What changes does Cannabis Innovation make in our industry?

by Canex UK CanexUK

“Necessity is the mother of invention”

It is undeniable that great progress has been made in recent years in legalizing cannabis. These developments paved the way for cannabis innovation, developing a new industry. In 2020, legal cannabis pioneered many things, including New Jersey, Montana and South Dakota calling for the legalization of recreational cannabis consumption, and other states, such as Arizona and Mississippi, making it legal.

Building Innovative Landscape

With cannabis innovation, growth and evolution, it should constantly adapt to an ever-changing landscape. A good part of this landscape is linked to the lawfulness of drugs. Various American states, and countries, all have different laws about the legality, use, distribution, and growth of cannabis. With cannabis innovation, other businesses that are more established outside the industry are becoming more involved.

Substance abuse industries - alcohol, tobacco, and pharmaceuticals have made significant investments in the cannabis industry. They started acquiring many businesses to sell cannabis en masse as they do for their other products. We can anticipate that the landscape will further change as well-established corporates enter this industry, affecting commercialization, legality, and usage of cannabis. Cannabis innovation even leads to brands like Coca-Cola trying to find ways to get into the cannabis business.

Next year may bring about important changes such as more tobacco, alcohol, and other companies are trying to appropriate part of the cannabis space. To investors, it probably means more unpredictability and volatility. Combine this with questions of legality, and the cannabis industry is hard to manage.

New Goods, New Trials

By 2021, cannabis innovation will manufacture new products from hemp and CBD to vaping equipment and edible products. Yet, others are at various stages of development.

Some of the most challenging subjects that could develop the prospect of cannabis include:

Agricultural Technology

Cannabis innovation led to large-scale biotechnological breeding. Similar to ubiquitous GMO foods, you can get them at a grocery store.

Cashless Payments

Despite the growing legality of cannabis, many companies and their clients prefer to deal with money. Financial institutions are also reluctant to invest in cannabis because it is seen as risky in some quarters.

Cannabis innovation made financial technology take the lead in this regard. Secure and automated transactions can be performed and handled via the blockchain, potentially creating an anonymous and convenient medium for consumers and businesses to deal with.