Medical Marijuana Technologies
Currently the social view point of medicinal and recreational marijuana has begun to become more socially accepted and the medicinal properties have been at the forefront of the social change. Over the last few years 28 states have passed legislation allowing the use of medical marijuana to registered patients. Of the 28 states where medicinal cannabis use is allowed, 8 of the states have enacted legislation allowing the use of recreational cannabis.
Currently the social view point of medicinal and recreational marijuana has begun to become more socially accepted and the medicinal properties have been at the forefront of the social change. Over the last few years 28 states have passed legislation allowing the use of medical marijuana to registered patients. Of the 28 states where medicinal cannabis use is allowed, 8 of the states have enacted legislation allowing the use of recreational cannabis.
Currently there are 41 states that have either passed medical marijuana use or have both medical and recreational uses. [Dr. S.]
Medical Marijuana Industry
Over the past few years the medical and recreational cannabis industry has exploded and has been very beneficial for the US economy. States like Colorado, Washington, and Oregon have come to rely on the tax and licensing revenue generated from the recreational marijuana industry to fill gaps in their budgets.
Retail shops in Colorado sold more than $1.3 billion in legal marijuana in 2016. This was a 30% increase from the prior-year period, when legal cannabis sales fell just shy of the $1 billion mark. During 2016 recreational marijuana sales in Colorado totaled $875 million and the remainder coming from the medical side of the equation. The reason for the lopsided total is the difference in taxation between medical and recreational. Medical pot is only taxed at 2.9% in Colorado whereas recreational marijuana bears a 17.9% tax. The revenue from these sales have been very beneficial for Colorado’s economy and has contributed over $40 million in funding for schools.
Medical Marijuana Industry
Over the past few years the medical and recreational cannabis industry has exploded and has been very beneficial for the US economy. States like Colorado, Washington, and Oregon have come to rely on the tax and licensing revenue generated from the recreational marijuana industry to fill gaps in their budgets.
Retail shops in Colorado sold more than $1.3 billion in legal marijuana in 2016. This was a 30% increase from the prior-year period, when legal cannabis sales fell just shy of the $1 billion mark. During 2016 recreational marijuana sales in Colorado totaled $875 million and the remainder coming from the medical side of the equation. The reason for the lopsided total is the difference in taxation between medical and recreational. Medical pot is only taxed at 2.9% in Colorado whereas recreational marijuana bears a 17.9% tax. The revenue from these sales have been very beneficial for Colorado’s economy and has contributed over $40 million in funding for schools.
Technology is rapidly changing throughout all levels of the cannabis industry. Whether it is working towards improvements on the agriculture side or improving the safety of consumption. New technology is being used to solve some challenging issues in this new industry and has helped progress the medicinal properties derived from the plant.
An article from Forbes has helped shed light on some of the new technologies being used throughout the industry. Some emerging companies involved in the expansion of the industry are listed below.
Flowhub is a point of sale software designed to help dispensaries track where their cannabis was cultivated and if any pesticides were used during the growing phase. The software protects the health and well being of the consumers by tracking the stages of cultivation and if any issues are discovered from a plant batch the products are recalled and pulled from the shelf. This technology helps keep customers safe and gives consumers a piece of mind that black market cannabis cannot provide.
PotBotics is a start-up developing EEG brain scan technology that allows for doctors to recommend specific strains of medical marijuana based on the patient results. This technology allows for patients to educate themselves about specific strains relating to their specific needs and ailments. This technology has given confidence to patients when choosing the desired medication and has helped give patients a clear understanding of the medicinal properties.
Future Industry Trends
The medical marijuana industry has a very bright future ahead and when looking at the success of the market in Colorado state legislation can use their system as a blueprint. New technologies have provided the industry with a safer more transparent business model. With the emergence of big data cannabis companies can utilize these technologies to capture and predict patient demographics. The new legal regulations have invoked interest, investment, and tech development throughout the industry and our society has begun to embrace this emerging industry.
Links Here is one of the Ted Talks: The surprising story of medical marijuana and pediatric epilepsy. Entrepreneur Josh Stanley and his brothers developed a non-psychotropic strain of marijuana that is radically reducing seizures for pediatric epilepsy patients in Colorado. In this fascinating talk, Stanley details the roadblocks patients and their families face when accessing this treatment and argues that we should change our national perspective on medicinal cannabis to start saving lives. If you recently saw the John Oliver episode about State's legal use medical marijuana going up against federal laws that deem it illegal, you can understand the dilemma faced by people who really need this drug.
Sources
- Glasner, Joanna. "Startups Downplay Tobacco as They Talk Up cannabis." TechCrunch. TechCrunch, 23 Mar. 2017. Web. 04 Apr. 2017.
- "Industry Overview." Medical Marijuana, Inc. (OTC: MJNA). N.p., n.d. Web. 04 Apr. 2017.
- Borchardt, Debra. "The Current State of Cannabis Technology." Forbes. Forbes Magazine, 04 Apr. 2016. Web. 04 Apr. 2017.
- "Cannabis Technology News." 420 Intel. N.p., n.d. Web. 04 Apr. 2017.
Interesting topic, especially in relating it to technology. Yet it makes sense the more states begin to legalize medical and/or recreational, technology will have to follow right behind. The companies you mentioned prove that fact, plus other applications already available for consumer use. It will be interesting to see where this kind of technology stands in the next 5-10 years.
ReplyDeleteI like that you took the risk and went with this topic. A lot of people will turn their heads due to marijuana having a bad stigma, but marijuana will be a very profitable industry in the near future. Anyone who is risky enough to start getting ahead in the industry and developing marijuana related software will have a good chance of making a lot of money.
ReplyDeleteThese technologies will become increasingly important as time goes on. My grandmother used medical marijuana to help her through cancer pain, and I hope that others have that same opportunity, instead of having to turn to narcotics. Being able to recommend specific strains for specific injuries could really help lives.
ReplyDeleteI wish that companies, like the ones you described, received greater publicity. I feel like medical marijuana has such a negative connotation from recreational marijuana from the black market. I believe that voters would be more likely to be an advocate for medical marijuana if they were more informed. The potential of innovative medical marijuana companies could be immensely increased if other states were more informed.
ReplyDeleteBut there is the bigger issue in that the federal government does not recognize marijuana as a legal substance, so actually limits its use. See the John Oliver link (AND the video) for details on that.
ReplyDelete