Looking at the ongoing trend of legalization, recognition, and active development of medical cannabis, one can see the growing business prospects of this field. Consequently, medical cannabis companies are interested in maximizing their operations by leveraging new technology and streamlining production. 

 

This new article looks at technological trends in the medical cannabis industry and their benefits and impact on business. 

An overview of the medical cannabis market and the importance of technology 

Medical cannabis or CBD is cannabis cones or concentrates that have been used for medicinal purposes for over 6,000 years. In recent years, as cannabis has become more legalized, scientists have conducted a great deal of research to determine its effectiveness in treating various ailments. 

 

Epidiolex, a medical cannabis-based drug, has proven to be most effective in treating epilepsy. In addition to the medical field, CBD is actively used in the fields of cosmetology and nutritional supplements. 

 

Overall, the cannabis industry is very active and sales are increasing annually. According to Grand View Research, the legal marijuana market was estimated to be worth $9.1 billion in 2020 and will grow at an annual rate of 26.7% through 2028.

 

This strong industry growth is largely dependent on innovative cannabis technologies that companies are using. They help automate the process of growing the product, measure its quality, and provide a safer and better experience when consuming the final product. Let's take a closer look at advanced canna-tech trends.

 

Greenhouse technology for growing product

Traditionally, cannabis cultivation has taken place outdoors, which has limited producers in some aspects. For example, while growing outdoors, the grower is limited by the climate, as the plant can only have one growing season. 

 

Growing cannabis in a greenhouse avoids the limitations of the climate and allows for several harvests per year. Light technology, such as automated LEDs, can help achieve this effect. They provide the plants with the right amount of light at the right intensity. 

 

In addition, automated growing systems involve thermostats, temperature controllers, moisture sensors and controllers, scheduled watering and more to ensure optimal plants. This helps companies create cutting-edge cannabis products.

Artificial intelligence and machine learning

 

Cannabis technologies such as artificial intelligence and machine learning help with data collection and recommendations on how best to grow and distribute the product, as well as regular collection, monitoring and tracking of the growing cycle. What kinds of processes does artificial intelligence help improve and optimize?

 

 

- Plant growth monitoring. Software solutions based on artificial intelligence make it possible to experiment with soil improvement and create optimal conditions, adjust the genetic composition of the product. 

 

- Plant pest and disease control. Cameras with artificial intelligence algorithms can detect diseases or plant pest infestations, so producers do not need to constantly monitor the crop. Artificial intelligence can also predict yields by analyzing 3D images of crops.

 

- Identifying marketing models and product demand. Colorado-based Cannabase uses artificial intelligence analytics to generate price supply, predict demand and trend direction. 

 

- Improving operational processes. Artificial intelligence can analyze the costs and benefits of specific equipment purchases, as well as assess risks when introducing new product practices.

 

- Compliance with legal settlement. Companies that produce medical cannabis products are subject to strict regulation. Therefore, it is very important for owners of such companies to keep track of changes in the law in order to run their business in compliance with the law. Artificial intelligence can track changes and alert business owners. 

Blockchain technology

Blockchain is a technology that allows for decentralized payments that are considered more secure than bank payments. Many medical cannabis companies use blockchain technology in their operations. For example, cannabis startup Paragon not only uses the technology, but has also launched its own cryptocurrency, Paragon Coin. 

 

The purpose of the company's use of the technology is to create a secure system for monitoring the cultivation and delivery of cannabis products. Blockchain allows customers to see confirmation that the product has been tested by a lab and is under constant scrutiny during delivery. 

Cybersecurity Technologies

The increased popularity and attention to the cannabis industry not only contributes to the emergence of new companies, but also attracts the attention of hackers who launch cyberattacks. The target of such cyberattacks becomes credit card data theft, misuse of personal customer data, leakage of corporate confidential information, etc. 

 

To avoid such mishaps, many companies use advanced security technologies and modern control systems. They can be integrated with various software, such as alarms and surveillance cameras. This helps keep outsiders out of production and sensitive data and ensures the security of the product at all times. 

E-commerce applications 

E-commerce applications gained particular relevance during the COVID-19 pandemic, when many travel restrictions were imposed. The canna business sector is no exception. Many companies developed apps that allowed them to order and receive goods remotely without violating social distance rules. Examples of such companies are Eaze, Budly. 

 

There are also apps that help learn more about cannabis varieties or find the nearest dispensary in a user's geolocation. 

IoT (Internet of Thing) technology

IoT stands for Internet of Things — a network of objects equipped with embedded technologies that enable interaction with the external environment, transmit and receive information from the outside.

 

With IoT solutions, growers can track the growing and selling of their product, using tracking identifiers to identify plants as they germinate and track them as they grow, harvest, dry and sell them. This careful tracking allows the government to monitor the industry and track any problem cases, increasing the transparency of the entire supply chain for the consumer. 

 

In addition, IoT technology affects the cannabis industry in the following ways.

 

 

- Environmental Control. The cannabis plant is very sensitive to the environment. Therefore, it is very important to constantly monitor conditions in order to grow it successfully. With IoT solutions, growers can create connected growing systems by adding thermostats, humidity sensors, automatic watering, etc. 

 

- Tracking product quality and condition. IoT technology makes it possible to track the condition of the plant from the germination process to harvest and sale of the final product. This increases transparency and allows you to identify any problems in the production of the product.

 

- Real-time data access. IoT sensors allow cannabis owners to monitor the health of their crops and remotely adjust their climate control systems.

State-of-the-art technology at S-Pharmaceutical

 

S-Pharmaceutical is a group of vertically integrated companies in Switzerland for growing, processing, producing and distributing sales of high CBD cannabis. S-Pharmaceutical uses the innovative DAO (Decentralized Autonomous Organization) technology as a tool for organizing investment activities. 

 

DAO is software code developed on a blockchain. It works autonomously according to pre-set conditions and is implemented by means of smart contracts. DAO conditions are completely transparent for all participants and are stored in the blockchain on thousands of different devices. Unlike traditional contracts, they cannot be tampered with, circumvented or somehow defaulted on.

 

The DAO is the issuer of TokenShares, a crypto-asset that will be owned by the companies' partners. This crypto-asset allows its owners to receive dividends in hard currency, namely a liquid asset in the dollar equivalent. TokenShares is part of a vertically integrated group of companies, which makes it secure and super liquid. 

 

Thus, when you join S-Pharmaceutical, you not only become a pioneer in an innovative and modern market, but you also gain access to 21st century technology investments. 

Final Thoughts

The medical cannabis industry is not just actively growing, but is even more actively embracing and leveraging technology trends. There is no doubt that this particular field will soon become one of the most popular and talked about due to such active growth and increased trading volume every year.