Blazing a trail
The cannabis industry, in recent years, for a variety of reasons, has been gaining the attention of the tech industry and major players in it.
It's all about the green first and foremost! Pun intended.
The cannabis industry is a rapidly growing market. As more states legalize marijuana for medical and recreational use, the demand for cannabis-based products continues to rise. This presents a lucrative opportunity for tech companies to present their usefulness in an emerging market and offer their services.
According to Fortune Business Analytics, the global #cannabis market is expected to increase from $28.266 billion in 2021 to $197.74 billion by 2028 at a compound annual growth rate of 32.04%. Very good forecasting for entrepreneurs in this world.
The Of Ash and Fire team was able to witness and be inspired by the economic momentum in this industry both at CannaCon in Denver, Colorado and MJBiz in Las Vegas, Nevada.
Additionally, many tech enthusiasts are interested in the cannabis industry due to the technological innovation in Agriculture. Ranging from advanced growing techniques that include crop monitoring and micromanaging to innovative new products. The cannabis industry is ripe for disruption by tech companies that have the persistence and fortitude to make a difference.
Companies are racing to develop new software and hardware solutions to help cannabis cultivators optimize their operations and improve the efficiency of their grow facilities.
However, the cannabis industry is heavily regulated, which presents both challenges and opportunities for tech companies. On the one hand, compliance with complex regulations can be costly and time-consuming. On the other hand, tech companies that can help cannabis businesses navigate these regulations and streamline their operations stand to gain a significant competitive advantage.
Lastly, some companies like Of Ash and Fire are interested in the cannabis industry because of the potential social and cultural impact of cannabis legalization. As the cannabis industry offers ways to promote social justice and advocate for the reform of outdated drug laws.
Overall, the tech industry at-large is taking notice due to the growing market, potential for technological innovation, regulatory challenges, and cultural impact. The cannabis industry has brought "Blazing a trail" to a whole new level.