In jurisdictions where it has become legal for medical or recreational use, cannabis production has quickly become a booming business. In fact, many industry experts have noted that it will be some time before supply is able to adequately catch up with demand — a sure indication that this sector is one likely to produce a profoundly attractive return on investment in the coming years.
But while cannabis production (where it has been legalized) is a lucrative business with comparatively low barriers to entry in terms of resource investment, it is a complicated business to enter because it involves the sale of a controlled substance as well as other factors.
Cannabis may be legal, but it is still a controlled substance, meaning producers need to be able to provide regular reports to the appropriate authorities. Producers in many jurisductions need to be able to provide detailed, fine-grained information about their operation, including tracking data that charts the life of each individual plant from seed to sale.
This has led to a corresponding boom in related industries, from LED manufacturers to security firms. Companies in the tech industry are also getting in on the exciting cannabis market by designing specialized cannabis tracking software to create solutions that can answer the growing need of producers to manage logistics digitally.
Technology solutions that are often referred to in the business as “seed-to-sale platforms” provide producers with ways to enter large quantities of data about their plants, harvests, and sales, and to quickly and easily generate the necessary reports. These platforms use a variety of innovative tools to help producers with everything from record keeping to sales, and in many places production would be impossible without these software solutions.
For example, one noteworthy software company, Ample Organics, has designed its platform to use barcodes and wireless scanners to handle data entry and storage. Each plant or plant batch is affixed with a unique barcode that can allow facility workers to track the movement and growth of the plant simply by scanning the barcode.
Because it helps streamline data management and reduces the risk of human error, this can let Ample Organics boost your cannabis production efficieny, and it ensures that demonstrating compliance will be easy when it comes time to make reports or undergo an audit.
For this very reason, this platform has quickly become one of the most popular in the Canadian market since the commercial production of medical cannabis was legalized in 2013. .
Like any other nascent industry, cannabis production offers major windfalls for companies that enter early and are able to establish a network of reliable clients and customers. But in the case of cannabis, doing so means entering a market that is heavily regulated.
Businesses that want to benefit from the growing market for cannabis products will need to make sure they are equipped with the right cannabis tech if they want to make the most of these lucrative opportunities.