The cannabis industry is booming as more states legalize medical and recreational cannabis. As of 2021, 36 states have legalized cannabis in some capacity, and that number will continue to grow as many other states continue to work on legislation to legalize cannabis. With a booming cannabis industry comes new cannabis supply chain technology for cannabis cultivation and retail.
Technological advances in the cannabis industry are important because the demand for products continues to increase and methods for increasing production are vital for keeping up with the growing demand.
The production side of the cannabis industry isn’t the only area needing to keep up — the retail side must also find new ways to develop new products and get them to the consumer.
Technological Advances For Cultivation
Cannabis production companies are paving the way in advancing technology in the botany field. Some exciting advances in cultivation technology include:
- DNA Sequencing
- Cannabinoid Biosynthesis
- Efficient LED Lighting
Advances on a molecular level allow cultivators to grow plants with specific benefits in the medical field, such as creating strains that have higher anti-inflammatory properties. New LED lights increase production while decreasing energy usage and costs. Drones are currently being tested in Europe for field and crop monitoring.
Technological Advances For Retail
Cultivation isn’t the only area seeing many technological advances, retailers are always looking for ways to attract and keep clientele. The following represent some key advances in retail:
- App-Based Retail and Delivery
- Seed-To-Sale Technology
- Personalized Products
There’s an app for everything, and cannabis is no exception. Many retailers have websites and apps to make shopping easy. Some dispensaries also offer delivery or you can check out third-party apps, such as Weedmaps and Eaze, to have your legal cannabis delivered.
Seed-to-sale technology uses Shopify’s software to track consumer buying habits and helps dispensaries keep track of margins and pricing.
Personalized products and nanoencapsulation are huge advances for both cultivators and retailers. Retailers will be able to work directly with producers to make personalized products for their clients through the use of swab tests.
Nanoencapsulation will be a huge win for the cannabis industry because it will allow cannabis oil to easily mix with water. Currently, only about 20% of cannabinoid product ends up in the bloodstream, meaning a lot of the product is wasted. Successful nanoencapsulation allows the body to absorb more products.
This paves the way for retailers to grow their product line to include infused beverages. Future dispensaries could evolve to include a cannabis drink bar filled with cannabis-infused cocktails and smoothies.
Begin Your Expansion Now
With new technology comes new expenses. That’s why Bespoke Financial has created a new streamlined lending platform with a simple user interface and robust functionality to meet the needs of producers and retailers alike.
Bespoke Financial can provide an invoice advance of 75%, up to a 100% advance on your raw material purchase, and inventory financing. By financing your technological needs, you’ll be able to keep up with growing consumer demand and expand your business to include the newest cannabis innovations.