Let’s Talk About Cannabis
Cannabis is a globally known for both its recreational and medical uses. But little is known about its benefits in the food industry. In areas such as California, cannabis is being used as an alternative for cooking oils, tea, and even seasoning (1). So, with its multiple uses, is the cannabis market going to be a global superstar in the future? Well, according to our sources…yes!
Driven by increased research and development of cannabis in the medical field as well as a growing acceptance of the plant in the global community, the cannabis market is projected to grow at a compounded annual rate of 30.7% and be valued at around $39.35 billion USD by 2023 (from around $10.31 billion USD in 2018 alone) (2).
And according to Arcview and BDS Analytics, an ease in the regulatory conditions surrounding cannabis could allow global spending on the plant to reach around $32 billion USD by 2022, showing a 150% growth from 2018.
So maybe the cannabis industry isn’t so small after all. Perhaps, people underestimate just how accepting governments have become with regards to it and its potential uses in society.
With the cannabis industry expanding, it only makes sense that methods to grow it more efficiently are increasing in number too (3). Innovation is occurring at all stages of cannabis cultivation and production, from making the plant disease-resilient to growing it without any impurities. Here are just a few examples of the innovations that could shake up the cultivation and processing aspect of the weed market.
There are a number of innovations occurring in the cannabis industry, most of which are aimed at cultivating the best possible product. Root Zone Temperature Optimization (RZTO) is a technology developed by a company called Root Sustainable Agricultural Technologies or, more simply, Roots (3).
RZTO technology heats the plant’s root zone in winter and cools this area in summer in order to maintain an ideal root zone temperature all year round and produce the perfect crop.
As a result, the company reports to have increase the harvest yield of their cannabis flowers in California by 40% (3). In addition to Roots, two more companies, Front Range Biosciences and Bloom Automation, developed machines which can grow a completely disease-free cannabis flower and perfectly trim cannabis flowers without damaging them.
Last, but not least, Radient Technologies have developed a rapid, temperature-controlled extraction method which provides perfectly controlled heating of the plant’s biomass to create a more efficient extraction process. It’s something along the lines of an automated greenhouse, specially made for cannabis!
In the medical sector, Syge has produced an inhaler specifically for the delivery of medicinal cannabis for those suffering from epilepsy, Alzheimer’s disease and Glaucoma!
Cannabis isn’t perfect but it sure can be a source of relaxation and medical support when needed. Slowly the world, in hospitals and kitchens, is beginning to accept this and it might not be long before we see cannabis being used regularly around us.
- Intro-Blue, LLC Investment Research “Cannabis Industry Primer: Growing Like a Weed” published on May 23, 2019
- MarketsandMarkets, “Global Cannabis Market Size, Marijuana Industry Growth Report, 2023”
- NORTON ROSE FULBRIGHT, “Agri-tech developments in the cannabis sector: Do you have a Culture of IP?” published on February 2020
Illustration: Adobe Stock, Pexels
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