In the last few decades, the advancements in the world of technology have been concurrent with the expansion of the cannabis market, and this is not just a random coincidence. Technology can help growers manage climate control systems and provide dispensaries with a more efficient way to bring their legal weed to consumers.
Technology has changed all aspects of our life and experiences as well, including how we purchase and enjoy our recreational and medical marijuana. With technological breakthroughs, we can lay back on our couch and order any cannabis product we wish.
Here we will take a look at how technology influences dispensaries and the cannabis industry overall. You can also learn more about Cannabis Laws in each state of the United States on our website.
The Impact of Cannabis Tech on Dispensary Businesses
With the legalization of medical and recreational usage of cannabis in Canada and many states in the United States, there has been a significant boom in the world of cannabis. Moreover, technology has revolutionized how business owners offer their services to their customers.
The future belongs to those who understand and use the power of technology and data, and the cannabis industry is just catching up with the rest of the world. Here are some of the most notable impacts of cannabis technology on dispensaries.
We can all agree on one thing: how technology has increased our productivity and efficiency in all parts of our lives. Errands that used to take hours can now be finished within a few minutes. Jobs can be done in the comfort of your home via a laptop and internet connection.
Cannabis dispensaries are no exception either. Data and technology can enhance a cannabis business's performance, helping it operate optimally. Cannabis dispensary owners who understand and appreciate the power of data and how technology influences dispensaries are the ones with the most profits in the market.
That being said, owners must always keep an eye out for the new technologies launched in the marijuana industry that can improve automated processes and provide a better service for their members.
An example of automation technology for dispensaries and cannabis retailers is the Springbig marketing platform. This platform uses data to connect the dispensary to the members at times that are convenient for them to deliver offers, discounts, gifts, and more.
While technology takes over these jobs, staff can be put on other efficient tasks to save time. With the expansion of the cannabis market, automation technology will soon be a must-have feature for all dispensaries that wish to be successful.
Note: To take advantage of one of the top POS systems in the cannabis industry, check out COVA Software Cannabis Enterprise Retail Solution.
A Higher Level of Intelligence
Artificial intelligence, or AI, is one of the main pillars in the future of the cannabis market. Through advanced data analytics, cannabis technology systems can help cannabis companies process data collection, tracking, and analysis. Finally, AI can use these analyzed data to arrive at better business outcomes.
This helps dispensary owners make better business decisions based on rock-solid information rather than relying only on intuition and old-time experiences. For example, Cova Dispensary POS System uses artificial intelligence to choose the best time for marketing campaigns, loyalty programs, and discounts for new customers.
Although we should still look forward to using more artificial intelligence and machine learning to help us navigate through the cannabis market, we can already see its footprints in many marijuana dispensary systems. We see these innovations in cultivation tools and cannabis software, lab testing, transactions, delivery systems, and more.
Better Buyer & Seller Experience.
When you're opening a new business -whether it's a dispensary or not- and you look for a good piece of advice, one thing you'll hear a lot is that a good customer experience is a key to a successful growing business.
Providing your customers with a top-notch experience is what brings them back for the second and third time. It's clear that you can't possibly offer them such an experience if you still use old systems that keep crashing in the middle of your busy days.
Dispensaries that use cannabis technology to improve the market experience will thrive. And this is not just about the customer experience; it also refers to the experiences you offer to the media, community, and more.
Just think about all the ways technology can influence dispensary systems by customizing cannabis packaging systems that can tell the history behind a product from the farm to the store only by scanning QR codes.
With this technology, you can bring a great deal of information to your customer about the products, the business, and the future services they can take advantage of. Certainly, this is a revolutionary step in improving the experience for everyone involved in the chain.
A recent survey on how technology influences dispensaries showed how data-driven companies perform compared to those that don't involve data in their decision makings. Not quite shockingly, data-driven companies had much better results in their performance and profitability.
So it's easy to see the importance of cannabis tech and software that can collect data, analyze it, and intelligently predict market conditions. It will have a huge impact on the future of cannabis dispensaries and retailers.
These predictive technologies use gathered data from customers, market supply and demand, inventory, and other factors to make an exact outcome probability in great detail. A good example of such a system is the software that gathers data on customers' shopping habits so managers can fill up the shelves in dispensaries accordingly.
That being said, remember that these tools and software can only gather and analyze data. However, it's up to you and your team to use your creativity when it comes to using these data and making the best decisions.
Technologies That Are Changing the Cannabis industry
We talked about how technology influences dispensaries and its importance in the future of this market. Now let's go through some of the technologies that have highly affected the world of cannabis and its production.
Farming and Extracting Tech
When we think about technology and its advances, the first pictures that usually pop up in our minds are related to software. However, many great technological advances operate in various tools for cultivating cannabis.
Technology can be used to farm and extract weed strains more efficiently. Moreover, it can enhance the quality of strains according to the market's needs. Think about the climate control system in the grow room and the modern extraction methods we use to produce high-quality cannabis compounds. With these innovations, the process of extracting different elements of cannabis becomes easier and more efficient.
Every single item should be tested in a lab where tools with high-advanced technologies to ensure the quality and purity of medical or recreational cannabis products. Cannabis tech helps scientists conduct different tests on these products before handing them to dispensaries.
Marijuana is a wonder of nature, having different impacts on our body and mind, from boosting energy levels and creativity to muscle relaxation and sleep. Weed and its related products have something to satisfy everyone's needs and desires.
Moreover, this doesn't have to stop here, thanks to the scientists and their curiosity. Modern genomics is now here to unlock this amazing plant's hidden potential. Many companies and farmers are now engaging in DNA sequencing of Sativa and Indica plants to understand and manipulate the panoply of their chemicals.
A company based in Colorado has claimed to use CRISPR gene editing technology to grow cannabis strains without CBD or THC. These can pave the way for more customized medical and recreational weed varieties.
While cannabis consumption for medical and recreational purposes is legal in many states of the United States, marijuana and all its purchases are illegal under federal law. This has caused many problems for dispensaries in finding banks that can work with them.
When discussing how technology has influenced dispensaries, we can't miss the alternative it has created for payment and tracking transactions in the cannabis supply chain. Blockchain technology is now an optimal alternative for cryptocurrency payments in dispensaries around the United States.
Blockchain technology helps business owners have a secure system for their transactions and monitoring their cannabis plants and products' shipment. This system, known as seed-to-sale tracking, can confirm the verification of items.
For more information on working with different dispensaries and cannabis technologies systems, check our Guide and Best Practices.
High-Quality Customized Products
Just like our fingertips are different, the way our biochemistry experiences various chemicals is different too. That's why it can be a real pain in the neck to take a strain that does not fit with your mentality.
Thanks to technological advances, you don't have to struggle to find a weed strain that has the right balance of THC and CBD.
Companies are now developing their technologies to find new ways to personalize cannabis products. The day is close when dispensaries can have a bespoken product section, formulating customized products for a special customer.
Furthermore, there are now plenty of ways to consume weed for those who aren't much into smoking. Dispensaries are filling their shelves with a great selection of more popular products, including vapes, tinctures, oils, sweets, and other related items.
E-Commerce and App-Based Dispensaries
Gone are the days of having to walk to a local dispensary and buying expensive weed just because there were no other alternatives. Cannabis technology has now expanded, so you turn on your phone, browse, and place your order at a trusted online dispensary.
Different companies are now developing their websites and apps to offer a more extensive variety of products to more people. POS system companies are also integrating their platforms to accommodate cannabis eCommerce and customer data in the cannabis supply chain, resulting in more functional customer service.
Note: If you want to learn more about POS systems and why they crash, check out our blog post: Are Your Cannabis Dispensary POS and Technology Ready?
Cova - Dispensary POS Demo
With over two decades of experience, Cova cannabis POS systems have helped many dispensary owners across North America to open and develop their businesses. Our POS systems, backed up with advanced technology, are ready to help you achieve your business goals.
You can now get started by scheduling your COVA Software Dispensary POS Demo. Soon, our team of experts will contact you to learn more about you and your company and help you get started with our award-winning POS system.
Choose the Best Tech for Your Dispensary
Like any other aspect of our life, technology has a big role in how we buy and experience cannabis. In this blog post, we talked about how technology influences dispensaries and what is the possible future of this market.
Keeping pace with the new technologies and market expectations, Cova Dispensary POS System is evolving to answer all the possible needs of dispensary owners. Cova understands the importance of cannabis technologies and works hard to provide a retail platform that simplifies your operating system.