In spite of the “growing pains” that have been obvious in the industry, the greenrush has been anything but disappointing. Arcview indicates that the industry is gunning for an explosive value of $57B in medicinal and recreational sales by 2027. This is no mean feat at all, and it appears that technology will play a significant role in getting the industry to sit side-by-side with its ilk; big pharma, big tobacco and the like. Cannabis dispensaries can benefit immensely from the emerging opportunity.
Technology cuts across every facet of the industry; cultivation, processing and retail. After sifting through dozens of technologies dominating the scene (most were very impressive) we zeroed in on three that we thought had the most potential to push the horizons of the industry to unprecedented levels.
Let’s dive right in.
This is the bedrock of technologies that will shape the industry in the coming decade. AI is dynamic and can be utilized from seed-to sale. For example, cannabis cultivators are utilizing sensors to gather real-time information about each plant such as cannabinoid levels and plant health. This creates efficiency in the cultivation process and mitigates the risk for potential losses.
Cannabis dispensaries can use AI to improve the customer shopping experience, and machine learning algorithms have the potential to take this to another level altogether. Dispensary owners can:
AI is still largely untapped in the industry, when fully utilized the industry will be incognito from what it is currently.
Moving away from AI, nanotechnology is already making waves in the industry.
Well, there have been conflicting opinions on the effectiveness of Nano technology in cannabis. This technology basically converts cannabinoids into micro-sized molecules that are packed in “liposomes” to improve the stability and bioavailability of the cannabinoids.
Why does this matter?
One 2017 study showed that the bioavailability of Nano- CBD was increased 600-fold through the use of Nano-technology. This means that a very small amount of the cannabinoid is required to produce a significant therapeutic effect. Because Nano particles are encapsulated they also tend to stay in the body for a longer time.
Some forward thinking CBD companies are using nanotechnology in their entire product line. This is a good strategy for dispensary owners looking to:
Good old blockchain had to feature on this list as the technology that is disrupting literally everything else. Blockchain will impact different segments of the industry, but of highest significance is in making payments in the industry possible.
Even with legalization, the industry remains largely unbanked and under-serviced from a financial point of view. It is a great opportunity for blockchain to take this nascent industry to the next level.
Incorporating bitcoin payment as an option for your dispensary will expand your revenues. Start by putting a sign in your shop that you accept bitcoins as payment. As a dispensary owner, you can benefit by:
Seeing the opportunity that lurks in the shadows, a couple of tech companies are already taking over the industry. Eaze and Greenrush are doing a remarkable job at providing an interface for cannabis consumers and sellers to interact. Seedo is the go-to-guy when you want to try out a home hydroponics system. Resolve digital health is another revolutionary tech app that you should check out.
Tech for the cannabis industry means efficiency, safety, and increased profitability all in the same breath.