The cannabis market is showing explosive growth. This is happening despite the lack of federal legislation in the US that would legalize all forms of cannabis usage nationwide.
For example, the US market for legal cannabis products crossed the $10b mark in 2018, with some bold researchers predicting a market size reaching $100b by the end of the 2020s. The US cannabis market has posted solid double-digit yearly growth the past ten years. This growth trend will likely accelerate as the number of states approving all forms of marijuana usage extends beyond the current eleven states plus Washington DC.
As the market grows, so does regulatory agency cannabis tracking requirements. For example, some states and countries require the cannabis provider to be able to track the product from "seed to sale." That requirement alone means the provider must invest in tracking hardware and software to remain in compliance.
Cannabis package labeling requirements are frequently imposed on the provider by government agencies. In addition to specific warning label contents, some locations also require specific forms of packaging such as re-sealable child proof/resistant packaging, airtight containers, smell-proof bags, etc.
What does all of this market growth and increasing regulation mean to the average cannabis packager? Traditional cannabis packagers that entered the market early are finding the investments required to remain in compliance while keeping up with increasing demand difficult. Packagers that got into the market later tend to take a more business-oriented approach to setting up the processes and procedures necessary to maintain a large-scale healthcare packaging organization.
Many of the recent players in the cannabis market have come from the pharmaceutical market. They understand track and trace regulations, and the hardware and software investments necessary to respond to increasing market demand. Let's look at some of the cannabis hardware and software packaging solutions that provide increased profitability and reporting accuracy.