The marijuana sector has grown by leaps and bounds over the last few years, and the investors have surely noticed this growth. In the last three years, no industry has been stronger compared to cannabis. Many Wall Street investment banks feel that this industry may grow sufficiently to touch $50 billion to $75 billion in annual sales within the next decade or so.
In spite of the promise that it has, the cannabis industry is still in a stage of evolution. As legal marijuana is still new to the world of business, the industry is likely to witness several shifts in the near future. Out of all these transformations, the most important ones are likely to be technology-based. There are quite a few new technologies that have already started reshaping the industry. Mentioned below are some of these technology innovations, as mentioned by Pure Relief, a popular online store for CBD-based products. You can visit Pure Relief today to find out more about the role of technology in transforming the industry.
Seed-to-sale technology: The introduction of seed-to-sale and point-of-sale cloud platforms have already turned out to be game-changers for the pot industry. The software-as-a-service (SaaS (News - Alert)) cloud platform from Shopify has brought two exciting technological developments for the growers and retailers. Firstly, retailers finally have the freedom to analyze data on consumer buying habits. So far, cash purchases have been the common norm in the industry. This practice made it extremely difficult to understand consumer behavior, price the products correctly, and make the right product mix available in the store. The e-commerce platform from Shopify now acts as a middleman of sorts, helping with ordering and understanding what is and isn't working from the perspective of a product or margin.
Also, the cloud-based compliance software from Shopify can help tremendously in seed-to-sale documentation. It does everything including product tracking from planting to sale and ensuring that consumers only receive quality products.
LED Lighting: Replacement of high-pressure sodium (HPS) bulbs with LED lights is another interesting technological development in the marijuana industry. For many years, HPS bulbs have been the most preferred choice for the industry. These bulbs are inexpensive and produce a crop yield that is very predictable. However, these bulbs create a lot of heat, don't have the best lifespan, and consume loads of electricity. To manage the excess heat, the growers are often required to put together a climate control system.
LED lights can successfully address all these issues because they last longer compared to HPS bulbs, consume less electricity, and generate very little heat. Though the initial cost is higher, the long-term savings are likely to balance it out in no time.
Cannabinoid Biosynthesis: At present, traditional extraction techniques are used to produce almost all cannabinoids. This process is fairly expensive and as a result, high-quality cannabis oils can be quite pricey. However, we might soon see a change in the scenario, with the advent of a new method of extraction known as biosynthesis. This process involves making use of microorganisms for the creation of yeast strains that can produce desired cannabinoids, including the rare ones. It is believed that this new extraction technique will not only lower costs but also improve commercial yield. Most importantly, it can be implemented in all weather conditions.
Cannabis Breathalyzers: Unlike alcohol impairment, there are no firm guidelines for cannabis impairment until now. This has been a serious concern for law enforcement officers. The difficulty in testing for impairment has probably prevented some states across the US from allowing retail pot sales. Cannabis breathalyzers can be an excellent solution to this problem. These devices will allow enforcement officials to determine impairment as well as the recency of use. The good news is that this technology is already in the development stage.
