Innovative Technologies Accentuate the Cannabis Market's Expansion
Tuesday, April 9, 2019 2:25:00 PM
Over the past few decades, technology has been integrated into nearly every marketplace in the world. Businesses and consumers can now leverage technology to provide a more convenient and efficient experience. For instance, retailers are using technology to process payments quicker while financial institutions are using technology to keep track of transactions and monetary flow.
The advancement of these various technologies has led to state-of-the-art inventions such as machine learning, artificial intelligence, and blockchain. In particular, technology has been recently tapping into the cannabis sector. The cannabis market is one of the fastest emerging global industries, despite regulatory conflicts.
According to data compiled by MarketsandMarkets research, the global cannabis market was valued at USD 10.3 Billion in 2018 and is expected to reach USD 39.4 Billion by 2023. Additionally, the research projects that the market is expected to grow at a CAGR of 30.7% throughout the forecast period.
Recently, cannabis companies have also begun to turn to advanced technology. Some companies are developing informative applications to accelerate business growth, while others strive to offer new experiences and educate consumers. Insofar, the cannabis industry is seeing new developments such as light systems, virtual and augmented reality, seed-to-sale blockchain networks and digital payment solutions.
Historically, many sectors avoided the cannabis marketspace because of legal matters. Now, the industry is seeing large investments from various public and private sectors as regulations are eased.
Prior to the expansion of technology in the cannabis industry, businesses had to input data and manually keep track of customers and business operations each day. Now, Point-of-Sale systems and Soft-as-a-Service platforms are helping businesses automatically complete these tasks. With the use of technology, growers and businesses can utilize applications such as supply chain management or e-commerce management.
Nevertheless, cultivators, distributors, retailers, and dispensaries are all running out of cannabis, causing a major shortage in throughout legal markets.