Looking to get a better grasp of compliance and operational efficiency in the legal Cannabis world? Download our latest whitepaper today.
We take a deep look at the costs, metrics, and laws that drive this quickly evolving and diverse industry, in an easy to read format.
An overview of the Cannabis Industry
The world of cannabis is running. As of 2019, 34 states have legalized the medicinal use of marijuana, with recreational use legal in 11 states and the District of Columbia. And in Colorado, the legal marijuana industry totaled more than $1.5 billion in sales in 2018, and is in fact expected to grow by 11.3 percent per year until 2020. In Washington state, marijuana retail sales more than quadrupled from 2015-17 from $250 million to $1.3 billion.
With the ongoing legalization of hemp and CBD, along with other states set to jump aboard in the coming years, the Green Rush is in effect.
But, as with any new industry, growing pains and new obstacles are inevitable. Marijuana still remains illegal at the federal level, creating a dark forest of potential issues. This goes from how local and state governments choose to regulate grow facilities – even including how and why agencies research and select compliance standards – to accessing investor capital, to even creating a reliable benchmark for base product values. With so many different stakeholders eager to pin down better data from marijuana growhouses, this dark forest needs a reliable compass to navigate through to reach higher profits, lower costs, and product quality.
Growing cannabis is a serious business. It has all the classic overhead costs of a production facility, yet requires meticulous care for each product unit from seed to sale to truly access its potential, with the added regulatory and compliance procedures to worry about. Then, there’s the golden question of pinning down a true “Cost per Plant”, and how this metric helps – or hurts – your company’s operations. And, because it’s marijuana, developing relationships with suppliers of services to maintain production can be more than a little challenging.
There’s an old saying that goes “Show me the numbers”, and the more numbers to show, the better. Having lots of accurate and precise data across your company’s operational model can only help, from reducing your supply chain costs, to achieving and surpassing your company’s market goals, to staying in the right lanes for regulatory compliance, even to bring along to important meetings with potential clients or investors. With Quantum Leaf, your marijuana production facility will have the Big Data tools you need to make that leap into a bright, green, future.