5 Key Innovations Driving the Future of Cannabis
It’s said that necessity is the mother of invention.
As cannabis breaks into the mainstream, the complex web of regulations surrounding the plant may well be what compels the industry to think outside the box.
Today’s infographic from Valens GroWorks highlights some of the most anticipated areas of technology-based disruption in “cannabiz” – the business behind cannabis.
Potential Industry Game-changers
As the cannabis industry grows, the business behind it must grow as well – and to get an edge, industry players are investing in new technologies and innovative practices that could be industry game-changers.
Here are some of the most disruptive moves happening that could shape the future of cannabis:
As consumers become more discerning, they’ve come to demand premium quality cannabis. That’s why many indoor growers are exploring various means to improve the productivity of cannabis plants.
- Cloud-controlled lights
Using cloud-based IoT technology, cultivators can remotely adjust the colors and cycles of growing lights that cannabis plants are exposed to in their operations. Such precise control ensures consistency in plant quality.
- Tissue culture
Essentially, tissue culture is the multiplication of a single cannabis tissue into hundreds of identical ones. While this method is impressive, it’s incredibly tricky to get right at scale.
Biotech breeding is another upcoming trend to watch out for. Just like the ubiquitous GMO foods you can find in a grocery store, the genetic manipulation of cannabis plants to strengthen specific effects could take the industry by storm.
Millions of patients in North America rely on medical cannabis, which will only intensify as states continue to legalize its use. For the longest time, prescribed cannabis has relied on smoking – but extraction technology is introducing new delivery methods.
- Vaporizer Pens
These pocket-sized pens can deliver a controlled cannabis dose, with lower chances of including dangerous chemicals. The latest models include Bluetooth capabilities and smartphone apps to customize vape temperatures, among other features.
- Oils and Tinctures
Cannabis concentrates, packaged into capsules or as liquid, can be used in vape pens or ingested directly. They also provide a small, controlled cannabis dose, and act fast in a patient’s system.
Recreational consumers won’t be left behind. This growing segment is enjoying cannabis-based products in a myriad of ways, made possible by new extraction technologies.
Water soluble oils demonstrate their potent effects quickly through the bloodstream, instead of relying on the slow-acting respiratory or digestive systems.
With a wide range of skincare products in the market, these cannabis-infused lotions can applied to the skin’s surface, where they are absorbed for a relaxing effect.
Despite the increasing legality of “cannabiz”, many businesses and their customers prefer to deal with cash. Financial institutions are also wary of investing in cannabis, as it’s still perceived as risky in certain circles.
To that end, fintech has stepped up to the plate. Secure and automated transactions can be made and processed via the blockchain, potentially creating an anonymous and convenient way for consumers and companies to transact.
Data and Analytics
Cannabis is finally coming out of hiding, but records around point-of-sale transactions are still lacking. Providing context for such data to give it meaning is difficult, but lucrative.
Leveraging big data to track the cannabis supply chain has secondary advantages of easing the regulatory process, and putting customer demand into perspective. What’s more, digital transaction data on these consumers also offers future opportunities for businesses to address their needs.
As the cannabis space steadily progresses, cannabis companies that respond and adapt to these broad trends of tech innovation will be poised for success.
Tech innovation and ongoing R&D are ingredients that the industry needs to continue to mature and grow.
– Michael Garbuz, CannRoyalty Corporate Strategist
Consumer Archetypes Shaping the European CBD Industry
This infographic visualizes the non-consumer and consumer archetypes that could be position Europe as the leader in global cannabis consumption.
Consumer Archetypes Shaping the European CBD Industry
View the high-resolution of the infographic by clicking here.
With a colossal base of 500 million potential cannabis consumers, and laws that are loosening at a steady pace, Europe could soon emerge as the global cannabis leader.
Cannabidiol, better known as CBD, has become one of the most popular forms of cannabis in the European market, but little is known about the consumers who are reaching for it.
New Frontier Data identified a spectrum of archetypes in an effort to better understand their consumption patterns.
What Makes Europe Different?
Although Europe’s cannabis market is still in early stages, the proximity of countries could be instrumental in how quickly it grows. Widespread legalisation could be accelerated due to neighbouring countries lowering the barriers for others—also known as The Domino Effect.
A total of 22 countries have now legalised some form of medical cannabis, while other countries have decriminalised recreational cannabis or have pledged to fully legalise it in the coming years.
There is a 60% to 70% chance that cannabis will be legal across Europe within the next three years, but more research is key to unlocking growth in this market—and that includes gaining a full understanding of what consumers want.
CBD Consumer Archetypes
New Frontier Data identified five CBD consumer archetypes and four non-consumer archetypes, based on their attitudes, beliefs, and experiences. The CBD consumer archetypes are as follows:
- The Exuberant & Intense (11%): As advocates of the CBD movement, this group is devoted to trying different products and spends more than any other archetype in the process.
- The Integrative & Consistent (29%): CBD has become an essential component in achieving a healthy lifestyle for this group, resulting in them consuming it at least once a week and putting them in second place for highest overall spend.
- The Sceptical & Limited (20%): CBD products are used in moderate frequency, but have not been incorporated into this group’s lifestyle as they are generally wary of health claims. However, more information may soothe the concerns of this group over time.
- The Receptive & Reserved (23%): Consuming a narrow range of products in moderate frequency, this group are more comfortable trying products based on recommendations from friends and family. Over time, as more people in their inner circle try different products, they will also gain confidence to follow.
- The Ambivalent & Experimental (17%): This group will not consider purchasing CBD products themselves, but will consume products when they are shared by friends and family. While their beliefs are more conservative, new products could tempt them to make CBD part of their routine.
Interestingly, up to 98% of surveyed consumers claim that CBD has positively affected their quality of life in some way. In terms of product preferences, tinctures/oils are a consumer favourite, with a large portion of people using CBD to unwind.
Less than half of all non-consumers have heard of CBD. While some of them are not open to changing behaviors, others could soon convert to a consumer archetype, provided information and legalisation becomes more commonplace.
- Unaware & Uninterested (43%): Having never come across CBD products online or in store, this group is broadly uninterested in learning more, but may be open to experimenting as the market becomes more regulated.
- Knowledgeable & Primed (28%): This group expresses a strong belief in the benefits of CBD and their curiosity to learn more makes them the most likely group to become consumers in the next six months.
- Informed & Indifferent (19%): A wide exposure to CBD products does not translate to intent to purchase, potentially due to this group’s lack of awareness regarding CBD’s beneficial properties.
- Cautious & Curious (10%): Despite a strong curiosity towards CBD products, they remain apprehensive about the safety and legality of them.
Overall, 34% of non-consumers are curious about trying CBD products—which could yield significant growth for the cannabis industry in the coming years.
A New Successor to the Throne
The recent COVID-19 outbreak has also sparked major discussion around the use of cannabis. Some parts of the world have declared it as “essential”, as consumers use products to alleviate pandemic-fuelled anxiety, which has resulted in a huge sales boost for the industry.
This will likely translate to Europe, where almost half of CBD consumers claim its therapeutic benefits are their primary reason for use.
The reality is that the potential for European cannabis growth is significant, and to achieve this, both consumer and non-consumer motivations should be considered.
Visualizing the Huge Potential of Minor Cannabinoids
While the broader cannabis market is estimated to reach $45B by 2024, we’ve only scratched the surface in harnessing the potential of minor cannabinoids.
The Huge Potential of Minor Cannabinoids
Hemp and marijuana are increasingly recognized for their exciting investment potential.
Due to their growing list of health benefits, the dominant conversation tends to center around the most abundant cannabinoids—cannabidiol (CBD) and tetrahydrocannabinol (THC). As a result, the cannabinoid market is estimated to reach almost $45 billion by 2024.
But CBD and THC are just two cannabinoids out of over a hundred that have been discovered to date. Today’s graphic from Trait Biosciences explores the hidden potential of the lesser-known minor cannabinoids, and illustrates how they fare in comparison to their major counterparts.
Cannabinoids are chemical compounds found in both hemp and marijuana that mimic compounds found in the human endocannabinoid system. This system is made up of a network of receptors that are involved in physiological processes like mood and memory.
When cannabis is consumed, cannabinoids interact with these receptors and produce different effects depending on the receptors they bind to. Although over a hundred cannabinoids have been found, they are not all created equally. They are typically divided into two categories:
- Major cannabinoids: More plentiful
- Minor cannabinoids: Less plentiful
Regardless of whether a cannabinoid is categorized as major or minor, every cannabinoid starts out as a form of CBG.
CBG-A: The Mother of All Cannabinoids
Cannabigerolic acid, or as it is more commonly known, CBG-A, is the acid precursor to other cannabinoid acids such as THC-A, and CBD-A. When the acids are exposed to heat, or prolonged UV light, they convert to neutral cannabinoids such as CBD and THC.
While CBG is regarded as a minor cannabinoid, it boasts a wide range of benefits that are urging researchers and scientists to take notice:
- Fights inflammation
- Soothes pain
- Reduces nausea
- Slows the spread of cancer cells
- Helps treat glaucoma
CBG could be hugely beneficial in treating a wide variety of diseases, but it’s just one of many minor cannabinoids that could potentially blow CBD and THC out of the water.
The Potential of Minor Cannabinoids
To date, there has been limited research into the power of minor cannabinoids. However, the results from preliminary research look incredibly promising.
|Cannabinoid||Type||Examples of potential medical application|
|Major, psychoactive||Parkinson’s disease, epilepsy, autoimmune diseases|
|Major, non-psychoactive||Epilepsy, schizophrenia|
|Minor, non-psychoactive||Metabolic disorders, colon cancer
|Minor, non-psychoactive||Arthritis, neurodegenerative diseases, nausea, appetite loss
|Minor, non-psychoactive||Chemotherapy-induced nausea/vomiting (CINV), depression|
|Minor, non-psychoactive||Fungal diseases
|Minor, non-psychoactive||Crohn’s disease, bowel disease, certain cancers
|Minor, non-psychoactive||Seizure prevention, Rett syndrome, Duchenne muscular dystrophy (DMD)|
|Minor, non-psychoactive||Osteoporosis, ALS, Muscular dystrophy|
|Minor, non-psychoactive||Could inhibit growth of cancer cells, osteoarthritis, neurological diseases
|Minor, psychoactive||Diabetes, anxiety, PTSD
|Minor, psychoactive||Bacterial infections, ALS ,appetite stimulant
Note: Any potential medical treatment listed here stems from preclinical/animal testing only, and is simply intended to illustrate the potential application of each cannabinoid rather than a proven benefit.
Scientists also recently discovered two new cannabinoids—THC-P and CBD-P—with research showing that THC-P could potentially be 30 times more potent than THC.
The Future of Minor Cannabinoids
FDA-approved CBD drug Epidiolex has sparked a rising interest in minor cannabinoid trials.
In fact, the National Institutes of Health (NIH) has committed to providing funding to strengthen the evidence for minor cannabinoids and their pain relieving properties.
Cannabinoids could also add great value to cancer treatment-related side effects, however, more research is needed to turn potential into proof. With the availability of more robust evidence, the potential medical applications for minor cannabinoids could be much greater than we can imagine.
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