Top Ten New Tech Opportunities In Legal Cannabis
Law-makers, health officials, growers and customers all want a safe supply of cannabis so product testing and quality assurance are of critical importance as state by state, the legal marijuana market expands. This translates to a major business opportunity for well-run, well-capitalized technically advanced laboratories according to Matt Karnes who studies the cannabis market for his company, GreenWave Advisors, LLC.
Eddie Miller, CEO of InvestInCannabis offered his top ten list of technology opportunities in the Cannabis space. His company was founded in 2013 to connect private investors to businesses focused on providing technology to the marijuana industry, and has helped fund seven cannabusiness start-ups. The largest one, Greenrush.com, a marijuana delivery service in California, has 10 team members.
Miller’s top technology investment opportunities are:
Industrial Cultivation : Greenhouse technology, genetic advances, growth optimization techniques, and improved nutrient quality will all create optimal harvest environments. These advances will serve to create a more economically efficient, safe, and consistent set of products.
Laboratory & Testing: Safety, consistency, and results based testing of patients should be the norm for recreational and medicinal products. Just like with food, alcohol, and prescription medicine; there is a need for impartial product testing as well as patient results based examination.
Manufacturing & Derivatives: 41% of the Cannabis industry today is made up of sales from extracted concentrates, edibles products, and other derivatives. Pharmaceutical grade products will pervade the MMJ industry within 5 years.
Web Presence Management: Branding and digital marketing by current Cannabis enterprise operators is limited and culturally segmented. From Social to your website, directory listings to reviews, your mobile visibility as well as engagement with the consumer; are all part of the digital strategy of today’s successful businesses.
Regulatory Compliance and Privacy Applications: Seed to sale tracking will expand. “Soil to Session” is actually the best way to ensure legal and safe consumption practices.
E-Commerce: Processing digital payments for Cannabis today is extremely rare. More common though, there has grown a market for all ancillary related products and accessories. Websites servicing these specific categories are abundant today and will grow and out innovate each other.
Mobile & On Demand: In today’s right now economy, the use of mobile for logistical, social, and productivity is at it’s highest. Cannabis is no different and must adhere to the standards of convenience tech in 2015.
Financial Technology & Payment Processing: The current regulatory climate makes lending and payments processing difficult, and most of the time nearly impossible. This creates extreme strains and hardships on businesses, which must overcome the collection and payments of vendor bills by cash as well limited borrowing options.
Advertising Technology: Data aggregation, retargeting, remarketing, and intelligent ad serving are the future of discrete and appropriate marketing techniques for the Cannabis consumer.
Cloud Computing: The norm currently exists as 1000’s of paper files in filing cabinets. Data driven decision-making and cloud operations are the inevitable evolution.
Article by Julie Weed @ Forbes