Latest Cannabis Companies to Reap the Benefits of Technology's Evolution
Technology has become prominent in almost every aspect of daily life for most consumers in the West. Even though technology has had a widespread impact, it continues to penetrate into other regions across the world as more and more consumers adapt to the digital era. It has become apparent in most global industries that the use of technology is required in order to thrive among the competition. For instance, major markets such as retailers, banks, healthcare, and even the food industry have incorporated technology in order to operate more efficiently and effectively. For instance, retailers and banks introduced digital payment portals to speed up the transaction process of payments, while the food industry created mobile apps so consumers can order remotely. Meanwhile, the healthcare industry integrated advanced technology to accurately diagnose and operate on patients. Moreover, one industry that has benefitted from the evolution of technology is the cannabis market. Tech entrepreneurs and investors are eager to introduce ideas such as blockchain into the market space. Notably, verification and tracking systems have become highly popular across various cannabis segments because companies can track their product from seed-to-sale. Seed-to-sale verification keeps a transparent process between both the vendor and the consumer. Furthermore, The Verge reported that advanced technological applications such as machine learning and automation are becoming increasingly popular within the cannabis industry. For example, a Massachusetts-based company, Bloom Automation, has developed a robot that can automate the cannabis trimming process, eliminating the need for humans. Technology remains one of the key aspects to a successful business and as more companies shift towards technology, the cannabis industry has the potential to become the next disruptive global market. According to data compiled by MarketsandMarkets research, the global cannabis market is projected to grow from USD 10.3 Billion in 2018 to USD 39.4 Billion by 2023. Additionally, the market is expected to register a CAGR of 30.7% during the forecast period. Trutrace Technologies Inc. (OTC: BKKSF) (TSX-V: TTT), Emerald Health Therapeutics Inc. (OTC: EMHTF) (TSX-V: EMH), The Supreme Cannabis Company, Inc. (OTC: SPRWF) (TSX: FIRE), Terra Tech Corp. (OTC: TRTC), NightFood Holdings, Inc. (OTC: NGTF)
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