While the industry is still within its infancy stage due to enforced international regulations, many countries have moved forward and begun to legalize cannabis for medical use. Compared to the more saturated markets, the cannabis industry is still relatively small, meaning that the rewards for entrepreneurs entering into the industry are potentially large.
Michael Garbuz, Co-Founder and President of Materia Ventures and Founder of High 12 Brands, predicts that technology is going to play a significant role within the developing industry.
Specifically, Garbuz mentions that Canada’s market is less developed than the U.S. despite having legalized cannabis entirely. The U.S. market is more mature than any other international market because select states adopted cannabis legislations as early as the mid-1990’s.
Nonetheless, the integration of technology can help further promote small markets, allowing them to seize some of the global market share.
“A lot of individuals nowadays are working on really advanced technologies to improve and optimize the formulation and delivery of cannabis. We are seeing new technologies that control how quickly you feel the effects, the consistency of effects, and the entire consumer experience. Tech innovation and ongoing R&D are ingredients that the industry needs to continue to mature and grow,” said Garbuz.