The emergence of the marijuana industry has opened up lots of business opportunities in various sectors, not the least of which is in the technology sector. After all, there is a need for technologically advanced laboratories that can supply safe cannabis to the growing market.
In an interview with Forbes, Eddie Miller of InvestInCannabis has revealed his top ten list of technology investment opportunities in the marijuana industry. These are the following:
- Advertising Technology
Like any other industry, data aggregation, retargeting, remarketing, and intelligent ad serving will play a huge role in advertising for the modern cannabis consumer.
- Cloud Computing
Cannabis entrepreneurs can’t just put all their files in filing cabinets. Data-driven decision-making and cloud operations will eventually take over every business in any industry.
Though digital payments are still rare in the marijuana industry, these will eventually become the norm. Furthermore, the market for ancillary related products and accessories can use such website services.
- Financial Technology and Payment Processing
Technologies that help overcome the current regulatory climate that makes lending and payment processing difficult will definitely help cannabis businesses in managing their finances.
- Industrial Cultivation
Some of the technologies involved in growing marijuana include genetic advances, growth optimization techniques, improved nutrient quality, and greenhouse technologies. All of these can help create a more economically efficient, safe, and consistent set of products.
- Laboratory and Testing
Just like food, alcohol, and medicine, there is a need for impartial product testing of marijuana products as well as results-based examination to ensure safety and consistency.
- Manufacturing and Derivatives
Since 41 percent of the cannabis industry is composed of extracted concentrates, edibles products and other derivatives, expect a lot of opportunities in this area. Within five years, more pharmaceutical grade products will also enter the market.
- Mobile and On-Demand
Like other industries, cannabis should adhere to the mobile technologies of this generation. It is important to use mobile for logistical, social, and productivity purposes.
- Regulatory Compliance and Privacy Applications
“Soil to Session” is the best way to make sure that legal and safe consumption practices will prevail, as seed to sale tracking is expected to expand within the coming years.
- Web Presence Management
Today’s successful cannabis businesses need strong branding and digital presence in order to be known. This includes social media, directory listings, websites, and reviews.
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