Despite being one of the youngest sectors in the country, the United States’ state-legal cannabis industry has been dubbed the fastest growing industry in the country. Cannabis companies have generated billions of dollars in revenue in the few years cannabis has been legal, providing hundreds of thousands of job opportunities and filling state coffers with millions in cannabis tax revenue.
The industry is projected to undergo exponential growth in the next couple of years, pulling in a whopping $43 billion in legal cannabis sales by 2025. However, cannabis could not have gotten to where it is so far without technological advancements that have made cultivating and processing the plant a lot more efficient, and experts predict that technology will play a significant role in the industry’s growth.
Software-based technology will be especially critical to cannabis businesses moving forward. As it is, most players in the cannabis space cannot access financial services such as wireless payments and loans as the murky regulatory space has kept financial providers away. Fintech company KindTap is the first company to offer a credit payment option for businesses in the cannabis space, first launching in Massachusetts before going to other U.S. markets, including Florida, Maine, and New York by the end of the year.
KindTap provides revolving credit lines for upfront purchases and a credit payment system for businesses. Cathy Corby Iannuzzelli, an executive at KindTap, joined the fintech after she noticed cashless payments were virtually nonexistent in the cannabis industry while working for a client in Denver.
Compared to other industries, cannabis barely has a comprehensive regulatory structure and runs on a patchwork of state policies, and this often results in a pile of bureaucracy and paperwork, especially for multistate operators that have to keep track of different policies and requirements in different states. It will likely be some time before lawmakers federally decriminalize cannabis and finally fix the mess that is America’s cannabis industry, but in the meantime, companies have to adhere to current policies.
Simplifya, a Denver-based cannabis compliance software provider, has developed software that ensures cannabis businesses stay compliant amid a fragmented regulatory environment. The operational compliance software automates complex processes and boasts badge tracking, tailored reporting, SOPs and employee accountability features.
Springbig, a customer loyalty and text message communications provider, has developed a single source of truth customer relationship management (“CRM”) that acts as a database to record in store and online purchases. It can also capture key purchasing and behavioral data, integrate with existing dispensary POS and eCommerce systems seamlessly. These are just a few examples of the companies that have studied the market and developed software-based solutions for many of the issues that plague cannabis. As the industry becomes larger and draws more clientele, technology will be instrumental in achieving marijuana’s maximum potential.
Given the pace at which the industry is evolving, many cannabis companies, including Hero Technologies Inc. (OTC: HENC), are putting technology at the core of their operations in order to gain an edge over other sector actors.
NOTE TO INVESTORS: The latest news and updates relating to Hero Technologies Inc. (OTC: HENC) are available in the company’s newsroom at https://cnw.fm/HENC
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CNW420 spotlights the latest developments in the rapidly evolving cannabis industry through the release of two informative articles each business day. Our concise, informative content serves as a gateway for investors interested in the legalized cannabis sector and provides updates on how regulatory developments may impact financial markets. Articles are released each business day at 4:20 a.m. and 4:20 p.m. Eastern – our tribute to the time synonymous with cannabis culture. If marijuana and the burgeoning industry surrounding it are on your radar, CNW420 is for you! Check back daily to stay up-to-date on the latest milestones in the fast -changing world of cannabis.
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