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CFN Media Group (“CFN Media”), the leading agency and financial media network dedicated to the North American cannabis industry announces publication of an article discussing how technology trends are reshaping the industry.
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.
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. along with a similar agreement with WeedMD Inc.. 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.
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 e-commerce solutions for dispensaries.
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.
About CFN Media
CFN Media (CannabisFN) is the leading creative agency and media network dedicated to legal cannabis. We help marijuana businesses attract investors, customers (B2B, B2C), capital, and media visibility. Private and public marijuana companies and brands in the US and Canada rely on CFN Media to grow and succeed.
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