The cannabis industry is still an emerging market that has the potential to grow exponentially. Investors have taken notice of retail cannabis sales in areas where cannabis is legal. With so much evolving about the cannabis industry so quickly - few standards are in place. That means technology is continually evolving to make the cannabis industry more accessible, efficient, and profitable. Take a look at some of the ways technology is transforming the industry.
Cannabinoid Biosynthesis
Cannabinoids are extracted from plants grown across the world for research and medicinal purposes. But that may not always be the case. Biosynthesis is the process of using microorganisms to create yeast strains that make the same cannabinoid compounds found in cannabis. The idea behind this type of research is to isolate certain cannabinoids like CBD since it is non-psychoactive. New cannabinoid extraction techniques could lower the costs of cannabis products, improve yield, and might have better scalability. The idea is to produce cannabinoids on-demand without needing to grow an entire plant first.
Tesla Powerwall
Elon Musk is probably most well-known for his work on Tesla electric cars, but the electric battery is his true brainchild. Tesla's Powerwall is an electricity storage unit that could change the way the cannabis industry grows. Medium and large-scale cannabis farms can use the Powerwall to store electricity. That's handy for power-outages, but it also means cannabis growers can purchase non-peak hour electricity for use during peak hours. Tesla markets the Powerwall to homeowners as seamless backup power, with or without solar. But it could easily be deployed as a way to save electricity in states where power is at a premium.
POS Technology & Analytics
Most cannabis industry sales are cash-only business operations in the early phases. This practice makes it hard to understand consumer behavior and trends. Point-of-sale technology can change that and help dispensaries identify popular products. Most people experience getting an excellent product at a dispensary only for it to disappear after a week. POS tech can change that by helping dispensaries figure out which products are most popular. Services like Shopify offer cloud-based compliance for local, state, and federal regulations.
Seed-To-Sale Tech
How do you keep track of how much cannabis enters the system? Seed-to-sale tech can solve that mystery by tracking every stage of growth for each plant. From planting to growing to harvesting and sale on dispensary shelves - the product is reviewed at every step. Seed-to-sale technology helps keep all aspects of the cannabis industry as transparent as possible. One of the biggest concerns surrounding the medical market is siphoning off to the cannabis black market. Seed-to-sale tracking tech prevents that from happening. The technology could even be used in an app that aggregates user-reported efficacy assessment. That helps give feedback on the positive aspects of a particular strain, all tied to one location.
LED Lights
High-pressure sodium bulbs have dominated the industrial cannabis growing space for years. They provide lots of light, but they generate tons of heat and use lots of electricity. LED lights may solve those problems, as the cost to produce LED lights reaches new lows. LED lighting lasts much longer than HPS bulbs and uses much less electricity. While they do cost more upfront, many growers are willing to eat that cost for long-term savings.
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