Cannabis markets face strict state regulations, banking limitations, and business licensure costs, which can prove to be quite expensive. Innovative, integrated cannabis care technology developed in New Zealand may solve this problem, giving patients the ability to speak with cannabis physicians, make appointments, place orders for pickup or delivery all from a remote, secure facility.
Cannabis businesses make more money when they produce their own products. This “Seed to Sale” business model allows them to lower their prices to reasonable levels, with one company attempting to lower the cost of a gram to only $1. New digital platforms track cannabis production from seed to sale, all while maintaining regulations, and improving customer service and experience.
New, biorhythmic tracking technologies, similar to fitness tech that tracks things like blood sugar, blood pressure, and steps taken, will allow cannabis dispensaries to learn what cannabis products do inside the bodies of users. This will help them determine what type of products are most popular with certain patients/enthusiasts, and ensure compliance with state regulations.
Although 12 American states offer cannabis for adult use, marijuana based businesses encounter difficulty acquiring banking services. This leaves most operating on a cash only basis, with troublesome amounts of cash making them targets for robberies. Innovative cannabis cryptocurrencies now give these dispensaries the option to store their money digitally.
With an estimated value of $10 billion in 2018, the cannabis industry is growing, but just catching up in terms of consumer data. By tracking and analyzing sales, businesses can learn what products work best for what conditions. New, “point of care” technology does just that by tracking medical marijuana sales by product, streamlining compliance and improving customer service.
Not all patients can reach the dispensary floor, and dispensaries often become jammed with customers, with wait times lasting over a half hour. To remedy this, new, innovative cannabis delivery and tracking applications allowing cannabis customers to get in and out of the dispensary quickly, cutting down on foot traffic.
Due to federal prohibition, cannabis businesses in the United States must conduct cash only operations.. Moreover, state regulations mean these businesses must also track and document every movement of product in their shops. E-commerce represents both an opportunity to expand as well as comply with regulations, offering online sales, product tracking, and improved customer retention.
In terms of payment options, many dispensaries and cannabis businesses still rely on the tried and true cash only payments. Due to federal prohibition, digital banking services are hard to come by, which means payment via debit and credit card may not be possible. Innovative cannabis cryptocurrencies offer instant send and private send features, which allow for efficient and anonymous digital cannabis purchases.
