting technology. If the plant is grown indoors, then it requires high-intensity discharge bulbs that are expensive and consume an enormous electric current, which in turn raises the production cost.
Well! The cannabis industry (legal and illegal) has been inclining toward HPS bulbs for quite a while. These HPS bulbs devour a lot of power and electricity, their lifespan is short, and they create a great deal of warmth, which frequently requires producers to use a climate control system which additionally uses electricity.
LED lights here come to the rescue for marijuana technology companies. LED lights last longer than HPS bulbs, draws less power, and imposes less strain on a climate control system, and less production cost meaning the end product is not expensive.
Web technology has changed how customers access cannabis. You can now efficiently arrange or order top notch cannabis products from the comfort of your home. The quick development of the e-commerce business in the cannabis industry growth altogether adds to the worldwide cannabis sales.
The retail online business space is another medium for cannabis organizations to expand the new purchase medium previously restricted to different organizations.
According to some reports, the cannabis market is expected to hit $166 billion by 2025, as more cannabis organizations embrace eCommerce platforms.
The acquaintance of seed-to-sale and point-of-sale software streamlines activities to producers and retailers. With medical marijuana software, there is no need to keep manual records, which makes tracking stocks simpler. Retailers can now effectively get to critical data about their stock a lot simpler.
For example, information on a specific strain’s accessible cannabis products are only a touch of a button away.
With regards to payment processing, cannabis dispensaries have few alternatives. Hence, seamless electronic payments are arising, making payment of cannabis simple and easy to use. E-commerce business is additionally enjoying wide payment service options and presently offer prepaid cards, cryptocurrency, and e-wallet payment service systems.
Let’s look into the technology trends that entrepreneurs should consider to get a successful cannabis market.
Cannabis Industry Technology Trends
Use of the Cloud
Data is the most important thing in every industry. Regardless of whether talking about growing plants, customer and order management, task management or compliance with the state, cloud platforms are empowering producers, representatives, and other partners in the cannabis space to take important information and drive productivity across cannabis operations.
In today’s time, computing services and solutions, for example, Amazon Web Services, Microsoft Azure, and Google Cloud offer storage and processing power, offering organizations across industries expanded efficiencies. The best part is that these cloud platforms can be accessed from any smart device containing internet connection. Relocating your information to the cloud likewise guarantees that it is consistently accessible and retrievable at any time.
From seed to deal, there are various viewpoints that can be improved all through the cannabis development cycle to improve the whole process. Data collection and storing it in the cloud today can empower early adopters the capacity to monetize that information by improving the seed-to-sale lifecycle.
The COVID-19 pandemic has taught us many things and one of them is that enterprises should be prepared to adjust to global events as fast as they can to limit any economic impacts. This is something that the cannabis business figured out and managed to accomplish rather effectively.
As COVID-19 lockdowns fell upon the business, cannabis dispensaries used applications, for example, Eaze and Budly to give curbside pick-ups and deliveries without breaking social distancing norms.
This implied that while different ventures had to lose sales during the pandemic, the cannabis industry figured out to get an increment in sales across the U.S. This lead to more individuals getting into the cannabis delivery business and increase in global cannabis spending worldwide.
Applications have played a game changing role to increase the cannabis market. Apps like WeedMaps, advise users where their closest cannabis dispensary is.
Other app, Leafly, provides loads of data on cannabis strains with the help of user reviews to assist and help users attain knowledge on which strain is the best.
Another region where cannabis businesses have used applications is with Australia’s Althea Group Holdings, who developed ‘Concierge‘ application.
Concierge is a platform for patients, pharmacists, and medical care experts where they respond to the questions of each other while improving and simplifying the prescription process. Thanks to the simplicity of the App, healthcare app development company in USA are trying to serve as many people by providing apps like Concierge.
The cannabis business has encountered innovative thoughts that totally changed the manner in which producers grow their crops and how customers find and use cannabis products.
For each technological progression that has caused a seismic shift inside the cannabis business, there are huge loads of different businesses, items, and applications that have arrived and gone suddenly and abruptly.
While it is difficult to determine what the next big thing will be, it is sure that cannabis innovation will remain an awe-inspiring phenomenon providing healthcare software development services with no indications of easing back down in the coming years.
If you wish to make use of this moden hemp health technology, then you can contact the experts of our custom healthcare software development company for consultation.
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