The cannabis industry has come several steps forward in the past decade and although the majority of people still haven’t come to accept that cannabis can be used for medical purposes, things have gotten much better in terms of legalization. Apart from this, technology and innovation has also made its way in several aspects of the cannabis industry, including cultivation, extraction, and others.
This article covers emerging technologies that drive the cannabis industry and have helped it progress thus far.
Since cannabis is still illegal in some states of the United States, cannabis companies still have many problems in working with banks, since they can’t legally allow them to conduct cannabis-related transactions. Therefore, blockchain is the next best thing for cannabis companies. They can make use of cryptocurrency payments to sell cannabis products, and since the blockchain is highly secure, this also makes it easier for them to track payments. A cannabis company by the name of Paragon also launched its very own cryptocurrency by the name of Paragon Coin.
Therefore, companies like Paragon plan to leverage the blockchain and develop a secure system for selling cannabis products in an easier way, so that people who need them don’t have to worry about payment methods or regulations. In addition, it allows companies to monitor the growth and movement of cannabis products, which is also known as seed-to-sale tracking. It helps them determine whether the strain of cannabis available for customers is verified by farmers and the lab.
However, it will still take some time before all cannabis companies can agree upon a standardized blockchain solution, since it would require government intervention.
2. Access Control
There are more than 8000 cannabis dispensaries which use cannabis pos software in the United States but they don’t have the status of a legitimate business, which means they don’t get the same protections and benefits from the government as traditional businesses do. This also means that dispensaries are exposed to all sorts of crime and wrongdoings. Since most of their transactions are cash-based, there is also the matter of financial liability.
Therefore, cannabis companies have taken matters into their own hands and are making use of access control and security technology to prevent theft and other criminal activities. Several companies and cannabis growing facilities have already implemented cloud-based access control facilities so that their storage can be protected.
Through cloud-based access control solutions, dispensaries can become safer through keyless entry, alarms, wireless cameras, and many other features that can prevent unauthorized people and staff away from protected spaces. Moreover, the owners of these dispensaries can keep an eye on every corner of the facility even when they aren’t around, through their smartphone or laptop. In addition, it would allow for easier expansion of these dispensaries to other locations.
3. Artificial Intelligence
Another technology that has uplifted the cannabis industry is artificial intelligence, which has also been responsible for several other industries. Through AI, cannabis companies can easily track environmental changes and also tailor the cannabis strain for better quality and production. Moreover, they can also maintain the desired CBD level and alter the genetic structure of the plants to produce quality strains that are more popular.
Moreover, AI can be used to improve the delivery and shipping of cannabis products across the country, and it can also be leveraged to gauge the supply and demand in certain regions, so that companies can tailor their production accordingly and also optimize their production and sales methods. Last but not least, artificial intelligence can also be used to manage compliance and license regulations in the state in which the company is based.
4. IoT Automation
Last but not least, the Internet of Things is another technology involved in driving the cannabis industry. Many cannabis companies are making use of IoT devices to optimize their production, cultivation, and growing processes. For instance, they make use of agricultural sensors to monitor and maintain the perfect environment for growing cannabis. Apart from this, growers can also implement thermostats, humidity sensors, timed watering systems, light cycles, and many other devices that can be connected to the internet and used to maintain an automated growing system. All these technologies report to metrc or any other tools
Through the use of IoT devices and solutions, cannabis growing facilities can actually track their products from seed to sale with the help of tracking IDs to separate each plant, so that they are individually tracked from the germination process up to the point they are sold. This would also help the companies to maintain compliance with government regulations and should the government decide to intervene, they can easily oversee operations.
Although the cannabis industry still isn’t legal in several parts of the United States, the use of emerging and innovative technologies will help speed up the process. Through technologies like blockchain, access control, artificial intelligence, IoT devices, and many others, cannabis companies can make their businesses much safer and profitable as well.