Marijuana legalization is becoming a popular trend in the US. Many states have legalized cannabis use for both medical and recreational purposes. Today, the marijuana market is thriving and is estimated to have a value of over $70 billion by 2028. Despite its massive growth, the industry still encounters many challenges. For instance, federal law prohibits marijuana use and distribution. That is why in some states, cannabis is still an illegal drug. Nevertheless, the cannabis market is growing rapidly due to technological advancements.
If you want to capitalize on the weed business, read on to gain more insights into cannabis technology. Get an overview of the trends and profitable business opportunities.
Marijuana technology is vital in the industry since it brings in the benefits of automation and precision. Cannabis tech allows pot lovers to enjoy the final product without any safety concerns. Besides, technological advances provide users with an efficient platform for networking and informed local dispensary choices.
The US has tech companies that develop different types of devices and programs for the marijuana industry. Some firms help integrate modern methods of cannabis cultivation for people who want to grow at home or for industrial hemp.
Furthermore, tech apps help weed distribution to consumers, making service delivery more efficient, not forgetting the development of advanced vaporizers and methods that simplify weed consumption.
Cannabis Technology Trends
As many countries continue to embrace the benefits of marijuana, the business prospects remain lucrative. Tech companies strive to make the entire value chain efficient, from cultivation to consumption.
Let us explore some important trends to look out for in the cannabis tech industry.
In the past, cannabis growers relied on traditional cultivation methods and weather patterns. But tech experts have innovated lighting techniques that help weed growers to plant within enclosed spaces. Research shows that many cultivators prefer emerging lighting technologies to grow marijuana. The use of LED light technology is efficient and affordable. It allows the plants to grow in a conducive environment, guaranteeing quality products.
The rise of ecommerce websites and apps has had a huge impact on the marijuana industry. The apps were a great resource during the global pandemic when most people stayed home. Consumers could order products online and enjoy efficient deliveries. Ecommerce applications are still a growing trend that helps consumers access weed products easily. Some notable examples of helpful online resources are AskGrowers, a platform that provides informative insights about marijuana and helps people locate nearby dispensaries.
Technology experts conduct DNA sequencing to develop better weed strains with desirable characteristics and composition. The process requires the input of researchers and scientists to experiment on different marijuana genetics. Such trials help create medically effective products and facilitate great consumer experiences.
AI-powered solutions are a current trend in the cannabis industry. The technology is beneficial during soil testing, as it can determine and maintain the best conditions for weed cultivation. AI systems help in pest control and yield predictions through crop analysis. The drone technology is also popular among industrial hemp growers currently using it to check on their crops.
Moreover, experts can discover new markets and consumer patterns using AI data. Thus, it is an essential technology in enhancing the cultivation, manufacturing, and sales operations of cannabis businesses.
Cannabis Technology Opportunities
With the massive growth of the marijuana industry, many organizations and business owners want a piece of the lucrative market share. The medical sector is the largest contributor and consumer because of weed's numerous benefits to patients. However, the recreational field also creates opportunities that result in a great industry shift.
Advances in technology create more opportunities in the industry. Weed companies are quickly expanding globally, not only in the USA. Many countries are legalizing the product, allowing the weed business to flourish.
Here are some promising opportunities for marijuana tech in 2022 moving forward.
Technology allows businesses to identify the target consumers efficiently. You can tailor your marketing strategy to cater to a specific audience: women, youth, or terminally ill patients. Or you can also center your approach on occasions – parties, gaming sessions, or relaxing.
Tech companies can offer solutions to weed growers from the initial growing phases to harvesting. The use of AI tools can boost productivity and shift regular business practices. Whether identifying the right type of soil or killing the pests, technology will create opportunities for problem solvers to take action.
As mentioned above, ecommerce apps help in efficient service deliveries. Consumers don't have to visit marijuana dispensaries to purchase a product. Apps can meet their needs through online purchases and deliveries. Moreover, consumers can easily identify the dispensaries within their locality.
The cannabis market is moving upward, and technological advances create more business opportunities. With a realm of emerging tech trends, the industry is quite promising in the future. Cannabis tech streamlines operations right from the cultivator to the consumer. So, agile tech companies in the weed sector will certainly stay afloat and succeed in fulfilling consumers' needs.