Following the legalization of adult-use cannabis in Canada and a number of US states, North America is poised to be the largest market for the plant moving forward. According to Arcview Market Research and BDS Analytics, legal cannabis spending in North America could reach as much as US$47.3 billion by 2027.
The projected growth of cannabis spending and investment has seen a response in technical innovations, ranging in applications from cultivation, medicinal and consumer products, payment processing and data analytics. These developments are supporting licensed producers, retailers and cannabis researchers in effectively scaling their operations as the industry continues to expand.
Cannabis cultivation has seen a shift in what it means to run an agricultural operation. In the search for high yield and high-quality product, licensed producers have implemented technological solutions and cultivation techniques like using tissue culture to produce identical clones in a sterile environment.
A more established market than that of adult-use, the medicinal cannabis space has also seen innovations in consumption methods in the form of vaporizer pens and oils and tinctures. Oils and extracts are easily measured, making them for accurate from a dosing perspective. Consumer products have also advanced in number with the likes of nanotechnology formulations and topicals emerging on the scene.
On the retail side, fintech and cashless payment processing solutions are being developed using blockchain technology to protect against fraud and theft. As the market ages, there will also be more and more data to collect and analyze with analytics tools being designed specifically for cannabis producers, retailers, consumers and more.
Spurred by the current state of the market, these innovations will be pivotal in developing the cannabis industry, providing alternative routes for investors to engage with this growing space.
Infographic courtesy of Visual Capitalist.
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