The marijuana industry is growing like none other. No other industry has grown so strong since its beginning than this. As suggested by numerous institutions, it is expected to rise to $50-$70 billion sale in less than a decade. This industry is also the one that evolves continuously. As legal weed is something that is new, there are lots of shifts. And the most significant transformation in the industry comes from technology. Numerous new technological introductions are reshaping the sector. In this post, we discuss some of the most prominent ways technology affects this space.
Cannabinoids have always been produced through different extraction methods. As these methods are costly, users need to pay high prices to access premium-quality oils whether CBD or THC or products containing a blend of these components. CBD is the non-psychoactive compound known for its therapeutic effects while THC is a psychoactive cannabinoid that causes high. Technology is expected to change the way products are made. Biosynthesis is an innovative extraction method adopted by some companies to improve yield and bring down costs. It involves the use of microorganisms to create strains that produce cannabinoids throughout the year, regardless of weather conditions.
Recently, an industry giant Cronos has collaborated with Ginkgo Bioworks to use their systems to develop some really rare cannabinoids on a commercial scale. It is a venture aimed at diversifying the product line and making something newer than common strains. The company aims to reduce the costing to a great extent through this venture.
Growing weed can be highly expensive. While huge farms find it affordable owing to the scale, the use of climate control systems and HPS bulbs can pressurize electric consumption and increase bills for growers. The electric-vehicle company Tesla can transform the space with two products that offer an efficient way to store electricity for small, medium and large scale growers. Not only does the stored energy prove useful during a power outage makes it possible to get electricity at idle hours to use when most needed. Savings will not be huge but can add up over time and save a lot of money for cultivators. While the company has not made any announcement to enter the industry, the technology is definitely ideal for the area’s requirements.
Another energy-based advancement that already benefits the industry, though on a small level, is the use of LED lights for HPS bulbs. The sector has always been relying on HPS bulbs for cultivation. They are priced reasonably and give a good harvest that growers desire. However, these bulbs consume a high amount of energy, generate a lot of heat and offer a medium lifespan. These downsides force growers to use a climate control system that again consumes electricity. This is where LED lights enter the space in an effort to transform it for better. The lighting system giant Cree introduces LED lights that work longer, consume lower energy and do not require additional control. While these lights can be expensive to buy, they provide long-term savings to growers.
A game-changing technology for the cannabis industry, cloud platforms like point of sale and seed to sale are really beneficial for producers as well as retailers. Recently, some cannabis control agencies chose Shopify as the provider for retailers. Shopify, through its innovative methods, helps retailers make their business more profitable and convenient. It allows retail businesses to analyze data on buying habits to be able to price the products right and offer the right products. The platform also introduces co-ordination that helps with order placing while highlighting what works and what doesn’t for a product. The cloud-based platform also tracks all the products right from the farm to delivery, making sure that the consumers get the highest quality.
This technology will further transform the industry, making law enforcement more convenient. Presently, law enforcement in-charges find it difficult to determine impairment from weed because the rules are not so established as alcohol. Testing a driver for pot impairment is not so easy as liquor, hindering the legalization of sale in some cities in legal states. Apart from this, THC is known to stay in a person’s system for days, making it further difficult. Marijuana breathalyzers can be a great solution. A few companies are working on this device technology aimed at helping officers determine the exact time of use and impairment. While the technology is not yet fully developed, it can potentially revolutionize the way this substance is used and regulated.