On December 10, 2012, Colorado became the first place anywhere in the world to allow legal marijuana sales to anybody over 21 for any purpose. Since then, business has been booming. According to PCMag, the cannabis industry made $5.4 billion in 2015. Legally. That figure is forecast to hit $22.8 billion by 2020. Of course this growing economy needs technology to function. Fortunately, Colorado is a hub of innovation and technology and its community is more than happy to provide it.
So far, several cannabis tech startups and software companies have cropped up, each one with something new and different to bring to the table.
One such company is Flowhub, whose software is being used by businesses to network with growers and dispensary owners, deal with legal issues involving cannabis and track plants through their life cycle. Another is MassRoots, which takes the cannabis industry into the era of social media by providing a social platform for cannabis users and businesses. We’ve taken a look at MassRoots before on our blog. CannaRegs, another tech startup and winner of the Marijuana Tech Startup Competition, provides a database to all laws involving cannabis, making access easier for businesses and users. Tradiv, another startup we’ve covered on our blog, takes the industry online by creating a digital marketplace for cannabis products.
The numbers on how cannabis tech startups are affecting Colorado aren’t quite clear yet. The law legalizing cannabis was passed in 2014, which isn’t enough time to clearly understand the industry, especially when taking long-term fluctuations into account. But with the industry’s current popularity, it does look like it will be attracting more and more entrepreneurs and startups.
“While Twentyseven Global has no current plans to get involved in Colorado’s growing cannabis tech industry, it remains a yet another sign of the innovation that Denver and Colorado are bringing to the tech world.”