While the growth of the U.S. marijuana market owes fundamentally to consumer demand, the use of technology in spreading access to it also plays a key part in its success. Entrepreneurs have developed innovative ways of crafting and distributing cannabis products such as cannabis edibles, vapes, etc. by incorporating technology to its processes. With New Jersey on the cusp of legalizing marijuana, the state has the potential to attract many marijuana tech companies.
The State of Tech and Marijuana
Given the great market potential of marijuana and cannabis edibles, it’s not surprising to learn that tech companies have already infiltrated the marijuana industry. Marijuana is popular enough that dispensaries like NJ marijuana dispensary now operate authentic businesses using tools that are quite similar to the ones you would find in more traditional companies.
For instance, Flowhub is an innovative system that allows dealers to sell cannabis in compliance with legal standards. The system also offers a dedicated enterprise resource planning function facilitating both customer relationship and inventory management. Applications such as Baker and Reefer provide dispensaries like NJ marijuana dispensary with loyalty rewards programs. Cannatech companies use automation tech and AI to grow marijuana.
If marijuana is legalized in New Jersey, you can surely expect to see NJ cannabis market become a hotbed for technological innovations. The number of marijuana tech companies in New Jersey will certainly increase as entrepreneurs become comfortable investing around marijuana. Tech will revolutionize the cannabis ecosystem for consumers, distributors, and producers alike.
Many Tech Firms Are Eager to Come to New Jersey
Although it is very clear that Cannatech companies like Grownetics – that use AI and automation technology to grow cannabis – are eager to come to New Jersey, it will probably take some time before they actually establish themselves in the state. The main reason behind it is of course the wait for the cannabis legalization that will expand the availability of medical marijuana and legalize the adult recreational marijuana use. Once such companies establish in NJ, cannabis edibles growers can expect reduced operational costs, lower energy use, and improved security, making a healthy, more profitable NJ cannabis market.
Although Cannatech companies may not be willing to enter the NJ cannabis market yet, there are some enterprises that aren’t waiting for the cannabis legalization in the state to start their marijuana-related business activities. Applied Cannabis Sciences of New Jersey is one such company. Based on Woodland Park, ACS has recently made a deal with a Canadian-based investment firm.
Earlier this year, Applied Cannabis Sciences of New Jersey announced that it would file an application with the state’s department of health to establish and operate marijuana businesses. Apart from ACS, there are many other tech firms that are eager to enter the New Jersey’s cannabis market and it’s only a matter of time before every NJ marijuana dispensary is equipped with innovative tech, making New Jersey’s marijuana market an attractive one for consumers.
The Future of Marijuana Innovation
Innovation has started to outpace marijuana legalization as tech companies make groundbreaking studies in developing applications for cannabis. For instance, Kalytera is studying how CBD could be used to target diseases such as osteoporosis and obesity. The findings of such studies could revolutionize how people deal with chronic pain and illness.
Tech firms are also experimenting with improvements in cannabis-growing processes. Marijuana is a picky crop, so the ability to improve the growing process could generate far superior products. Apart from this, several tech companies are devising energy-efficient, smart systems that automatically adjust the cannabis growth environments according to changes in sunlight, temperature, and moisture. In the meantime, data-capture technologies allow growers to find the best conditions for their plants, leading to better-quality and larger yields.
Technology will play a great role in ensuring efficiency, consistency, and quality on the production side. Several startups like Teewinoit Life Sciences are already focusing on offering a scientific, tech-enabled approach to mass scientific distribution and production of marijuana.
The Bottom Line
As the marijuana industry expands, the opportunity for growth are extensive and diverse. Tech companies will certainly spur that growth, revolutionizing customer experiences, crop development, and medicine. The drive created by marijuana legalization will transform a once-forbidden drug into a mainstream product, and the tech world will benefit from it greatly.
However, the success of tech implementation in the cannabis industry relies heavily on cannabis legalization in more states. New Jersey is likely to be the next state to legalize adult-use cannabis and hence holds the potential to attract numerous marijuana tech companies in the future.