Cannabis know-how alternatives will proceed to develop within the coming years with Gartner reporting that present know-how traits throughout all industries fall below three distinctive themes: individuals centricity, location independence, and resilient supply. In different phrases, know-how of the long run should digitize processes so individuals can work and work together within the present surroundings no matter disruptions (e.g., a worldwide pandemic) or their areas.

Forrester’s Top Trends and Emerging Technologies, Q3 2020, echoes a number of the identical know-how predictions because the Gartner report. Key traits recognized by Forrester embrace:

  • Rising demand for moral synthetic intelligence
  • Changing automation roadmaps to back-office processes and enterprise resilience
  • Moving towards hyperlocal enterprise operations whereas retaining centralized know-how administration advantages
  • Driving innovation in all places utilizing cloud-native applied sciences in additional areas than simply the general public cloud
  • Shifting cloud methods to incorporate extra edge computing providers from extra distributors, which is able to problem the market dominance of public cloud distributors
  • Improving worker expertise to handle what Forrester predicts will turn out to be a everlasting enhance in distant work (leveling off at a 300% enhance from pre-pandemic ranges) by introducing new automation and HR tech

These traits are extraordinarily necessary for the hashish business the place know-how impacts each a part of the availability chain from huge information and cultivation to gross sales, supply, and all the things in between.

As marijuana legal guidelines proceed to loosen in states throughout the nation, new enterprise alternatives will proceed to open. This consists of alternatives for brand new hashish know-how to remodel the business and present know-how to evolve and develop.

The largest alternatives for hashish know-how this decade concentrate on three essential areas:

  • Solving business issues
  • Meeting shopper wants
  • Streamlining enterprise operations and boosting ROI

With the predictions from Forrester and Garner in thoughts and contemplating the distinctive alternatives for the hashish business, let’s take a more in-depth take a look at a number of the most important know-how traits to observe for sooner or later.

Extraction and Delivery Methods

Cannabis shopper preferences are altering because the stigmas related to marijuana fade and broader audiences turn out to be energetic customers. For instance, each the senior and feminine shopper markets for hashish merchandise are rising, and these customers have totally different preferences for a way they devour marijuana. As a outcome, the demand for supply strategies aside from smoking, vaping, and dabbing is growing.

With a rising demand for brand new supply strategies comes a possibility to develop hashish know-how that may rework extraction. Nano-encapsulation know-how has been a sizzling matter within the hashish business for a while now, and with the skyrocketing reputation of CBD merchandise, growing this know-how with a view to present new methods to devour cannabinoids in a secure and constant method must be a precedence.

Cannabis extraction know-how will even play an necessary half in new product improvement – notably for edibles and new types of supply – to satisfy the rising shopper demand for fast onset, predictable dosing.

Automation and Artificial Intelligence

Technology might assist the money movement drawback that has impacted many hashish corporations in a wide range of methods. Data exhibits that automation can have a major impact on an organization’s bottom-line. This is true throughout the availability chain. For instance, cultivation automation can decrease manual labor hours by as much as 80% in a develop facility.

Today, hashish progress might be monitored utilizing automated develop apps. This know-how integrates synthetic intelligence to enhance harvests and cut back prices.

From a gross sales perspective, synthetic intelligence has been constructed into cellular apps, chatbots, web sites, and extra. Even cannabis vending machines with built-in synthetic intelligence are serving to to scale back labor prices at dispensaries whereas enhancing buyer experiences.

Cannabiz Media has added a wide range of automation and synthetic intelligence options to the Cannabiz Media License Database and e mail advertising platform to make it much more highly effective and efficient for subscribers who wish to join with hashish license holders to construct their companies.

However, the expansion of synthetic intelligence has introduced new considerations in addition to constructive results in accordance with each the Forrester and Gartner reviews.

Today, each customers and staff count on corporations to make use of synthetic intelligence responsibly. There is an growing name for moral synthetic intelligence, and corporations might want to commit to moral and accountable information assortment, dealing with, and sharing, which incorporates solely working with companions that share the identical moral commitments.

Scaling and Integration

As the hashish business continues to develop, corporations must adapt and be ready to scale – typically very quickly. That means savvy tech leaders will likely be forward-thinking and put the items in place now to accommodate speedy scaling with a view to seize new alternatives as they come up.

Furthermore, with the expansion of the hashish business comes extra alternatives for the most effective know-how suppliers to rise to the highest of the pack. Integration throughout know-how platforms will turn out to be the norm as staff and customers will count on software program and processes to attach seamlessly.

Many hashish know-how corporations are already conscious of the necessity to scale and combine with a view to achieve a aggressive benefit and meet person wants. Karen Mayberry, co-founder and CMO of hashish know-how firm Trym, explains, “Technology solutions are getting more and more sophisticated. The Trym platform is now really, really scalable, and I think integrations are going to be really exciting. We want to integrate with a ton of partners.”

RELATED READING: Cannabiz Media Client Spotlight Interview with Karen Mayberry of Trym

Environment and Sustainability

The surroundings, sustainability, and each water and electrical energy conservation have lengthy been sources of dialogue within the hashish business. Fortunately, hashish know-how has solved a number of the issues, however there are nonetheless alternatives for know-how to do extra.

For instance, utilizing LED lighting at develop services has undoubtedly helped cut back some electrical energy consumption, however there’s a important alternative for brand new know-how like electricity storage.

Similarly, there have been technological improvements round hashish product packaging with a variety of eco-friendly packaging options obtainable at this time, however the actuality is that large quantities of paper and plastic are wasted throughout the hashish provide chain day-after-day. Again, an enormous alternative is ready for an reasonably priced technological answer.

Privacy

First we had GDPR, after which, we had CCPA with many extra privateness rules to come back.

The European Union applied new privateness rules in May 2018 referred to as the General Data Protection Regulation (GDPR), and by the tip of 2019, the regulation generated $126 million in fines. Under the brand new legal guidelines, corporations that met particular standards associated to doing enterprise within the European Union needed to begin complying with strict privateness guidelines.

In 2020, enhanced privateness guidelines debuted in a number of states throughout the U.S. For instance, the California Consumer Privacy Act (CCPA) was handed in 2018 and went into impact on January 1, 2020. Enforcement of the brand new regulation started on July 1, 2020, so corporations needed to shortly put processes in place to make sure they have been compliant.

CCPA set strict guidelines round how corporations can use individuals’s private info, and it’s anticipated that extra states will observe with their very own enhanced privateness legal guidelines sooner or later. It’s additionally anticipated that a few of these legal guidelines will likely be even more comprehensive than California’s law.

Companies within the hashish business will want know-how to assist them map buyer information, handle third-party relationships, develop compliant monitoring processes, and automate these processes. At this level, the chance for a know-how answer is large open.

Key Takeaways about Cannabis Technology Coming This Decade

This decade will likely be stuffed with new hashish know-how launches. There are definitely issues to unravel and wishes to satisfy. We’re already seeing applied sciences from different industries transition into the hashish business, and modern hashish know-how debuts on a regular basis. The finest, most agile know-how can have the best likelihood to succeed and keep on this business for the long-term.

To be taught extra in regards to the know-how that powers the Cannabiz Media License Database and see the way it will help your corporation join with hashish and hemp license holders within the U.S. and worldwide markets, schedule a demo.

Originally revealed 2/18/20. Updated 12/18/20.

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