For many Canadian investors, the legalization of cannabis earlier this year represents an exciting opportunity to get in on the ground floor of a market that is projected to have serious growth potential in the coming years.
While the significant profits that businesses dispensing cannabis products have seen over the past few weeks confirm what most industry experts predicted — that early investors in cannabis will see major dividends as the market opens up to consumers — there is a whole other side of the cannabis industry ripe for investment as well.
When the Cannabis Act was passed in June 2018, it stipulated a rigorous regulatory framework to ensure that the profits from cannabis production did not go to supporting organized crime.
Because the law requires cannabis producers to maintain extensive and detailed records about every cannabis plant grown, harvested, and processed in Canada, producers need to access powerful software if they are to avoid being completely overwhelmed by the logistical challenges of gathering and storing such large quantities of data.
During the years when cannabis was legal for only for medical use, the industry started to develop tech solutions like seed-to-sale software and tracking tools to streamline production while remaining compliant with the existing regulatory framework.
Companies that had cause to learn about the latest medical marijuana software noted the striking way in which it has provided a simple and elegant solution to precisely this problem, and they have been quick to adapt these tools to the recreational market.
Now that the significant demand for recreational cannabis has moved from the black market to the mainstream economy, these tools have created a foundation for the cultivation, harvest, and sale of a wide range of cannabis products in a way that is compliant with regulations.
At the heart of Canada’s cannabis regulation framework is the requirement that seed-to-sale tracking reports be kept for every plant raised and sold in the country.
To facilitate the gathering of this data, companies like Ample Organics have developed sophisticated tracking tools that integrate database software with wireless scanners and an easy-to-use barcode system. This allows producers to instantly log and track the movement of every plant, through cultivation and harvest.
Because the scanners allow cultivators to update the database in real time, the risk of human error is drastically reduced, while also saving the producer time and streamlining the process.
Ample Organics’ software is already being used to track and report cannabis data for a remarkable 70% of Canadian licence holders, and this number is only set to grow as more companies move into the market.
While most of the excitement in the cannabis industry still revolves around the product itself, there is a good reason why smart investors who want to stay ahead of the market are already looking to cannabis tech for future financial ventures.