Medical marijuana: How IT can spark the budding cannabis industry?
After legalization of marijuana in various states in US, marijuana industry is set to spread its wings and take a flight as a budding business. More than 29 states have allowed marijuana in medical and in some states, in recreational capacity. Florida is one of them.
Enactment of Amendment 2 into a law in June by Florida Governor Rick Scott has opened gateway to a growing ecosystem of businesses directly or indirectly connected to cannabis in Florida alone. Statistically speaking, cannabis industry in US is expected to valuate at $20 million by 2020.
Influence of Cannabis Industry
Cannabis industry is ready to take over the world with its multi-faceted branches. In addition, when we talk about booming marijuana industry, we are not yet counting businesses that are indirectly related to the sale of marijuana products themselves. These secondary products include food and nutraceuticals, plastics, bio fuels and fibers that can be manufactured from the hemp plant. Moreover, Essential consumables produced for medical cannabis companies like packaging, is another example of indirectly related industry, which is going to benefit greatly by this new trending and thriving industry.
Cannabis and IT
Any industry that claims its share in today’s market cannot avoid direct or indirect involvement of IT. Marijuana industry likewise, developing vertical market will definitely need enabling software, business apps and other IT services, which will be necessary to run the business smoothly.
IDG News Service writer Katherine Noyes has found many companies who have started using IT to deal with their business and the industry scale. According to her research, Flowhub is offering software that assists the cannabis growers and retailers to comply with state laws. Similarly, La Conte’s Clone Bar and Dispensary found in Denver, has already converted its paper work into computer-stored files on Cloud to avoid the tedious task.
Similarly, e commerce also bringing the IT factor in sales and purchases section of the marijuana industry and making it more accessible to the consumers, especially in the states where sales of marijuana is relatively easier and not restricted too much through regulations. Florida is more vertical oriented industry when it comes to marijuana and Medical Marijuana Treatment Centers (MMTCs) are provided a license by the Florida Department of Health Office of Medical Marijuana Use (OMMU) that is involved in every step.
They regulate businesses dealing with marijuana on very strict grounds. That is the very reason for such a small number of licenses issued, 12 to be exact. They are however, planning to increase the number by 20 by the end of next year.
The list is long about the ways IT can and will influence marijuana industry in coming years. Big IT companies definitely will fight for their share in the marijuana pie. This is going to make a perfect match considering the volume of business marijuana is set to produce in future and the scale is set to pass our expectations looking at the current trends. Hence, when we talk about indirect relationship to marijuana as a business, IT stands at top slots of contenders.