We’ve said it before and it’s worth repeating: The cannabis industry is growing like a weed. CNNMoney reports that the industry saw almost $9 billion in sales in 2017 and this is before California's cannabis dispensaries opened in January 2018. Fortune says legal marijuana sales reached $10.4 billion in 2018. The CNNMoney story quotes analysts who predict the industry will bring in $21 billion by 2021.
The cannabis industry is alive and well and thriving. Naturally, startups and entrepreneurs want to get in on the boom with cannabis technology. Here are five examples that will interest owners and managers of cannabis dispensaries.
Wax accumulates in cannabis oil and requires removal. Traditional dewaxing is slow and causes bottlenecks in the cannabis extraction process. United Science DrainDroyd stainless steel filtration equipment promises to save hours of labor costs by removing wax from cannabis-extracted oils.
The traditional way takes hours. The company says it can dewax up to five liters in five minutes. Yes, minutes. The equipment weighs 75 lbs. and is 24 in. x 24 in. x 43 in. with adjustable height casters.
The Access Rosin Machine
As you know, a rosin system helps create extracts free of solvents. Access Rosin wanted to find a way to improve on rosin presses to produce it on a commercial scale. Creator Spencer Sitnik says the Access Rosin Machine can do exactly that by processing four times the amount of flower than other commercial rosin presses.
Sitnik indicates most presses can handle about 1,000 pounds of pressure per square inch. The Access Rosin Machine can do 1,900 pounds per square inch to process more flower at a time.
Baker is a customer relationship management (CRM) platform that helps cannabis dispensaries build relationships, increase brand loyalty, and grow their business. In other words, it's Salesforce for the cannabis industry. The platform has four components: Online Shopping, Checkin, Connect, and Collect.
Online shopping allows you to generate sales from a website. The website synchronizes with the dispensary's POS. This lets customers check to see if the store has products in stock. Checkin drives the loyalty program. Connect engages customers through texting and Collect is the marketing component.
How many joints can a business pre-roll in three minutes? 50? 100? One machine does 50 in three minutes. Another can do 100 in three minutes.
What about STM Canna's RocketBox? It can handle a whopping 453 1-gram joints in three minutes. The company says that it uses all materials regardless if a dispensary works with flower, rosin press by-product, or a blend.
The cannabis industry has faced supply chain challenges that has led to the perception that there's a cannabis shortage. For example, Canada had an excise stamp issue. Canadian dispensaries are required to put a stamp onto every product, and that stamp came from a single supplier.
Along the same lines, CannVerify aims to solve the counterfeit problem while protecting brands. The company provides dispensaries with a tamper-proof, security seal containing a unique serial number. Then, the dispensary registers its products in CannVerify's blockchain-based software.
Anyone can look up CannVerify serial numbers to verify the authenticity of a product. The software is free while the seals range from 3 to 10 cents each depending on the quantity.
These cannabis technologies will make it easier to manage a dispensary while providing a return on investment. They save hours of time and maximize sales and marketing efforts.
Considering the cost of the technology to manage the cannabis dispensary, video monitoring helps protect those assets. It's also one of the key components of a dispensary security plan that helps ensures compliance. If you'd like to learn more about remote video surveillance and other dispensary security solutions, please contact us.