Marijuana is a common and fastest-growing industry in America. Here is how technology will change the cannabis industry trends and create new opportunities for entrepreneurs and investors to capitalize on a burgeoning market.
- Augmented Reality
It involves creating a cannabis-oriented social network complete with reviews and information about the best locations to get high. It is the first augmented reality (AR) apps designed specifically for users in legalized states. In addition to showing pot enthusiasts where they can get legal or medical marijuana, it allows users to communicate via voice chat.
- Block chain
Block chain is a secure way of recording information by converting digital data into “blocks” that are then added in chronological order onto the “chain.”
Here is how it works: A group of items (called blocks) is gathered together and recorded on a single public ledger (the chain). Blocks are then added in a linear, chronological order and can never be modified or changed.
- Bit coin ATMs
Bit coin ATMs allow users to buy bit coins directly using cash through machines that double as digital wallets. Currently, there are just over 1,000 bit coins ATMs in the U.S., up from just 200 two years ago.
Delivery by drone is already happening, or will very soon in places such as San Francisco and Seattle.
Here is why: The Department of Transportation has authorized six testing sites to integrate drones into the national airspace system.
Edibles are marijuana-infused products that produce the same effect as smoking weed. Some examples are brownies, candy, and gummies. They are also popular because they do not involve any harsh odors or the need to inhale smoke.
- Growing Accessories
There are dozens of products for cannabis growers that did not exist five years ago. Today’s accessories include automated fertilization and watering systems, clones to grow new plants, and LED grows lamps for self-contained growing units.
These are specially designed nutrients used in indoor or outdoor farming to produce high yields with limited resources. For example, the hydroponic nutrient film technique (NFT) involves suspending the roots of a plant in a flowing stream of water containing all the nutrients required for plant growth.
- Personalized Nutrition Products
More consumers are more interested in eating healthy and sustainable diets, so there is an increased demand for personalized nutrition products that suit their individual needs. It includes everything from nutrient-dense super foods to health tracking apps.
- Smart Home
By building a house with innovative home features, growers can save money and time on energy costs, automated temperature control systems (AC/heating), and security monitoring.
- Virtual Reality
Virtual reality creates a simulated environment that enables users to interact in a seemingly natural or physical way. One example is Google Cardboard, a DIY virtual reality headset that uses a smartphone to create a stereoscopic 3D effect.
As legalization spreads across the country, entrepreneurs should consider how these trends might be relevant to their existing or future businesses, significantly, if they can help people access high-quality cannabis more easily. Investors should keep an eye on the space since legalization means more opportunities to profit.