It is a whole world of possibilities. There are no incumbents in the newly legal cannabis industry. Each of the business establishment is a startup. As the cannabis industry continues to grow and expand, technology will continue to be a main driving force behind its evolution. This is especially true in the collection and analysis of important data needed in the development of cannabis products for use by prospective clients. It doesn’t stop there, the stocking and sale of marijuana-related products has also been conducted online. Startups in this area keeping online databases where the would-be clients can access and chose what they need from a single platform. The industry’s potential is creating tech-opportunities that have been embraced by professionals from the Silicon Valley. As of today, data science has been used by startups in the marijuana business to deal with the huge chunks of data coming up by the day. With the need to shape the industry and built it, technology is playing a central role.
How Is Technology Being Used In Marijuana Startups?
Technology has been used in these cannabis startups to track data useful to consumers, investors and the companies themselves. The type of data includes almost everything and that includes preferences of different marijuana brands, accurate molecule ratios in the marijuana plant and cannabis cultivation in general. In the process, companies are creating a new vertical: cannabis. Data science has been very vital in the creation of products that promote consumer confidence, simplify and streamline chains of supply and as well fight stigmatization. The founder of Confident Cannabis, which is a Y combinator-and StartX-backed legitimate marijuana tech startup, believes that the marijuana industry is getting reborn in this age of technology. Actually, Confident Cannabis is in the fore front of enhancing transparency to legal cannabis technology, something that has never been there before. All this is done to create opportunities for “quantified marijuana”. Data continues to accumulate in every new country and state that gives room for the industry to thrive.
Eaze is a company based in California that has in recent times predicted the on-demand supply of medical marijuana being the main opportunity that spurs growth. Tagged the “Uber of cannabis”, Eaze has been very instrumental in facilitating the supply of medical pot to marijuana patients from dispensaries in not more than 20 minutes. Made possible through the EazeMD app, the company has been able to streamline the process of getting medical cannabis recommendations from licensed doctors. Additionally, it has been able been able to leverage its medical cannabis patients’ database and anonymize customer-related data to alter the lawmakers’ mandate at all government levels. An Eaze official reported that they were able to access aggregated medical cannabis usage data that could not be accessed by regulators. This way, Eaze has been able to specially work with both state and local policy makers to help them comprehend the cannabis industry in a better way. This has been very useful in regulating the industry where patients can access medical cannabis conveniently and in a safe manner.
Growing significance of Technology in Marijuana Startups
In tech hotbeds like Silicon Valley, legitimate cannabis tech companies are moving cannabis production from the black market into an age of predictive modeling and legal convenience. For CannaTech, saved data has been very instrumental in minimizing the margin of error. This marijuana consulting organization assist cannabis startups to grow, push more marijuana products and excel in becoming much more mainstream than the case has been from the beginning. With investment in technology, the interest has not only been centering on money, but the ability to create sustainable solutions to propel the industry.
Additionally, they have continued to increasingly get the attention of conventional venture capitalists alongside erstwhile tech pioneers. Cannabis technology has been able to create a good balance of risk versus reward for those who have identified the great potential tailored in the use of data science to maximize on what is, ideally a very new industry in the market. However, there are very high stakes with magnificent federal law believed to have significant business implications. When it is about state-legal cannabis, there’s pretty little room for mistakes. Nonetheless, there is almost boundless opportunity in the industry.
There is yet another software company, Weave, with an objective of simplifying marijuana by way of data science. The focus for this company has been to help in shedding light in unchartered waters in this industry. The organization creates an app ecosystem that has been streamlining business solutions for customer feedback, regulatory compliance and inventory data management. Some five years ago, there was not any significant relationship between legal weed industry and data science. There wasn’t much to talk about the connection between these two. The practice of data analysis in weed by this time was not in existence. There were a lot of numbers stacked into spreadsheets and a world of guesswork prevailed. There was no much evident collection of data and the little that was provided was not well-utilized.
Tech-backed Future for Marijuana
Data is very vital in managing the affairs of any business and it is the support that marijuana startups need to excel. Access to information related to changes of user interfaces, the development of logistics and supply has been very paramount in the development of useful menu aimed at meeting the needs of the patients. But perhaps the biggest development brought about by the availability of data to the marijuana industry has been educating the masses about marijuana, how and the reason why it is used and measures of safety as well. With this knowledge available to customers, the business has continued to thrive.