Owning a business is one thing; however, running it is a different ballgame altogether. On top of that, if you are running a cannabis business, it is a tough nut to crack. Why? It is because the cannabis industry is bristling with many challenges, with legal challenges topping the list.
The growth of the cannabis industry has been unsteady. Even after you are legally allowed to grow and trade in cannabis, there is no acceptability in the social setup. However, pundits forecast the cannabis industry as a candidate for exponential growth in times to come. Any early adopters are more likely to hit the jackpot and turn into big brands in the cannabis sector if they play their cards right.
Technology is at the forefront, aiding the cannabis sector in streamlining its supply chain operations for transparency.
Technology, the Cannabis industry, and Transparency: an Overview
You may already know that the cannabis sector has to abide by some of the strictest regulatory compliances. The good news is that technology can help bring transparency to medicinal cannabis. Initially, technology had a minimal role in the business operations of the industry. However, from dispensary robots to APIs, new tech innovations are budding everywhere.
The Rise of Seed to Sale Tracking Platforms
Businesses can avail technology to build this platform. This seed-to-sale platform will assist retailers and cultivators of cannabis with a focus on producing compliant products. Its main objective is to track every plant, every product, and every individual associated with the supply chain of marijuana, whether it is production or sale. A seed-to-sale tracking platform helps cannabis businesses maintain legal compliance.
Flowhub is one such platform that enables the cannabis industry to scan the RFID tags on plants via a mobile device. They are also offering a point-of-sale (POS) system for pharmacies, and a cloud-based service software called SaaS. It is a complaint tracking system that uses the Application Programming Interface (APIs) to replace manual operations.
Marketplace Platforms
It is high time for businesses in the cannabis industry to partner with local delivery services and US dispensaries to reach their targeted market. It can also help them to acquire customers through online platforms, such as Knowleaf. Knowleaf members will be able to browse and purchase wholesale products.
Knowleaf only allows licensed wholesale buyers and sellers to secure trust and transparency.
Blockchain Technology
Blockchain is beneficial when it comes to supply chain management. It is an excellent tool for the financial institutions that are associated with the cannabis industry, especially when auditing cannabis companies. Blockchain can assist government institutions and regulatory authorities in the implementation of adequate taxes and regulations in the cannabis industry.
It will help reduce the industries' carbon footprint by eco-friendly measures of eliminating paperwork. While doing so, it will create a real-time tracking timeline for businesses to follow through and through. Blockchain technology will also prove to be cost-efficient for the cannabis industry by improving and customizing their business operations for optimal performance.
Tech: The Final Frontier
It is safe to say that with innovations and advances with passing the time, technology can and will help the entire cannabis sector. It will help the cannabis industry in establishing adequate quality assurance protocols. It will allow the customers to track the whole supply chain, and have full access to information on their desired product, along with details about its quality. Knowleaf is one platform to offer such a level of transparency that will not only help the cannabis industry to establish trust amongst the clients and the authorities but also to flourish.
