CASPER, Wyo. (420CanNews) — From seed to sale, a new generation of “canna-techs” are developing innovative tools and platforms to elevate every step of the cannabis distribution process. As the plant goes digital, opportunities are blooming throughout the cannabis technology industry.
According to a report from Fortune Business Insights, the cannabis industry was valued at $43.72B as of 2022, and it is forecast to reach $57.18B by the end of 2023. Based on these figures, financial analysts and economists predict that it will be valued at a staggering $444.34B by 2030. Despite the legalities, constant battles, and remnants of social stigma, this budding industry could blossom into one of the top players in the global economy.
What Is Cannabis Technology?
While one might initially think of apps or software, cannabis technology also refers to the technologies used to grow, process, test, and sell marijuana products. This is another innovative feature in the weed industry which is also featured in most cannabis advertising strategies.
Some examples include specialized lighting systems, climate-control solutions, seed-to-sale inventory-tracking software apps for finding local dispensaries, as well as e-commerce platforms for online cannabis sales.
As the cannabis industry continues to grow and mature, more advanced technologies are being developed to boost efficiency, provide quality control, and improve the customer experience at all points along the supply chain.
What Are the New Technologies for Cannabis?
Thanks to innovations from various tech companies that have integrated their technological expertise into the cannabis industry, it has become a massive success. This union disproves conventional beliefs that limit the potential of what a cannabis technology company can produce. The resulting innovations were so impressive that a portmanteau was coined to reference these industries: canna or weed tech.
This integration proved economically sound for cannabis tech companies as consumers worldwide embraced their innovations. When looking at the steady market cap and annual increase in revenues, it’s akin to smoking a joint—there’s just no way to go but up.
Here’s how some canna-tech companies integrate and utilize existing technologies:
- Companies like Dutchie focus on online delivery platforms that direct consumers to intermediary dispensaries and other cannabis-interest shops. While they have their own product offerings, their primary function is providing cannabis businesses with e-commerce platforms, complete with tools and dashboards that they can use in their daily operations.
- Fyllo provides medium to major cannabis enterprises with a cloud suite that provides companies with sustained and updated legal compliance and service tools. Since the cannabis industry is heavily regulated, it’s crucial for reputable companies to always be legally compliant, and that’s where Fyllo comes in.
- Companies like Puffco focus on consumer equipment all too familiar in the cannabis business. They pride themselves on churning out technologically advanced cannabis paraphernalia like vaporizers and bongs that promise to refine weed better than the competition to give consumers more intense hits.
- People who like being close to nature—so close to it that they opted to care for nature inside their homes—can get an indoor pot grower from companies like Supercloset. Their products are integrated with the most advanced greenhouse technology available. Plus, customers can control the plant box remotely via a mobile app.
- Ardent uses biotech to take cannabis to new heights. They spearheaded the research on decarboxylation, a process in which the weed is heated to a certain degree at a specified time. This effectively refines the THC level in the leaf for a concentrated dosage administration. Their device also conveniently looks just like a household thermos.
As the legal cannabis industry expands into new markets worldwide, innovative cannabis technology companies are helping transform cultivation, production, and distribution, lighting up new pathways for growth and opportunity. As more tech companies begin to crop up, the best is yet to bud.
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— Story Filed By 420CanNews Staff
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