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How Technology is Reshaping the Cannabis Industry

Ryan Allway

April 1st, 2019

Exclusive, News, Top Story

Imagine scanning the QR code of a product on a dispensary shelf with your smartphone and instantly seeing not only the exact cannabinoids makeup of that specific product, but also exactly when and where the cannabis was grown.

Technological advances have significantly improved operations and lowered the cost of doing business across nearly every major industry—and the cannabis industry is no different. In addition to improving transparency for consumers, new technologies are making it easier for cultivators to optimize their plants, regulators to track the supply chain, and retailers to provide education directly to consumers without waiting for a budtender.

Let’s take a look at some examples of how technology is reshaping the industry and why investors may want to pay close attention to these trends.

Faster, More Accurate Testing & QA

It’s no secret that the cannabis industry has struggled with contamination from pesticides and heavy metals, as well as inaccurate labeling of CBD, THC, and other cannabinoids. While governments have tightened testing regulations, mass spectrometry devices cost upwards of $1 million with a three to 14 day turnaround and high performance chromatography costs $250,000 per device with a 10 to 14 day turnaround.

FluroTech Ltd. (TSX-V: TEST) (OTCQB: FLURF) set its sights on dramatically reducing these costs, making it cost-effective for cultivators to own their own testing equipment. By doing so, they could detect contamination in the grow cycle early on before it becomes a costly problem as well as optimize growing techniques to produce the greatest yield. For instance, Canada’s LPs model is a one percent increase in potency leading to an 80 cent per gram price increase.

The company began to commercialize the technology in early February after securing all of the necessary government certifications. Each unit sells for just $18,000 with $6,000 testing scopes and $60 to $75 testing kits. The company’s razor-blade business model could generate upwards of $50,000 in revenue in the first year and $20,000 in annual revenue for each testing device, resulting in significant recurring revenue for shareholders.

Please Click here to receive and investor presentation and FluroTech Updates

More Traceable Supply Chains

Cannabis consumers have very little information about how cannabis strains will affect their body—much less if a given product is accurately labeled and free from contamination! Cultivators face their own issues trying to protect their intellectual property from competing breeders while still forming partnerships with at-scale products. And finally, government regulators continue to struggle with tracing product throughout the supply chain.

BLOCKStrain Technology Corp. (TSX-V: DNAX) (OTC: BKKSF) aims to solve all three of these problems with the world’s first integrated blockchain platform that registers and tracks intellectual property for the cannabis industry. A BLOCKStrain QR code scan at retail provides consumers with trustworthy information about a product and its history, while the immutable blockchain provides traceability for intellectual property and regulatory purposes.

The company recently signed a validation testing program agreement with Harvest One Cannabis Inc. (TSX-V: HVT) (OTCQX: HRVOF) along with a similar agreement with WeedMD Inc. (TSX-V: WMD). Both of these companies are licensed producers in Canada’s regulated cannabis industry, and the data from these early customers could prove invaluable in building out the platform to attract the wider global cannabis industry.

Please Click here for additional information on BLOCKStrain Technology Corp.

Augmented Reality

Testing and supply chain management aren’t the only areas where technology is helping redefined how the cannabis industry operates.

NexTech AR Solutions Inc. (CSE: NTAR) (OTCQB: NEXCF) aims to bring augmented reality (AR) to the cannabis industry through its innovative web-based platform. Working with Cannvas Medtech and Premier Health, the company is focused on helping leverage AR-based solutions to improve patient and consumer education in the cannabis industry. It also introduced AR-based ecommerce solutions for dispensaries.

Please Click here for additional information on NexTech AR Solutions Inc.

What’s Next?

FluroTech, BLOCKStrain, and NexTech AR Solutions have all introduced innovative new technologies into the cannabis space. As these solutions expand, consumers can look forward to a more transparent experience, regulators can ensure they’re collecting tax, cultivators can maximize their profits, and dispensaries can better educate consumers.

Disclaimer

The above article is sponsored content. Emerging Growth LLC, which owns CannabisFN.com and CFN Media, has been hired to create awareness. Please follow the link below to view our full disclosure outlining our compensation: https://cannabisfn.com/legal-disclaimer/

This article was published by CFN Enterprises Inc. (OTCQB: CNFN), owner and operator of CFN Media, the industry’s leading agency and digital financial media network dedicated to the burgeoning CBD and legal cannabis industries. Call +1 (833) 420-CNFN for more information.

About Ryan Allway

Mr. Allway has over a decade of experience in the financial markets as both a private investor and financial journalist. He has been actively involved in the cannabis industry since its inception, covering public and private companies.

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About CFN Media Group

CFN Enterprises Inc. (OTCQB: CNFN) owns and operates CFN Media Group, the premier agency and financial media network reaching executives, entrepreneurs and consumers worldwide. Through its proprietary content creation, video library, and distribution via www.CannabisFN.com, CFN has built an extensive database of cannabis interest, assisting many of the world’s largest cannabis firms and CBD brands to build awareness and thrive. For more information, please visit www.cfnenterprisesinc.com.

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