Worldwide sales of marijuana are expected to be $66 billion by 2025. Retailers are wanting to use high tech tools to maximize profit. Four areas that are impacting the industry are: block-chain, control, AI, and IoT.
Marijuana is still illegal with the federal government and companies have a hard time with banks as they’re not allowed to do business with them still. So many companies are using block-chain crypto-currency to store their profits securely. Paragon recently launched its own currency, Paragon Coin. The true goal of these companies with block-chain though is to create “seed-to-sale” tracking. They want you the customer to be able to verify the farmer and the lab and allow you to know that it has been supervised during shipping. The challenge is getting people to agree on the same technology though. Government regulation can help with this problem and get everyone on the same page.
Access Control is an issue for the 8000 dispensaries across the US. Crime is a big problem for financial liabilities. Large cash transactions create safety issues for employers and employees. Modern tech systems provide things such as key-less entry for alarms and cameras. They stop staff and customers from accessing areas that they should not be in and secure the product. Cloud -based control helps decrease liability for the companies.
Another area that is growing is artificial intelligence. Farmers can monitor environmental changes and adapt CBD strains and the makeup of strains that are desired most. They are also helping deliver crops efficiently and quick. This helps move the cannabis across the nation to where it is needed most. Companies like Eaze are using data to predict supply and demand and deliver where the information leads them. AI can also be used to monitor the regulations that are put on these companies and and make sure they stay in compliance. This eliminates boring paperwork jobs and lets companies focus on producing an effective product.
Sensors are part of the Internet of Things technology group, and they are also increasingly being used to monitor the marijuana growing environment. Lots of attention is needed to grow it and requires schedules that must be adhered to daily. With IoT, growers can automate temperatures, humidity and water, as well as light schedules for the best growth possible. IoT also helps farmers track “seed-to-sale” tracking. It adds transparency to the supply chain for consumers.
In today’s world it is not hard to see that medical marijuana will be increasingly looking forward to technology to produce more profit, better products, control, and transparency to sales and production of marijuana. Maybe a job in IT with this growing field is in your future.
LIS 4022 Spring 2020 