Many of us won’t know that the marijuana industry has been the strongest industry so far in the first year of its establishment. This industry is predicted to hit $50 billion to $75 billion in annual sales within this decade. However, since it is not legalized in many parts of the world, it is still very limited to advance in different fields and industries. There are only a few industries which are working on new ways to use cannabis, and we will possibly witness some of the advancements in the new few years. Apart from the medical purposes, marijuana industry is also getting evolved with technology. There is a number of industries which are involved in the marijuana industry and here are the ones we can expect to grow soon.
One of the technologies that have already brought a big source of trade in the industry is the seed-to-sale cloud platforms for growers and retailers. One such platform is provided by Shopify, which is a known online store for selling retail products for almost any need. In 2018, private retailers were permitted to make the sale of cannabis seeds online. Shopify has introduced two platforms to the table. In the first one, the retailers are able to analyze data according to consumer’s buying habit to revise their pricing and quantities. If the product is not working for people, then it can be switched to a different one to check if the needs are fulfilled. The second platform can track the product from planting to its sale to ensure the quality of the stock for consumers.
LED lightings are the new fixtures which are replacing the high-pressure sodium bulbs for indoor gardening. LED lights are comparatively cheaper than HPS bulbs and are also more durable. The HPS bulbs are pretty expensive to be purchased for the purpose of indoor gardening and also produce a predictable yield. They also consume a lot more energy than LEDs which adds to the expenses, and also produce a lot of heat which requires another climate control system which also consumes a lot of energy adding to the expenses. Thus, LED lights are a great switch on HPS bulbs as it is affordable, durable, requires less energy and produces minimum heat. The only uncertainty is the yield of crops which is still not standardized but can be done with more usage.
At present, the cannabis industry yields its crops using traditional extraction techniques. But it consumes a lot of time and money to pay the labour cost, extraction, and distribution. All of these costs are included in the consumer’s costs and becomes pretty pricey to obtain cannabis oil and edibles. One can either go for THC if they want to get high, or they can opt for CBD in case they need it for medical benefits. Biosynthesis is a new method of extraction which makes the method is extraction easier. It is said to reduce the cost, improve commercial yield, and can be implemented in any weather or climate. It will help to avail cannabis throughout the year. Biosynthesis will use microorganisms to create yeast strains capable of producing cannabinoids. The industries are working on creating eight different cannabinoids for commercial purposes which will bring down the consumer cost.