The cannabis industry has changed significantly in the United States since the substance was legalized in a small handful of states for medical use less than a decade ago. Since then, many of those states have legalized cannabis even further, opening the floodgates for cannabis businesses and growers to revolutionize an industry that now meets in the middle of technology and agriculture. A lot has changed in the cannabis industry in the last decade—let’s take a look back at the old business practices and how they influence and push the new ones, and discuss where we’re headed in the future.
Liability Risk Management
Considering the fact that the cannabis industry is slowly becoming legal in new places every day, when we talk about liability risk management of the past vs current liability risk management in the industry, we’re talking about how far it’s come in states that have legalized the substance fully. In places like Colorado and California, early risks involved with the cannabis industry involved everything from seed funding, pricing, manufacturing, and banking.
Since cannabis is still illegal federally, many banks refuse to let cannabis dispensaries and grow operations keep their money in a secure institution. This led to security risks, as piles of cash would be kept in a safe within the business. However, it also created new opportunities for tech to move in and figure out how to help these dispensaries come up with safer ways to store their money.
These days, certain banks have allowed dispensaries to open accounts within their doors, reducing the risks involved with keeping cash at the business. Technology has also allowed for innovation to build new bridges that connect cannabis and banking, as digital currencies have allowed for safer transactions between the consumer and the market.
Also technically part of liability risk management, worker safety in the cannabis industry has seen tremendous changes since the substance was first legalized in states like California, Colorado, and Oregon for medical use. In the last few years, scientists have been able to invest into studying the impacts of cannabis cultivation in a legal market [https://www.nesglobal.net/marijuana-industry-hazards/]. The agricultural side of the industry hasn’t always been what it is today, but that doesn’t mean it was ever bad. Much of the current worker standards are set by expanding on old practices.
Naturally there are any risks involved with any agricultural endeavor, but more specific to the cannabis industry is the impact of things like grow lights on the human body. While we haven’t been able to see how long term exposure to growers lights can impact human health, studies have shown that regular exposure to UV, IR, and Visible radiation can cause signs of premature aging, changes to the molecular structure, and even culminate in chronic illnesses like melanoma cancer.
Innovations in safety equipment have made it easy to access proper clothing and protection against harmful UV, IR, and Visible radiation. Raywear, the only product on the market that’s guaranteed to protect against all types of radiation, was created with cannabis workers in mind. The fabric is light and breathable, but provides proper protection to keep the body from being exposed to dangerous radiation. Combined with proper eye and headwear, there is no reason that cannabis workers should have to be exposed to light radiation on the job.
From Grassroots Foundations To Luxury Retail
Few things have had more changes in the cannabis industry than the retail storefronts that consumers see. In the last five years alone, cannabis storefronts have gone from grassroots foundations to luxury storefronts reminiscent of your local Apple Store. But it didn’t become that way overnight, and it doesn’t mean that there is no value in grassroots organizations within the cannabis industry.
Grassroots organizations in the cannabis industry allow for people to start their own businesses at a fairly low cost. The value in this is that it incentivizes people of all financial backgrounds to invest in the cannabis industry, making it an accessible form of income for many now that it’s made the transition into the legal market. While there is still a long way to go, the development of cannabis products infused into things like treats, cosmetics, topicals, vaporizers, and even dog treats has pushed overall attitudes about cannabis into a good light.
Naturally, this wouldn’t be possible without other technology innovations that make creating these products easier. But all of these aspects of the cannabis industry—both old and new—have worked hand in hand to change the way the general public looks at the substance as we move toward a brighter, more legal future. The merging of tech with grassroots companies and past business practices allow the old to work with the new. This allows the future of the cannabis industry, in all of its facets, to learn from one another and help the industry grow and flourish.