Cannabis industry looks to emerging technologies to guide innovation

NFT, cryptocurrency, metaverse, etc.

LOS ANGELES, August 1, 2022 /PRNewswire/ — In 2022, the phrase “the future of cannabis” can have many meanings. In the past, the anticipation of cannabis referred to nascent legalization in all states, policy reform, and increased access for medical patients. Today, technology is playing a leading role in the evolution of the cannabis industry and fueling innovation off the beaten path. From digital dispensary menus and cryptocurrency (crypto) to non-fungible tokens (NFTs), modern technologies used in other industries also have the potential to shape cannabis. Technology leaders like the CEO of WM Technology Chris Beal and the first users like Lincoln Barnett III create new ways for technology and cannabis to connect in the digital world.

The emerging space called “web3” – which incorporates NFTs and the metaverse as well as crypto and other blockchain technologies – has had a cultural impact, generating intrigue around the potential to gain or lose huge sums of money. money in a digital environment. Cannabis innovators like Barnett see the potential for such technology to change the face of cannabis, solve supply chain challenges, and build community across industries. NFTs can help form global communities, structure conversations, and even facilitate marketing through discounts, VIP access, and other perks. Popular platforms such as Facebook or Instagram often block cannabis ads. Therefore, posting coupons through NFTs enables brands to engage with a large audience. On the other side of the web3, some dispensaries are testing crypto payments as an alternative to cash, with mixed results. Whether web3 will gain a foothold in cannabis remains unclear, but executives continue to push the boundaries of what’s possible in an ever-changing landscape.

Beals sees the future of cannabis technology in a different light. His company aims to become the technology powerhouse of the industry, forging a complete digital ecosystem with online menus, advertising and business software as a service. WM Technology covers industries ranging from websites and e-commerce to delivery and mobile applications. By acquiring additional companies and software, Beals intends to transform its business into a one-stop shop for retailer and brand needs. Leverage innovations in data, blockchain, culture systems, NFTs, etc., Chris Beal sees innovation on the horizon.

“Innovation in the cannabis industry is at an all-time high, delivering ever more impressive solutions for everything from inventory tracking and human resource management to cultivation automation, compliance and e-commerce” , said Kathee Brewereditorial director at Inc Media, parent company of an award-winning trade journal mg Magazine. “While hot emerging technologies like cryptocurrency, non-fungible tokens and the metaverse may not be of immediate use to most of the industry, they could be essential within five years. “

Lily mg Magazinethe august issue here. Printed copies are available from subscription.

About mg Magazine:
Founded in 2015, mg Magazine is the cross-platform media resource that executives, buyers, investors, manufacturers, marketers and agencies in the United States cannabis industry turn to for the insights and expert analysis they need. need to generate revenue and growth. By providing actionable insights into emerging trends, best practices and innovation, mgPrincipled, unbiased and factual journalism helps the industry navigate the present while preparing for the future. Visit mgMagazine.com.

Media Contact:
MATTIO Communications
Marc Sinclair
[email protected]

SOURCEmg Magazine

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