Entrepreneurs who are interested in marijuana as an investment are really trying to mix it with technology. Tech investors have been contacting law firms looking for new marijuana technology ideas or platforms. “Product traceability, consumer support, market tracking, commodities exchanges, data support for cultivators and processors — both software and hardware companies” are all looking for ways in order to contribute to the growing marijuana industry. Technology is after all the safer way to do so since they would have a product without being in fear of violating the federal Controlled Substances Act.
Market entry is also easier, not because it is in compliance with the law, but also because some states are looking for regulations that do not deal with marijuana directly and instead strong state regulations that keep tech providers safe. Some examples of services that are absolutely troublesome are the banking, taxation, and fundraising ones. The IRS treats companies that provide services to the marijuana industry much better than the cannabis industry itself. To make things even better, the United States Patent and Trademark Office is more willing to help technologically innovative companies register for a trademark.
Here is a look at some of the innovations people are making. Weedmaps is the very fist and is “[a] free . . . service that maps out local marijuana dispensaries in states across the country.” Next comesMy Canary that through a series of tests can tell someone whether or not they are high. PayQwick is a party platform that allows for one to pay electronically when purchasing marijuana in Washington. Leafly is a site that has been called the “WebMD of marijuana.” It contains information on anything one may be looking for. The final product is called Massroots which is practically an Instagram for marijuana users in Denver. Innovations such as these and more are what keep the marijuana industry booming.
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