How Is Technology Affecting The Cannabis Industry?
Technological advances are shaping many different industries in surprising ways.
Here’s how technology is affecting the cannabis industry specifically, and how it might continue to change things well into the future.
#1 Cannabis Intellectual Property
Breeders who create a new strain of cannabis can apply for a patent, provided the strain can reproduce asexually and is made using simple or traditional breeding techniques. The strain must also be unique from other strains that exist today.
That’s where technology comes in. BLOCKStrain is a software company that has created a way to track cannabis intellectual property from its inception all the way through its cultivation and sale. It uses blockchain software — the same kind that is used to track cryptocurrency transactions. It works well to track and store massive amounts of data, such as that related to marijuana strain genomes.
BLOCKStrain is also one of the first types of cannabis-related technology that is being marketed in Canada. WeedMD, a licensed medical marijuana producer in the country, invested $500,000 into the BLOCKStrain platform and it is one of the first supply chain programs being implemented in Canada…