Cannabis Industry to Grow to $31.4 Billion, Innovative Technologies Emerge

By  //  March 18, 2019

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Cannabis is big business, and with legalization spreading across the United States, it’s a field that is driving innovation. Entrepreneurs and startups are focusing on the cultivation of cannabis, but there are a lot of new developments that are coming out of the Marijuana Business Daily Conference.

Cannabis is big business, and with legalization spreading across the United States, it’s a field that is driving innovation. Entrepreneurs and startups are focusing on the cultivation of cannabis, but there are a lot of new developments that are coming out of the Marijuana Business Daily Conference.

MJBizCon has grown to over 1,025 exhibitors and includes over 27,600 professionals in the field.

When the conference first started, there were just 17 exhibitors, and this was just six short years ago. Billions of dollars are flowing into the industry, and some of the innovations that have emerged have the potential to be used around the world.

Robotic Automation of Cannabis

Robotics have advanced greatly in the past decade, and now, Bloom Automation is bringing robotics to the cannabis industry. The company’s robots are able to offer intelligent automation, through advanced optics and algorithms, these machines are able to trim plants with human-like precision.

Cost-effective, this form of automation can reduce costs by 500% – 1,000%, and it’s possible to harvest plants with loss or damage less than 5%. Conventional trimmers have a loss rate of up to 30%, so more of the plant is harvested, costs are reduced and businesses are able to make more money.

From seed to shelf, automation is offering the cannabis industry a way to cultivate plants with robotic technology.

Other companies are also working in the cultivation space, offering large-scale machinery to automate the entire extraction process.

We’re also seeing Braingrid offer a solution that has the potential to change the way the world grows crops. The solution includes a greenhouse sensor system that is able to pick up climate data within the greenhouse. This data is then analyzed, and suggestions are provided to the grower so that they’re better able to improve their harvest.

It’s a way for new growers in the field to properly grow and harvest cannabis, and it’s a technology that can be used in any greenhouse.

Cryptocurrency Has a Lot of Potential in the Industry

We’ve seen a lot of recommendations in the cannabis industry, and one that is very promising is the introduction of blockchain into the field. Blockchain and cryptocurrency would allow for fast, safe transactions.

Marijuana technology will help produce better crops, and the highest quality cannabis will be available. With high safety standards, it will be possible for consumers to receive the best cannabis with a variety of payment options.

Innovators in the field have started to develop their own marijuana cryptocurrencies, and these cryptocurrency options have the opportunity to be widely accepted at dispensaries around the world.

On top of Bitcoin and other popular cryptocurrencies, we also see:

  • PotCoin
  • CannabisCoin
  • DopeCoin
  • HempCoin

Of course, the staying power of these currencies is the real question. Will consumers opt to use cryptocurrencies rather than cash or credit? Statistically, only one-third of cannabis transactions are conducted through cash purchases.

Blockchain, or the journaling system that is behind cryptocurrencies, is also making waves.

Some companies use blockchain as a buzzword, and it has helped many companies boost their stock as a result. The concept is that the blockchain is able to conduct transactions that are initiated based on a series of rules.

But no one is sure how the technology will fit into the industry.

It’s possible that large-scale transactions will be able to be conducted with the utmost in privacy and security. Typically, blockchain is used when there are transactions where both parties are unsure of the other’s intentions.

No one can falsify the transaction, so this may be key to cannabis marketplaces in the future.

Dosage Controller Technology

Several companies are starting to introduce new, innovative technologies that will be able to control the dose of cannabis dispensed. InDose has started their own pilot program for a new vape pen that is able to detect how much THC is being dispensed with each inhale.

The pen has sensors that analyze, down to the milligram, how much THC is being dispensed to a person.

Controlling dosages may be able to help patients using medical cannabis to be able to control their dosages more efficiently. It’s also possible to be able to track the medicinal effects of cannabis with smart inhalers.

Resolve Digital Health has been working on an inhaler that is smarter and able to track the effects of cannabis on the patient. The accompanying app is able to rate pain and symptoms of a patient, before and after they inhale, to be able to better understand how the medicinal aspects of cannabis are assisting the patient.

Everything from pollen to barometric pressure and location information is gathered and analyzed to offer a quantified approach to medical marijuana.

As the cannabis industry continues to grow and prosper, it’s exciting to see how these innovations will play a bigger role in society. We may see technology emerge that can be used for other areas of medicine thanks to the quickly-growing cannabis industry.

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