Cannabis Industry Looks to Emerging Technology to Guide Innovation
NFTs, cryptocurrency, the metaverse, and more
LOS ANGELES, Aug. 1, 2022 /PRNewswire/ — In 2022, the phrase “the future of cannabis” can have many interpretations. In the past, thinking ahead in cannabis referred to budding legalization across states, policy reform, and increased access for medical patients. Now, technology is taking a starring role in cannabis industry evolution and powering outside-the-box innovation. From digital dispensary menus and cryptocurrency (crypto) to non-fungible tokens (NFTs), modern technologies used in other sectors have the opportunity to shape cannabis too. Technology leaders like WM Technology CEO Chris Beals and early adopters like Lincoln Barnett III are creating new ways for technology and cannabis to forge connections in the digital world.
The emerging space called “web3″—which incorporates NFTs and the metaverse as well as crypto and other blockchain technologies—has made a cultural impact, generating intrigue around the potential to gain or lose huge sums of money in a digital setting. Cannabis innovators like Barnett see the potential for such technology to change the face of cannabis, addressing problems in the supply chain and building community across sectors. NFTs can help form global communities, structure conversations, and even facilitate marketing through discounts, VIP access, and other perks. Popular platforms like Facebook or Instagram often block cannabis advertisements, so releasing coupons through NFTs allows brands to engage with significant audiences. On the other side of web3, some dispensaries are testing crypto payments as an alternative to cash, with mixed results. Whether web3 will gain footing in cannabis remains uncertain, but leaders continue to push the boundaries of what is possible in an ever-evolving landscape.
Beals sees the future of cannabis technology in a different light. His company aims to become the industry’s tech powerhouse, forging an entire digital ecosystem complete with online menus, advertising, and business-software-as-a-service. WM Technology spans sectors from websites and e-commerce to delivery and mobile apps. By acquiring additional companies and software, Beals intends to transform his business into a one-stop shop to fulfill needs for retailers and brands alike. Leveraging innovations in data, blockchain, cultivation systems, NFTs, and more, Chris Beals sees innovation on the horizon.
“Innovation in the cannabis industry is at a fever pitch, offering ever-more-impressive solutions for everything from inventory tracking and human-resources management to cultivation automation, compliance, and ecommerce,” said Kathee Brewer, editorial director at Inc Media, parent company of award-winning trade journal mg Magazine. “Although hot emerging technologies like cryptocurrency, non-fungible tokens, and the metaverse may not be of immediate use for most of the industry, they could be essential within five years.”
Read mg Magazine‘s August issue here. Print copies are available by subscription.
About mg Magazine:
Founded in 2015, mg Magazine is the multi-platform media resource retail executives, buyers, investors, manufacturers, marketers, and agencies in the U.S. cannabis industry turn to for the expert insight and analysis they need to drive revenue and growth. By providing actionable intelligence about emerging trends, best practices, and innovation, mg‘s principled, unbiased, factual journalism helps the industry navigate the present while preparing for the future. Visit mgMagazine.com.