Artificial Intelligence (AI) and blockchain technologies have already expanded the possibilities of the cannabis industry, especially the delivery market. Using AI to tailor search, product recommendations, and delivery capabilities to individual cannabis customers boosted sales and revenue. The use of chatbots has made finding which strain is right for you a smoother process. Just as other e–commerce businesses have started to use AI and machine learning and crypto technology to boost their operations, cannabusiness is well on its way to reap the advantages and benefits of these technologies. There are already companies using AI and machine learning technology to optimize cannabis market growth from seed to sale/delivery.
Even in places where recreational marijuana is fully legalized, not everyone can easily access a dispensary. In an industry that supplies people with medicine, catering to individuals that can’t easily travel could lead to a boost in sales. A Canadian company has already created an AR dispensary experience that aims to educate, invigorate the online shopping experience, and increase accessibility all at once. Thinking is it’s not a far-off idea that more companies will consider adopting AR technology for delivery services.
Active Cannabis companies in the markets this week include NxGen Brands Inc. (OTCPK: NXGB), ISW Holdings, Inc. (OTCPK: ISWH), Canopy Growth Corporation (NASDAQ: CGC) (TSX: WEED), KushCo Holdings, Inc. (OTCQX: KSHB), GrowGeneration Corp (NASDAQ: GRWG).
A report in Cannabis Business Times added that: “Blockchain, steadily gaining adoption in other markets, could be the next game-changing technology for the cannabis industry. Proven in mainstream food safety, pharmaceuticals and other sectors, blockchain-powered platforms offer potential benefits for everyone, from breeders with new genetics to consumers shopping dispensary shelves. Cannabis attorney Braden Perry, partner at Kansas City, Mo., law firm Kennyhertz Perry, helps companies implement novel and emerging technologies, including blockchain. An expert in enforcement, digital currencies, and regulatory and compliance issues, Perry suggests the easiest way to envision blockchain is to think of it as a digital ledger—one that contains a series of unchangeable records.
Integration of AI, machine learning technology, cryptocurrency, blockchain will allow the Company to increase the scale, efficiency, and safety of all the components of the network design. “I am proud to see the how the final version of the delivery application will allow not only compliance at all levels, but will also assist in transport analysis, real time efficient routes for drivers and suppliers. Being able to forecast arrivals and deliveries from within the network will be invaluable as operations streamline themselves” said Angel Burgos, CEO of NxGen Brands Inc. The Company feels that the continued updating of the design to meet and exceed existing market stipulations are key in establishing a standard of security and excellence.