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For the most part, innovation in the cannabis industry has been tricky because of its ban. However, the last decade has witnessed technological breakthroughs that will transform how we grow, distribute, and use cannabis.
The legalization of cannabis by many countries and states has opened up new spaces for innovation by allowing more people to participate. As more people embrace cannabis due to its therapeutic effects, cannabis companies are adapting to the trend by streamlining operations using cutting edge tech innovations.
Here are the top emerging technologies that will redefine the future of the cannabis industry:
Most cannabis producers use traditional extraction methods to extract cannabinoids from the raw cannabis plant. The downside of these techniques is the high-cost that’s reflected in the cost of end products.
Cannabinoid biosynthesis is a new technology that is promising as a cost-effective way of producing CBD, THC, and other cannabinoids. Leading producers are now investing in this technology expected to change the entire cannabis supply chain.
This emerging extraction technique uses microorganisms to develop yeast strains that can produce valuable cannabinoids. The technology is expected to lower production costs, improve quality, and ultimately lower the final cost of cannabis products.
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The internet technology has changed how consumers access cannabis. You can now easily order high-quality Chicago cannabis from the comfort of your home. The rapid growth of the e-commerce sector in the cannabis industry significantly contributes to the global cannabis sales.
The retail e-commerce space is a new medium for cannabis businesses to maximize the new purchase medium previously limited to other businesses. The cannabis market is expected to hit $166 billion by 2025, and as more cannabis businesses embrace eCommerce platforms.
The introduction of seed-to-sale and point-of-sale software streamlines operations to growers and retailers. They no longer need to keep manual records, which makes tracking stocks easier. Retailers can now easily access crucial information about their stock much easier. For instance, data on a particular strain’s available cannabis products are just a touch of a button away.
When it comes to payment processing, cannabis dispensaries have a few options. However, seamless electronic payments are emerging, making payment of cannabis delivery easy. E-commerce is also enjoying wide payment processing service options and now offer prepaid cards, cryptocurrency, and e-wall payment systems.
Additionally, cannabis apps are now available, making buying cannabis easier, and having them delivered to your home. The apps also offer a convenient way for users to access important information available on cannabis websites.
Energy is a major issue in the cannabis industry. Growing cannabis is an energy-intensive process since the special growing lights and climate control systems consume a lot of electricity. Consequently, this raises the production cost.
Large commercial cannabis growers may not feel the high energy expense because they enjoy economies of scale. Small growers struggle to make a profit due to high electricity expenses. But this might soon be a thing of the past with the introduction of new ways of storing electricity for later use.
One of Tesla’s biggest car manufacturers recently unveiled the Tesla Battery that gives cannabis growers an affordable and easy way to store electricity. Medium-sized commercial cannabis grows using around 50 lights may cut their electricity costs by up to $13,500 per year when using two Tesla batteries.
This innovation makes growing cannabis easier. This technology’s main benefit is reducing electricity costs by allowing farmers to use it only during off-peak hours. It’s also the best way to protect plants during a prolonged power outage.
LED Grow Lights
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Cannabis plants need adequate light in the right form. Different lights significantly impact how cannabis germinates, grows, and the quality of buds they make. While sunlight is the best light source, we have little control of the spectrum of sunlight when growing cannabis outdoor.
Contrary, cannabis indoor farming gives you complete control of the spectrum provided by grow lights. Until recently, growers used high-pressure sodium (HPS) bulbs. Although they’re dependable for premium yields, these bulbs’ significant downsides are their high electricity consumption and short lifespan. Due to their high heat emission, farmers also needed a climate control system leading to higher electric costs.
LED technology is quickly revolutionizing cannabis farming. Many growers are turning to LEDs because they have an impressive lifespan and consume less electricity. They also emit less heat, which reduces farmer’s reliance on climate control systems.
Unlike the old bulbs, which produced only blue or red frequencies, the newer bulbs can emit a wideband light spectrum. The introduction of directional lamps will further streamline cannabis farming and cut costs. They are more efficient and can be directed to focus light rays on the growing plants. Despite their high initial price, LEDs are worth it in the long run.
Personalization of Cannabis Products
We are in the age of personalization. Everything around us is now personalized, from your Facebook feed to personal news feed, to advertisements to content from your favorite brands. It’s no different in the cannabis industry; future cannabis products will be designed to offer solutions to specific needs.
Cannabis is a complex herb with hundreds of compounds. Some of them include cannabinoids, flavonoids, and terpenes. Although each of the compounds has unique properties, they can work together for extended benefits through the entourage effect.
Establishing a perfect blend of cannabinoids is crucial because everyone’s body reacts differently. But with many cannabis varieties, choosing the right product for your needs is challenging. Fortunately, new technological advancements will allow more personalization of cannabis products tailoring the experience to suit your physiology.
Leading tech companies are developing platforms using artificial intelligence and extensive data sets that allow more personalized therapies on cannabis compounds. This includes using a saliva-based swab test with various genetic markers to detect your responses on different cannabinoids then generate a report that predicts your affinity with the different strains. Soon, users will be able to access products that precisely offer a targeted experience.
As the world continues to change its perception of cannabis, the industry is witnessing a lot of technological developments. The technologies aim at making operations easier, from crop cultivation to the distribution of products to consumers. These are some of the top innovations that are already transforming the cannabis industry.