The possibilities of the cannabis industry, especially the distribution market, have already been expanded by Artificial Intelligence (AI) and blockchain technologies. Sales and revenue were improved by using AI to customize quest, product reviews, and distribution capabilities to individual cannabis clients. The use of chatbots has made it a simpler process to find which strain is right for you. Much like other e-commerce companies have started using AI and machine learning and crypto technology to improve their practices, cannabis companies are well on their way to reaping the advantages and benefits of these technologies. In order to optimize cannabis market growth from seed to sale/delivery, there are already businesses using AI and machine learning technologies. Not everybody can readily access a pharmacy, including in areas where medical marijuana is completely permitted. In an industry that sells medication to individuals, appealing to people who can’t travel easily could lead to a sales boost. An AR dispensary experience has already been developed by a Canadian company that aims to inform, invigorate the online shopping experience and improve accessibility at once. It’s not a far-off thought to think that more businesses are going to start using AR technology for delivery services. NxGen Brands Inc. (OTCPK: NXGB), ISW Holdings, Inc. (OTCPK: ISWH), Canopy Growth Corporation (NASDAQ: CGC) (TSX: WEED), KushCo Holdings, Inc. (OTCQX: KSHB), GrowGeneration Corp. (Active Cannabis companies in the markets this week involve (NASDAQ: GRWG).
“A Cannabis Business Times report added that: “Blockchain could be the next game-changing technology for the cannabis industry, rapidly gaining adoption in other industries. Blockchain-powered systems have been shown to provide potential benefits for everyone in conventional food protection, pharmaceuticals and other sectors, from breeders with new genetics to customers shopping dispensary shelves.
Blockchain is a validation technology that confirms or registers a transaction or event effectively in a way that can not be changed. Our primary objective is to ensure safe custody transitions. It begins with a secure identifier allocated to the transaction when the dispensary sends the order through the secure network, it gets registered in the blockchain, so everything that occurs automatically gets inserted and the event gets registered.
Artificial Intelligence is being implemented, recognizing that it will strengthen the distribution network and software design capabilities, enabling us to keep pace not only with the cannabis industry, but also be able to transition to other delivery and supply chain management integration revenue-generating models. This allows for a higher performance output of the application and will help streamline the real-time operations that relate to the design.
The Company would be able to increase the size, performance and safety of all components of the network architecture by incorporating AI, machine learning technology, cryptocurrency and blockchain. “I am proud to see the how the final version of the delivery application will allow not only compliance at all levels, but will also assist in transport analysis, real time efficient routes for drivers and suppliers. Being able to forecast arrivals and deliveries from within the network will be invaluable as operations streamline themselves” said Angel Burgos, CEO of NxGen Brands Inc.
Cannabis lawyer Braden Perry, partner at Kansas City, Mo., law firm Kennyhertz Perry, assists businesses, including blockchain, to incorporate new and evolving technologies. Perry, a specialist in law enforcement, digital currency, and regulatory and compliance problems, suggests that the best way to visualize blockchain is to think of it as a digital database with a set of unchangeable records.
NxGen Brands Inc. BREAKING NEWS (OTCPK: NXGB): NxGen Brands, Inc. Integrates BTC & Cryptocurrency for Cannabis Distribution – As part of our core safe delivery, NxGen Brands alerts all interested parties that we have successfully included cryptocurrency and artificial intelligence integration as the request for payment alternatives and protection design. This service is intended to complement our model of SAAS licensing for dispensaries across the country. The design will ensure that our customers reach a high degree of enforcement, certification, and protection for state and federal scrutiny that is being accomplished.
ISW Holdings, Inc. (OTCPK: ISWH), a multinational brand management company with Telehealth and Cryptocurrency Mining commercial operations, recently reported that the Company is currently in negotiations to acquire an additional large number of miners (between 300 and 900) in preparation for its upcoming Phase 3 mining volume expansion. The Company has previously announced that its original Pod5 Cryptocurrency Mining Pod, a completely self-contained high-PUE mining solution built, assembled and installed at the Bit5ive 100 MW renewable energy cryptocurrency mining facility in Pennsylvania in collaboration with Bit5ive, LLC (‘Bit5ive’), is currently being launched.
ISWH has also developed itself as a health and wellness company focused on reshaping the market for CBD products through state-of-the-art processes of nanotechnology, developing a wide range of formulations of nano-infused CBD gummies and beverages.
KushCo Holdings, Inc. (OTCQX: KSHB), a leading supplier of ancillary products and services to the legal cannabis and CBD industries, has recently announced that it has renewed its relationship with Abstrax Tech (‘ABSTRAX’), a market pioneer in cannabis and botanically derived terpenes research, growth and manufacturing.
Recently celebrating its ten-year anniversary, KushCo has built itself over the past decade as a trusted partner that provides leading multi-state operators (‘MSOs’), licensed producers (‘LPs’), and regional brands in the legal cannabis and CBD industries with ancillary products and solutions. ABSTRAX, an industry trailblazer in its own right, hires award-winning product creators and scientists to isolate, analyze and perfect aromatics and flavors, armed with three-dimensional strain analysis technology.
Canopy Growth Corporation (TSX: WEED) (NASDAQ: CGC) recently announced its financial results for the third quarter fiscal 2021 ended December 31, 2020. “We delivered another quarter of record net revenue, with growth across all our businesses, led by improved commercial and supply chain execution,” said David Klein, CEO. “We are building a track record of winning in our core markets, while also accelerating our U.S. growth strategy with the momentum building behind the promising cannabis reform in the U.S.”
“We are executing against our cost savings program, with several initiatives already completed and more underway to build a leaner and more agile business,” added Mike Lee, CFO. “These cost savings, along with our top-line growth and continued cost discipline, puts Canopy firmly on a path to achieve profitability during Fiscal 2022, with further improvement anticipated beyond.”
GrowGeneration Corp (NASDAQ: GRWG), (“GrowGen” or the “Company”) the nation’s largest chain of specialty hydroponic and organic garden centers, recently announced its acquisition of Grow Warehouse, a four-store chain of hydroponic and organic garden stores in Colorado and Oklahoma. The acquisition brings the total number of GrowGen hydroponic garden centers to 46, with new locations in Colorado Springs and Pueblo, Colorado, and Oklahoma City, Oklahoma.
“We continue to acquire best-of-breed hydroponic stores that complement our existing footprint and accelerate our growth strategy,” said Darren Lampert, GrowGeneration’s CEO. “Grow Warehouse is our third acquisition this year and boasts a team of 50-plus grow professionals and an additional 35,000 square feet across four state-of-the-art facilities. It’s exactly the type of acquisition that will continue to position GrowGen for long-term growth and success.”
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