Nearly 67% of Americans want marijuana to be legalized, which is more than double the number that voted for the same in 2000 (31%). Such a drastic change in sentiment towards cannabis is mainly due to the new medical research reports that prove that the Cannabis Sativa plant has in fact several benefits in the field of health and medicine.
The legal marijuana market was valued at around $17.7 billion globally in 2019. The continued legalization of marijuana is one of the key reasons for such rapid growth in this industry.
Cowen.com predicts that the cannabis industry will generate $85 billion in sales by 2030. Leaving legal reasons aside, technology has been driving the cannabis industry and will continue to do so. Below are some of the ways how modern tech is bringing positive growth in this industry:
Internet of Things (IoT) for Efficient Farming
For any cultivator, managing the quality of cannabis from one harvest to another is a challenge. Maintaining consistency is one of the primary obstacles that need to be handled if pharmaceutical preparations are the ultimate goal. IoT shows promise in overcoming that challenge. Cannabis is such a plant where their characteristics change with minute variations in the environment they are grown in.
For the same reason, it is important to be able to monitor the room conditions to maintain uniformity of the harvest for commercial-scale cultivation. IoT is precisely made for that, with a complicated network of sensors connected to smart software to track data and perform minute room analysis that would help in getting closer to perfection.
Personalized Products
With the advancements in technology, the personalization of products has become a common feature in most industries. Sellers in the cannabis industry are trying to offer blends of different cannabinoids based on our needs and physiology.
Finding the right mix of THC (tetrahydrocannabinol) and CBD (cannabidiol) is important as a single product can have varied effects on different individuals due to their dissimilar DNA structures.
Companies such as CannabisDNA is helping people personalize their cannabis experience through a $129 saliva-based genetic test. The report they’ll provide will show the THC and CBD products that would suit your body.
Nanoencapsulation of CBD Oil
One of the major limiting factors to the use of CBD is its oily nature. The insoluble characteristic of CBD oils in water is restricting its boundaries when it comes to business.
Nanoencapsulation, although a relatively new technology, is big in the CBD industry because of its ability to make CBD more bioavailable and blend smoothly in the water. Scientists are still working on perfecting this technology.
DNA Sequencing of Cannabis Plant
The Cannabis Sativa plant is a true wonder. Despite being a single plant, its features vary widely depending on minute changes in the room conditions where it is grown.
The altering THC and CBD levels create a range of products that leads to them having a robust market. Some research companies have even been able to develop the plant without any THC or CBD through DNA sequencing.
DNA sequencing is a laboratory process used to determine the correct sequence of the bases within a DNA molecule. This process is important to gather information on the different functions of the genes. Such information would help researchers alter the plant characteristics based on the needs.
Tech Driving Distribution and Accessibility to Doctors
Distribution has never been easier. Companies such as InstacraftCBD and QuickMedCards are working under one umbrella to provide an end-to-end solution from doctors to CBD products. While QuickMedCards is helping people find excellent doctors and healthcare providers to talk with about getting certified for legal marijuana use within their state, InstacraftCBD is preparing CBD products that are lab-tested and delivering them at highly competitive price-points. Ease is another tech-driven platform that is assisting in fast delivery services.
Efficient Growing Pieces of Equipment
In some US states, patients are allowed to grow their own marijuana. This is one of the most popular innovations - the ability to grow from home. But growing Cannabis Sativa plants indoors on the scale would require high-intensity discharge bulbs that are expensive and consume a lot of electricity.
LED technology is helping home-cannabis growers overcome that problem. Directional lamps, a modern innovation, help in pointing light rays more efficiently towards the growing plants.
Moreover, these new light bulbs emit a wideband light spectrum, something that previous bulbs didn’t as they covered only the blue and red frequencies. As the LED bulbs produce less heat, cultivators save a lot of money in energy consumption.
Blockchain Technology for Accepting Payments
The cannabis business is still not legal at the federal level despite many states legalizing it officially. However, some companies are moving to blockchain-powered cryptocurrency both to accept payments without breaking the laws and to make the payment structure more secure. Paragon has created its own cryptocurrency called Paragon Coin to build a better system around monetary transactions.