The legal cannabis industry has been making strong strides over the last few years. In fact, over the trailing three years, very few industries have been as strong as this growing market. A number of investment banks in Wall Street suggest that within a decade, this industry may touch the annual sales figure of $75 million.
At the same time, legal cannabis being an absolutely new entity to the world of business, this industry is expected to evolve significantly in the years to come. The biggest of these transformations are expected to be related to the use of advanced technology. Numerous advanced technologies are already making a positive impact on the way this emerging industry operates. Mentioned below are some of the most important technological innovations in this field.
The use of LED lighting is an interesting technological development in the cannabis space that involves replacing high-pressure sodium (HPS) bulbs. For many years, the cannabis industry has been using HPS bulbs to generate a predictable crop yield. Though these bulbs are inexpensive, they generate a lot of heat, have a short lifespan, and consume a lot of electricity. As a result of this heat, growers often need a climate control system while using these bulbs. On the other hand, LED bulbs last longer, consume less electricity, and generate a significantly lower amount of heat compared to HPS.
Cannabis biosynthesis is another technological innovation that is expected to make a serious impact on the industry. At present, the production of all cannabinoids is done using the traditional extraction techniques that are quite expensive. This is why the consumers pay a steep price for high-quality tetrahydrocannabinol (THC) or cannabidiol (CBD). Biosynthesis is a new method of extraction where microorganisms are used to generate yeast strains that can produce cannabinoids. Some companies are already trying out this new extraction technique with the belief that this will improve commercial yield, reduce cost, and can be implemented in all weather conditions.
The advent of cannabis breathalyzers can also do wonders for the cannabis industry. At present, the guidelines for cannabis impairment are not at all clear and this is a great concern for the law enforcement authorities. As far as driving under the influence of alcohol is concerned, impairment is easy to determine because there is a well established and acceptable limit in terms of blood-alcohol content level. However, impairment with cannabis can’t be determined so easily. Also, it is difficult to determine the recency of use because THC can remain in the system of a user for days or even weeks. Cannabis breathalyzers can provide the perfect solution to this problem. Some private organizations are already working on devices that would make it possible for officers to determine recency of use as well as impairment. By making these devices available to the law enforcement authorities, more and more towns across the country may consider allowing retail cannabis sales in the near future.
The introduction of seed-to-sale and point-of-sale cloud platforms for retailers and growers has already proved to be a game-changer for the industry. In this regard, the software-as-a-service (SaaS (News - Alert)) cloud platform from Shopify needs a special mention. This platform allows retailers to analyze data related to the buying habits of the consumers. Understanding consumer behaviors has always been difficult in the cannabis industry because it has been dominated mostly by cash purchases. Shopify's e-commerce platform allows retailers to understand what is and isn't working from the perspective of margin as well as product.
Talking about technological innovations in the cannabis space, Purwell is one company that has always been proactively involved in embracing the latest developments. Advanced CBD oil by Purwell has been used with great satisfaction by thousands of people. Please visit the company’s website to find out more.
