Technology solutions provide protection for emerging legalised marijuana industry
The legalization of marijuana for medicinal and recreational purposes in several states has led to the emergence of an industry that is rapidly growing. According to market research, the legal marijuana industry is projected to reach $73.6 billion by 2027. However, the industry is still facing many challenges, including safety concerns, access to banking, and evolving regulations. One area that can help address these challenges is technology solutions that provide protection and safety to businesses in the emerging legal marijuana industry.
One significant concern in the marijuana industry is the safety of employees and customers. Marijuana is still a controlled substance at the federal level, and as such, dispensaries and other cannabis-related businesses are at risk of robbery and theft. However, technology has provided solutions to address these concerns. The use of advanced security systems, surveillance cameras,
turnstyle gates and alarms has increased security measures at dispensaries and cannabis farms. These systems help to deter potential criminals and can be used to identify and prosecute criminals in case of an attempted theft or break-in.
Another issue faced by the legal marijuana industry is access to banking. Most traditional banks still refuse to provide services to cannabis-related businesses, despite the industry’s growing demand and profitability. As a result, the industry is largely dependent on cash transactions, leaving businesses vulnerable to theft and financial mismanagement. However, some financial institutions have recognized the need to provide banking services to the cannabis industry and have started to offer specifically tailored solutions. Financial technology (fintech) companies have also emerged to provide payment processing and other financial services to the cannabis industry. These solutions provide secure and efficient payment processing, helping to mitigate the risks associated with cash-based transactions.
In addition to security and banking needs, the legal cannabis industry has to navigate a complex regulatory landscape. State and federal regulations continue to evolve, and businesses must ensure compliance to avoid legal repercussions. Technology solutions can help businesses stay updated on regulations and keep track of compliance requirements. For instance, compliance software provides businesses with automated compliance checks, monitor employee compliance training, links turn style doors and cameras, while also tracking all operational procedures, and policies and flagging any discrepancies. Such solutions help to streamline and simplify the compliance process, ensuring that businesses are not inadvertently breaking the laws.
Another area that technology solutions can help cannabis businesses is by improving the quality of the products offered. Cannabis plants can often be prone to spoilage and contamination, leading to consumer claims, and other adverse consequences such as recalls and product liability claims. However, technology solutions such as advanced cultivation technologies and testing equipment can help cannabis cultivators to produce high-quality and pure cannabis products. These technologies can measure and track the growth of plants, providing cultivators with real-time data and analytics to improve cultivation methods, and to minimize contamination risks. In addition, advanced testing equipment helps manufacturers to detect impurities, ensuring that no harmful substances end up in the products offered to consumers.
In conclusion, the legal marijuana industry is experiencing significant growth, and as such, requires technology solutions to mitigate risks and ensure compliance. Innovative security systems, fintech solutions for payment processing, compliance software, and advanced cultivation technologies and testing equipment provide the necessary protection for cannabis businesses. With such technology solutions, the legal marijuana industry can continue to grow and thrive while maintaining safety and compliance.