Recent authoritative reports have put the estimated value of the medical cannabis market at more than 8 Billion USD. This is estimated to grow to an astonishing 28.07 Billion USD in 2024. That leap of more than 250% creates a significant market with a great opportunity for business not to mention the benefit to the recipients of this natural medication.
The legalization of medical cannabis undoubtedly offers many benefits to consumers and businesses alike, yet the growing desire to roll out the good to all, also present a myriad of challenges at both production, supply chain, payment processing and end user application. In examining the current state of the medical cannabis market, it is clear the use of both artificial intelligence and blockchain technologies are not a passing trend but a real opportunity to provide solutions to a pressing market need.
Trending AI Articles:
1. Ten trends of Artificial Intelligence (AI) in 2019
2. Bursting the Jargon bubbles — Deep Learning
3. How Can We Improve the Quality of Our Data?
4. Machine Learning using Logistic Regression in Python with Code
Cannabis Related Transactions
While legal in many states in the United States, cannabis is still illegal on a federal level, meaning common financial institutions such as banks are forbidden from processing cannabis related transactions, almost forcing cannabis related companies to resort to cash and other methods. As convenient as it may sometimes be, handling cash at such large volumes is not ideal for growth and causes countless problems on the accounting side of any company. This is where blockchain technologies such as cryptocurrencies play a real value. Crypto tokens are a form of digital payment which can be processed in real-time and with payment history and track record, providing the ultimate solution for cannabis transactions.
Another example is CITIZEN GREEN that is revolutionizing the way dispensaries in Canada and the United States are operating by utilizing Artificial Intelligence. Creating a smarter, safer, and more engaging way to be treated (legally) using Medical Marijuana. Their application Prescriptti, an AI driven application developed in collaboration with Spartans Ai, includes Blockchain based gratification system that offers huge benefits for both the dispensary and the patient.
The Medical Cannabis market offers more than 30,000 different Marijuana strains, each used to treat a different set of symptoms and concerns. This creates a big confusion both at the buyer side and the dispatcher end. With so many strains available, the purchaser is often at a loss as to which one is best for their specific needs or condition. Artificial Intelligence is useful in using existing data from studies and peer-reviewed journals to match symptoms and ailments to one of the strains available. This reduces errors and guesswork by accurately finding the best strain for individual patients from the cannabis dispensary. For example, when Namaste Technologies, purchased Findify last year, it seemed like a natural fit.
One of the main areas Artificial Intelligence is used, as in many other fields of agriculture, is crop irrigation. This can now be controlled remotely to exacting standards. This results in better use of resources, minimize labor, and higher yields due to optimal watering.
High-resolution crop sensors are used to give accurate climate conditions and actions can be automated or remotely controlled. In the many indoor medical cannabis growing environments that are popping up, the same technology drives temperature, light, nutrients and other important factors for high yields and consistently excellent quality.
Computer Vision, artificial intelligence and other technologies are used in the growing process to identify any unhealthy plants or leaves to save time and manpower. For example the amazing startup from Israel Seedolab that offers an automated Cannabis farm, and provides hydroponic indoor growth box.
We see significant capital investments in the field and tremendous growth. More international markets are opening up to the concept of Medical Marijuana and there is no doubt that AI and Blockchain will be there to support it.
From the market analysis perspective both the medical marijuana and Artificial Intelligence are blooming at the moment and present many opportunities to innovative companies and market leaders.
Nothing is more expensive than a missed opportunity.