New Product Development
Infused products firms haven’t scratched the cannabis arena yet, but they could begin doing so in the coming years. As more research delves into different uses of the medical marijuana and how they can be exploited for various applications, there are going to be new products that deal with differing medical conditions or that are customized for different age groups.
Tracking usage and sales digitally
Technology will impact every part of Cannabis usage and sales experience. After finding retailers online, consumers will have the opportunity to use different apps to track their shopping experience, record marijuana strains that work for them, and communicate with the retail stores in case of any issue. There is even the possibility of having medical cannabis delivered using drones.
Technology driven Manufacturing and production
As the demand for medical marijuana increases, the industry will need to double its production efforts. Currently, it is estimated that 41 percent of the cannabis market is comprised of sales extracted majorly from concentrates, derivatives, and edibles.
As robots take over the manufacturing sphere, automation of the production process will be a common place in the industry. Greenhouse technology plays a big role in manufacturing and the cannabis industry will benefit immensely from any new developments that come with the technology. Indoor cultivation is currently associated with high energy costs, so cannabis growers will need to use newer technologies to optimize energy efficiency.
Beyond 2016, the landscape of medical marijuana retailers, cultivators, businessmen and other industry stakeholders will continue to evolve. New markets will crop up, an unprecedented number of countries could legalize medical cannabis, and a plethora of business opportunities will come up—bigger and better than ever. Like any other industry, a few challenges area also expected.