The Missing Ingredient — 5 Ways Data Will Change Medical Cannabis Use
The U.S. legal cannabis market is expected to be worth $66.3 billion by the end of 2025. The growth of the market over the next few years will be both data and technology driven. The sheer amount of information collection in the industry will revolutionize the medical cannabis industry in several ways. From improving the product, itself to more efficient distribution methods — the industry as we know it is in for a massive data-driven change.
Standardizing Treatment Strains
One huge benefit of data-driven growth is the ability to allow growers to standardize their plants. Growers can even optimize their crop yield and cannabinoid content using artificial intelligence. Big-data cannabis reports show that the cannabinoids in plants can be influenced during growth using machine learning to train growth algorithms.
AI can be trained to recommend the optimal steps to take at each growing phase. The growth AI can also control things like lighting, temperature, and even the gas make-up in growing chambers. As these algorithms become more advanced, the industry will rely less on high-maintenance manual labor. AI-powered machines can help increase crop production while lowering energy costs for a higher ROI.
Analytics & Sales
Information collection will also revolutionize the cannabis retail front as the industry grows. Data can help retailers better understand their competitors and assist with branding and sales. Products that perform well for patients and customers can be highlighted.
Data will also help retailers track trends for targeting the right market. Cannabis retail information can help anticipate market trends, price changes, and fluctuations in volume for both the recreational and medical market. Companies focused on providing this information are some of the most likely to survive the early days of the market.
Regulation
Data collection will not only change the way we use cannabis as a medicine but how it is regulated too. Regulatory compliance and transportation logistics can be a massive hassle for retailers. Companies that specialize in regulatory compliance are using new technology like blockchain to help those in the industry. These companies offer package tracking that can track a plant from seed to product for regulation compliance. Many companies that focus on tracking help alleviate the mundane aspects of running a cannabis business.
Improved Customer Experience
Several companies are working on algorithms that can help patients identify strains that may help them. These algorithms can be presented in an easy-to-use app interface to encourage feedback. Patients can provide information about their symptoms, and these algorithms will comb peer-reviewed journals on cannabinoid studies. That information can be matched with symptoms like asthma, insomnia, and cancer to find the best strain for a patient’s condition. The result is a feedback system that collects patient opinions on the efficacy of that strain for their symptoms.
Risk Management
A fast-moving marketplace requires a reasonable degree of risk management. Data collection can help track inventory, consumer information, and even market trends to build a risk management profile. The data can also be used to analyze competitor brands, product releases, and chart price info over time. This kind of access to information is vital to the decision-making process. It can help a business stay ahead of the curve and take advantage of trends in marketing.