Few global industries are as exciting from an emerging technology standpoint as the international cannabis industry. The legal cannabis industry is made up of several sectors and subsectors, almost all of which are harnessing technology in some way.
As the cannabis industry continues to expand to new jurisdictions and grows in size and scope in established markets, technology will continue to play a dominant role in driving the industry forward. That will, in turn, increase the overall market value of the overall cannabis technology sector itself.
According to a recent economic analysis by Research and Markets, the global cannabis technology market will experience tremendous value growth during the rest of this decade.
“The global market for Cannabis Technology was estimated at US$6.2 Billion in 2024 and is projected to reach US$23.7 Billion by 2030, growing at a CAGR of 24.9% from 2024 to 2030.” Research and Markets stated in a press release.
“The rapid expansion of the legal cannabis industry has created a surge in technological innovations aimed at optimizing cultivation, processing, and distribution. Advanced cultivation techniques, automation, and data analytics are enhancing efficiency and product quality across the supply chain.” the press release also stated. “Additionally, compliance-driven technologies such as seed-to-sale tracking systems are helping businesses meet regulatory requirements.”
The use of artificial intelligence will play an increasing role in the cannabis industry, from using it to help optimize cultivation operations and identify pests and disease faster, to using it to help with market data analysis and gaining other industry insight.
“Pharmaceutical cannabis companies are leveraging advanced extraction and formulation technologies to develop high-precision cannabinoid medications. The retail sector is also rapidly adopting cannabis-specific e-commerce solutions, digital payment systems, and AI-based inventory management to enhance customer experiences and business operations.” Research and Markets stated.
Cannabis technology involves a laundry list of things, not the least of which is cannabis consumption gadgets and devices. A standard component of adult-use legalization is permitting adults to consume cannabis, and consumers will no doubt continue to look for new and fun ways to do it.