Since the legalization of cannabis in many US states, investors are streaming into this industry, aiming to gain from this goldmine. However, the cannabis industry continues to face strict regulations that keep changing. These regulations keep driving investors out of business, so to survive in such a competitive yet risky sector, business owners need to be creative.
Image source: Pixabay.com
Thanks to technology, business owners in the cannabis industry can introduce better products, improve existing products, or enhance service delivery. All you need to sail through the cannabis industry is an innovative mind, awareness of the regulations, and the ability to reach your potential clients. Below, we get to discuss some of the ways you can achieve that through technology.
- The Internet of Things
To end the black market, cannabis regulatory bodies keep introducing different technologies that track the seed from planting to sale. Some of the popular ones are the seed-to-sale software and radio frequency identification technology.
With the radio frequency identification technology, every plant using this system is issued with a radio frequency tag holding a unique number on it and the details fed into a government database. The cannabis plant goes through all the stages of growth till maturity when it’s harvested. Once harvested, it is transported to a cannabis dispensary and given a different tag and a printout of its origin and chemical details.
Doing so makes sure the business owners know the source of their products and track down the quality. Most businesses in the future will have to take advantage of this technology to assure their clients of the quality products they deliver. Moreover, shrooms businesses are also following suit to streamline their market.
Image source: Pexels.com
Most cannabis businesses do not have access to bank accounts, making transactions difficult and high risk. Since cannabis is still considered a schedule 1 substance, not many banks agree to trade with cannabis investors. With so much cash flowing in this industry due to the increased demand, cannabis business owners risk their lives to criminals aiming for their cash.
To curb this, most cannabis business owners are slowly moving into cryptocurrency. They allow their buyers to buy with the bitcoin, then convert them back to dollars. Although the number of bitcoin users is still minimal, we have spotted an increase in this new gold mine in the last ten years. Payment methods like bitcoin are safe in reducing criminal activities by frauds in dispensaries and cannabis stores. It is also a way for cannabis business owners to invest in the future with cryptocurrency.
- Artificial Intelligence
There is nothing better than robots performing repeated chores. They are by far better than humans in some ways; better uniformity and can work 24 hours a day. Besides, robots require less supervision. Another good thing about artificial intelligence is that robots assure consistent productivity throughout the season as long as they are well serviced.
Today there are robot cannabis farms where robots can self-regulate to provide the best conditions for the plant’s growth. They can regulate the air temperature and water content, identify sick plants, and either treat or remove them. Moreover, they can analyze the cannabis plants and give predictions of the kind of harvest to expect.
Some of the work these machines do, humans cannot do them accurately, making it a better future model. Cannabis investors can rest assured they have everything under control with artificial intelligence.
Image source: Unsplash.com
- Mobile Apps
Most cannabis customer’s dream would be to have a smooth and effortless experience when shopping for their products online. Thanks to technology and Google, this is possible because companies online provide maps on where customers can get the freshest cannabis products in their area.
Mobile applications are also transforming the cannabis industry. There are apps compatible with mobile phones that customers can download to access the best cannabis dispensaries. Your cannabis products are a click away so long as you have access to the internet. Such developments improve convenience to the users and make the shopping experience an easy and fun affair.
- Diversified Cannabis Products
Initially, people could only consume cannabis through smoking, a method that puts their health at risk. Today cannabis is available in much safer forms, like vapes that serve almost the same purpose as cigarettes. Cannabis products are also available in other states like topicals that apply directly to the skin for a faster effect. Cannabis also produces drugs like epidiolex for epileptic children, and more research is underway to know how else people can benefit from this miracle compound.
Image source: Unsplash.com
To stay relevant today, investors must be creative, especially in the cannabis industry. Business owners must keep inventing better cannabis products that close the gap left by other investors. For that to happen, business owners must invest in research and better machines that make the job easier. With the growth in sales, investors must increase production rate, so investing in reliable technology is crucial. While aiming to grow the sales, cannabis business owners need to ensure they observe all the set laws to avoid hefty fines or more severe legal actions.