Cannabis entrepreneurs become more innovative as industry expands
The cannabis industry is undeniably growing. Entrepreneurs, in the hopes of getting the biggest slice of this nascent, $5.7 billion-worth market, are also getting more inventive and innovative. The reason for this is simple: A new market opening means new niches to fill in, and this means virtually anything that can be associated with marijuana.
For instance, taking a trip across Colorado’s cannabis pot trail instantly became a hit just months after the state legalized the weed. In 2014, Colorado Cannabis Tours started to become a household name among marijuana advocates who want to experience the state’s blossoming weed industry. Its core business model is basically providing cannabis-friendly hotels to people who wants to enjoy cannabis-inspired tours across the state, needless to mention a tour bus filled with weed. The success of this enterprise gave birth to competitions, transforming the state into a lively weed-focused tourist destination. Now, the state has seemed to become synonymous with this kind of trade, which is undeniably good news to advocates in states where it remains prohibited.
Non-cultivators are also benefitting from this. Manufacturers are now making their products either marijuana-inspired or ergonomically palatable to weed smokers. But leading the market now are products that transform traditional smoking paraphernalia into science-based-borderline-geeky gears. Elementium Lighter, the company behind Plazmatic X, has now opened two additional factories just to cater to the growing demand for its product. It is wind-proof, water-resistant plasma lighters are the first on the market, and white collar-smokers are liking them.
Genius Pipe also made headlines across marijuana-focused news sites for its “dimple technology” that allows smokers to inhale “cooler” smoke naturally and completely cough-free. It is also cleaner, as it captures tar, a chemical harmful to the human body. This portable, health-friendly tool is actually invented by real geniuses, as behind this are PhDs and engineers who believe that physics is vital in creating innovative and useful inventions.
Tech firms like Flowhub also obtained immense investor attention in 2015 when its seed-to-sale logistic methodologies became a hit among pot growers and retailers. The Denver-based companies successfully disrupted the weed market by helping growers track the weed’s life cycle. This becomes possible through a unique technology called NUG device powered by barcodes, which let farmers scan and download a specific plant’s “growing details” on a mobile phone. It will also provide a detailed data on its transportation, manufacturing, and retail process, giving farmers an overview of their product’s success. Last year it won every major award a tech-cannabis company would dream to earn including Cannabis Product of the Year and Cannabis Company of the Year.
Another disrupter is Med-X, the company that offers research-based products on the market. Its Nature-Cide All Purpose insecticide is designed to give farmers an environment-friendly and health-safe cultivation formula. The product is the firm’s answer to the growing number of dubious marijuana-based and marijuana cultivation-intended products on the market.
What makes Med-X a hot investment entity is its works on spreading awareness of marijuana’s health benefits. Through The Marijuana Times, its media arm, it publishes articles and stories that help in changing the public’s negative notion on the medical plant. Just recently, it started an equity fund sourcing on StartEngine, with the aim of enhancing its research and development enterprise.
There’s no doubt that the innovations we see on the market are still a minuscule slice of its full potential. Certainly, there will be more entrepreneurs to step up when the market becomes federally legal and when trading a weed product is finally more seamless and not interrupted by borders or states criminalizing it.