As more and more states legalize the consumption of cannabis for medicinal and recreational use, innovation and technology are also adding to the growth of the industry.
In today’s world of big data, every cannabis business must efficiently harness the power within its data about consumers, individual products and sales. Both dispensaries and growers are leveraging data analytics to track products and ensure compliance with various state mandated regulations.
As cannabis businesses learn more about its best products and customer habits, they are driving marketing and sales efforts and maximizing profits. By discovering patterns and trends within the massive amounts of available data, the cannabis industry is making progress toward:
- More effective purchasing and pricing decisions
- Identifying opportunities for cost savings
- Managing inventory levels more efficiently
- Customizing marketing strategies and customer relationships more specifically
- Automating marketing campaigns
Some companies have even created open-source databases for consumers to understand the various effects of different types of cannabis, including health impacts and therapeutic benefits.
The industry is also taking advantage of new hardware that enables climate control, optimal grow lighting, automated packaging systems, and more efficient point-of-sale solutions. Growers in the industry are following the lead of NASA scientists, who have been experimenting with LED lights to grow plants in space. Newer LED bulbs emit a wideband light spectrum, unlike earlier models that emitted only red or blue frequencies. Innovative directional lamps are also widely used to more efficiently point light rays at the growing plants.
Legalization has drastically altered the way consumers purchase marijuana. Modern dispensaries are organized, legitimate and professional establishments. Technology is rapidly accelerating a more streamlined sales process. Apps like Budly allow consumers to order from a variety of suppliers and have the purchases delivered right to their doors.
Research proves that, in orally consumed cannabis products, the average consumer achieves only between four and twenty percent bioavailability. This means that someone eating a 100mg edible is most likely utilizing no more than 20mg. The rest is digested without absorption.
Nanotechnology allows scientists to manipulate and control atoms and molecules, which results in increased absorption. In fact, research shows that nanosized particles can see as much as 100 percent absorption rate. In addition, because smaller particles are more easily absorbed, the consumer will see faster onset times.
Nanotechnology has been utilized in the food and drug industry for some time and has the potential for tremendous growth in the cannabis industry. One company, Cannabis Global Inc. (OTC: CBGL) is at the cutting-edge of nanotechnology and offers significant loading of active ingredients with unrivaled flexibility and customization, which enables numerous combinations of cannabinoids with unique performance characteristics.
Cannabis Global is actively pursuing R&D programs and productization of advanced cannabinoid delivery systems. These technologies have the potential to revolutionize the science of cannabinoid bio-enhancement in foods, beverages, consumer products and transdermal applications.