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The legal cannabis industry has reached $10 billion. Consistent with the Cannabis Business Factbook’s forecasts, by the top of 2019, this market will grow by another $2 billion. Alongside the number of nations, and therefore the US states that legalize medical cannabis, consumers’ quantity is rapidly increasing as they tend to buy weed seeds and grow them at home.
Many startups with innovative digital solutions begin to overcome this market, making the method of using, buying, and shipping CBD and other weed products as convenient and straightforward as possible. It’s time for entrepreneurs (if they’re lucky) to become another Uber or Airbnb for medical cannabis during this niche.
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New Technologies From The Idea Of The Medcann Industry
The Medcann term is usually used when talking about devices and digital solutions that make it easier for the end-user to shop for and use medical cannabis products. For now, the subsequent Medcann sections of the industry are quickly growing:
- New devices for medical cannabis usage include dispensers, dosing units, vaporizers
- Apps and E-commerce platforms for the delivery of medical cannabis products
- Home and industrial systems/installations for medical cannabis growing
- Innovative devices
Forms and Methods Of Medcann
There are many means of using medical cannabis for recreational and medical needs: cigarettes, tubes, edibles, oils, etc. Recently, electronic devices have been added to the list too.
For example, vaporizers (vapes) are quickly gaining popularity in Canada and the USA. They’re popular because there’s no smell, and lots of harmful effects of smoking are minimized. Like the principle of electronic cigarettes, vaporizers heat the hemp to the required temperature to extricate the active substance.
Dosing devices occupy a separate niche within the Medcann industry. Dosist pens and Syqe metered vaporizers are used intensively for medical purposes.
Breathalyzers also are actively developed for the medical medical cannabis industry. These devices determine the extent of THC (tetrahydrocannabinol) and other substances in your body.
Innovative methods of consuming medical cannabis attract venture capitalists. For example , PAX Labs, a vaporizer producing company, has raised almost half a billion dollars from Tiger Global Management, Tao Capital Partners, and other investors within the last 12 months.
Convenient Purchase And Delivery
Based on some estimates, only within the US, there are quite 2,000 producers of legal medical cannabis products. Colorado and California are leading here. Most manufacturers select these states. There are about 700 manufacturers in each of those two states.
For now, legal medical cannabis producers sell their products mainly through outlets. So, there are significant gaps within the compelling connection between the producers and therefore the customers.
In the US , the leading role during this sphere plays Eaze, which is an app for ordering and delivering medical cannabis to your home. In 2018, this company raised almost $65 million, making it one among the most contenders for the very status of “Uber of Weed.”
The Dutchie startup is Eaze’s most promising competitor. Dutchie is already delivering legal hemp to 18 states. Several months ago, it raised $15 million from several risk capital funds. John Oringer, CEO of Shutterstock is one among the Dutchie’s investors
Devices For Growing Weed
Thanks to the medical cannabis legalization wave covering many countries around the globe, it’s now possible to grow hemp just reception . Canberra – the Canberra , will legalize the private use of medical cannabis in 2020. It implies the proper way to grow two bushes of the plant reception. Thailand (which is legendary for its strict drug laws) is additionally currently considering a law which will allow the older six bushes on each household territory.
And so, this trend is generating demand for medical cannabis growing devices and systems. Traditional equipment producers are turning their heads towards this market. New startups like Cloudponics introduce specialized modules for growing medical cannabis. This year, Leaf received $4.5 million for the creation of a plug-and-plant tool that manages and tracks the method of growing marijuana bushes from a smartphone.