Cannabis Entrepreneurs Need to Track the Footprint of Regulatory Challenges
Like any other thriving industry, the cannabis industry must also remain efficient if it needs profit. Cannabis is also known as Hemp, Marijuana, or Pot hasn’t still been classified as a legal commodity and in some countries including India, it’s only legalized for medical purposes, and some countries have decriminalized but not legalized it. After Uruguay and Canada legalized cannabis, entrepreneurs around the globe started to give more space to cannabis businesses, letting many small and big businesses come and go nearly daily. According to Markets and Markets (World’s largest revenue impact company that delivers reports on various market vertices), the cannabis market is estimated to reach $ 90.4 billion by 2026 with a CAGR of 28% as compared to 2020.
The perception about cannabis entrepreneurs keeps changing under the force of legalization and government regulations. They need to be smart as well as challenging to keep pace with the other industries especially if they belong to countries where cannabis is still nascent.
Even with the lesser acceptance, pot has seen technological clarity on extraction, data regulations, security of its data, or pot itself. With the regulatory system the retailers, distributors, cultivators, and consumers, all will need the fully developed technological tools and need to follow the cannabis industry trends. It will also need highly responsive monitoring and control systems. Digital transformation will bring breakthroughs in the development, growth, and using cannabis.
Top 5 Trends in Cannabis Industry Binding with Data Intelligence Platforms
On one side the digital transformation is affected by government regulations and its restriction, on the other side technology in testing, tracking, and managing the data is the backbone to build a reliable cannabis industry by lawmakers. This industry sees technology just like other industries. The recent popular trends to know in hem industry are:
1. Cannabinoid Biosynthesis: Cannabinoids are compounds or groups of substances found in Cannabis plants and their biosynthesis is a highly modular, synthetic-biology-based combinational approach of compounds production. Cannabinoid biosynthesis is a new method of extraction that is a cost-effective method of creating CBD (Cannabidiol), THC (Tetrahydrocannabinol), and other cannabinoids; unlike traditional extraction techniques.
The new method uses microorganisms to form yeast strains that develop valuable cannabinoids and also this method reduces the cost of production.
2.Personalized Strains: Technological advancements have caused the consumption of cannabis more specific as compared to previous years. Earlier the users just wanted to devour it but now the consumption practices have also changed as they have found more ways like consuming in the form of vapes, sweets, candies, gummies, etc. These forms have brought the demand for personalized products which affects the different biochemistry of individuals, so this needs high caution. With different amounts of THC and CBD present in different strains of plants, it’s challenging to find the right blend for different people.
Companies like CannabisDNA are creating reports based on tests done on individuals. The test identifies and generates the unique genetic profile, then provides your personalized wellness report and shows your ideal THC and CBD products. They provide consumers with products with the correct combination of the above two.
3. Data Analytics: Since the legality and regulations restrict the usage and data of cannabis to be circulated, not much of the data affects the supply of quality products. The improper flow of information often leads to the delivery of low-quality or bad products so data analytics has to be strong in order to maintain the reputation. The companies are not still at the forefront in providing data related to the hemp industry.
A4 Systems is a US-based company that provides data and does data management related to the hemp and cannabis industry. The “Cyber-Physical System (CPS)” is what makes its service unique, i.e. they are CPS developers. This system adds computing and networking to your physical device and processes. The CPS also utilizes AI, IoT, robotic systems, etc. to gather and monitor data. Hence, A4 Systems is capable of collecting, creating, cultivating, and extracting data.
4. Seed-to-Sale Software: Seed-to-Sale software provides the cannabis industry with the ability to track and regulate their inventory from planting to final delivery. This software is much similar to the ERP system which only focuses on the cannabis industry. Dedicated cannabis seed selling software helps legitimate cannabis growers track their plants throughout their life cycle and collect useful data to optimize future growing conditions. It often comes with equipment such as scales and barcode printers to streamline the process and maximize users’ profits from growing cannabis with extensive inventory management capabilities.
The key takeaways of cannabis seed-to-sale software are:
- Manages the cannabis with extreme accuracy from the time it’s planted to the time it is sold.
- Ensures the rules and regulations with local government in compliance with individual data.
Uses individual plant data to track the growth of plants and optimize future growth.
Its core component is crop management where a user puts data into the software, it guides users about best practices for planting. To keep a profit margin in growing legal cannabis, distributors and cannabis entrepreneurs use this software.
Growflow is a seed-to-sale software that streamlines inventory management and now supports 1000+ cannabis industries.
5. Analytical Technology/ Potency Measurement: Analytical technology uses known data, models, algorithms, and mathematical models that allow to the estimation of unknown parameters. NIR (Near Infrared) spectrometry is one such technology that is especially used to measure the potency of cannabis. The significance of NIR spectrometry lies in its potency and not its weight because it possesses high concentration psychoactive cannabis chemicals. NIR spectrometry depends on data that measures the potency with the use of reflected light that shows the concentration of specific compounds.
Cannabis Trends Popping Up with Platform-based Solutions
The cannabis industry has discovered disruptive thinking that has completely changed the way cultivators grow hemp and how consumers find and use cannabis products. For every technological advance that has led to major changes in the cannabis business, there are many different businesses, products, and applications that come and go all of a sudden.
The rising interest in hemp has led to technological advancement in this industry, especially for cultivation, extraction, and supply chain. Especially supply chain is dependent on most sought technology i.e., cloud computing to safeguard against adulteration. Cannabis cloud solution brings improvement to the regulated cannabis industry by providing seamless back-end workflow. The technology also extends to dispensary robots like PotBot which takes you on an educational personalized experience that guides you towards relevant information depending on individual needs, also it can be easily accessed by downloading the app and creating an account.
As the cannabis industry grows and matures, the cannabis trends promise to continue. Technology will surely revamp the way the hemp industry which will bring various technological practices to the forefront like other industries. For regulated businesses in the hemp industry, entrepreneurs can come up with tech partners to incorporate e-commerce platforms, seed-to-sale tracking platforms, POS systems, SaaS-based platforms, etc.