5 Ways Technology Is Transforming the Cannabis Industry
The cannabis industry is one of the sectors with the highest growth rate in the economy. Coupled with the advancements in technology, several industry sectors, ranging from cannabis production to how users purchase CBD products, will undergo significant changes. Here are some of the most transformative effects of technology on different aspects of the cannabis industry so far.
5 Ways Technology is Impacting The Cannabis Industry
Here we will be discussing five different and awesome technologies that are changing the cannabis industry.
1. Energy Storage
The efficiency of solar power and other means of storing electrical energy has come a long way. This has proved beneficial for cannabis farmers too. It is a fact that the growth of cannabis (marijuana or hemp) is power intensive. The crops need living and water supply, among others. They do get considerable profit in return, but this profit is consumed to fulfill the electricity requirements. The use of equipment, such as HPS and cooling systems, etc., also leads to an increase in electricity consumption.
The stored energy is used for various purposes, such as in cases of extended power outages. The main benefit of this modern technology is that you can have an uninterrupted power supply, both day and night. Moreover, you can use the stored electricity during peak hours to cut down on electricity consumption.
2. Seed to Sale Technology
The seed to sale technology has helped by introducing several platforms for buyers and sellers. For instance, Shopify lets you market several products online, including CBD products, working gear, equipment, etc.
Also, many software-as-a-service (SaaS) cloud platforms provide farmers and buyers the opportunity to compare prices, which is useful both for the sellers to correctly price their product and helps buyers choose the best deals. Retailers get different types of support, depending on the kind of eCommerce platform they use.
Hence, they can better monitor their business. Then you can think about the advances in delivery methods such as drones for door-to-door delivery. All these have contributed to the boost in supply and demand in the cannabis industry.
Biosynthesis is the process through which we obtain cannabinoids. There are many ways to extract these compounds from leaves, buds, and plants. Through advanced techniques, the extractors use yeast cells to boost the extraction of cannabinoids such as CBD and THC. This is effective and more reliable than traditional methods. Using this method, you can develop better products which will improve your sales.
4. Cannabis breathalyzers
One major problem that the law enforcers face is the lack of proper guidelines for cannabis intoxication. The modern and latest solution to this problem is cannabis breathalyzers. Using this device, police officers can quickly figure out the amount of marijuana taken. This is a recent technology that can transform the cannabis industry but it’s in infancy.
5. LED lighting
There are a lot of differences between HPS and LED lighting. LEDs offer several advantages because of the different ways it affects crops. These lights consume less energy than their HPS counterparts. Also, the HPS light bulbs produce heat, which necessitates the use of cooling systems. However, LED lights generate less heat though they are more expensive. But you save more money on cooling systems in the long run.
According to a Wall Street investment bank report, the marijuana industry will cross yearly sales of around $50 billion to $75 billion within a decade. Technological advancements are partly responsible for these impressive figures. Businesses in the cannabis industry that aim to gain a competitive edge need to always be at par with the latest developments in technology. These five technologies have transformed the industry, but you can expect more advancement soon.
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