It’s said that necessity is the mother of invention.
As cannabis breaks into the mainstream, Visual Capitalist's Iman Ghosh points out that the complex web of regulations surrounding the plant may well be what compels the industry to think outside the box.
Today’s infographic from Valens GroWorks highlights some of the most anticipated areas of technology-based disruption in “cannabiz” – the business behind cannabis.
POTENTIAL INDUSTRY GAME-CHANGERS
As the cannabis industry grows, the business behind it must grow as well – and to get an edge, industry players are investing in new technologies and innovative practices that could be industry game-changers.
Here are some of the most disruptive moves happening that could shape the future of cannabis:
As consumers become more discerning, they’ve come to demand premium quality cannabis. That’s why many indoor growers are exploring various means to improve the productivity of cannabis plants.
- Cloud-controlled lights
Using cloud-based IoT technology, cultivators can remotely adjust the colors and cycles of growing lights that cannabis plants are exposed to in their operations. Such precise control ensures consistency in plant quality.
- Tissue culture
Essentially, tissue culture is the multiplication of a single cannabis tissue into hundreds of identical ones. While this method is impressive, it’s incredibly tricky to get right at scale.
Biotech breeding is another upcoming trend to watch out for. Just like the ubiquitous GMO foods you can find in a grocery store, the genetic manipulation of cannabis plants to strengthen specific effects could take the industry by storm.
Millions of patients in North America rely on medical cannabis, which will only intensify as states continue to legalize its use. For the longest time, prescribed cannabis has relied on smoking – but extraction technology is introducing new delivery methods.
- Vaporizer Pens
These pocket-sized pens can deliver a controlled cannabis dose, with lower chances of including dangerous chemicals. The latest models include Bluetooth capabilities and smartphone apps to customize vape temperatures, among other features.
- Oils and Tinctures
Cannabis concentrates, packaged into capsules or as liquid, can be used in vape pens or ingested directly. They also provide a small, controlled cannabis dose, and act fast in a patient’s system.
Recreational consumers won’t be left behind. This growing segment is enjoying cannabis-based products in a myriad of ways, made possible by new extraction technologies.
Water soluble oils demonstrate their potent effects quickly through the bloodstream, instead of relying on the slow-acting respiratory or digestive systems.
With a wide range of skincare products in the market, these cannabis-infused lotions can applied to the skin’s surface, where they are absorbed for a relaxing effect.
Despite the increasing legality of “cannabiz”, many businesses and their customers prefer to deal with cash. Financial institutions are also wary of investing in cannabis, as it’s still perceived as risky in certain circles.
To that end, fintech has stepped up to the plate. Secure and automated transactions can be made and processed via the blockchain, potentially creating an anonymous and convenient way for consumers and companies to transact.
DATA AND ANALYTICS
Cannabis is finally coming out of hiding, but records around point-of-sale transactions are still lacking. Providing context for such data to give it meaning is difficult, but lucrative.
Leveraging big data to track the cannabis supply chain has secondary advantages of easing the regulatory process, and putting customer demand into perspective. What’s more, digital transaction data on these consumers also offers future opportunities for businesses to address their needs.
As the cannabis space steadily progresses, cannabis companies that respond and adapt to these broad trends of tech innovation will be poised for success.
Tech innovation and ongoing R&D are ingredients that the industry needs to continue to mature and grow.
- Michael Garbuz, CannRoyalty Corporate Strategist