No marketplace has experienced more explosive growth than the cannabis industry, and that’s a pattern that’s not expected to change as we approach 2020. In fact, it would be hard to find an area in the cannabis space that has not experienced significant change. There are some fields of focus, however, that are of particular significance and are worth noting at the start of the new year. Cannabis ERP helps businesses navigate these trends and successfully manage these changes to remain competitive.
Trends to watch for in 2020 include:
Sales for both recreational and medicinal marijuana will increase in the upcoming year as markets open up in areas where legalization occurs. The cannabis consumer demographic is becoming more diverse as well, with more women and seniors consuming cannabis products in various forms. In addition, expanded product options make cannabis consumption more attractive to a wider audience. These factors, among others, will lead to increased sales in the market. Figures have emerged to suggest that sales could potentially reach 130 billion dollars per year in the not-so-distant future. While sales will not reach this mark in 2020, it does show how quickly the market is growing. Cannabis software provides the integrated accounting features to manage the financial complexities and tax implications of marijuana businesses in order to remain profitable and avoid the negative consequences of regulatory fines, audits and theft – easily managing the complicated and ever-changing regulations and requirements.
Legalization will continue to expand to more states, with public support at an all-time high. Decriminalization initiatives are also popular which provide more measured steps for states than full marijuana legalization. With 2020 as a presidential election year, several Democratic presidential candidates for office have spoken out in support for the federal legalization of marijuana, opening up the possibility for this avenue as well. With the ever-changing regulatory landscape, seed to sale software maintains licensing requirements and manages track and trace compliance throughout the supply chain. An ERP software solution that integrates with regulatory approved bodies such as Metrc, BioTrackTHC and Leaf Data Systems ensures accurate and timely reporting, as well as meeting the latest requirements.
Changing Product Types
As consumer tastes evolve and change, new cannabis products will need to be introduced to the market. Not only will this include expansion of the current edible and beverage products, but the addition of cannabis-infused products not seen previously, such as adult beverages, beauty products, organic options and luxury items – the list is potentially endless. Having robust R&D functionality within Cannabis ERP provides a comprehensive formula and recipe management system that easily maintains production notes, versions and revisions and quality testing history of strains, extracts and formulations – supporting the creation of new products and innovative delivery methods. By providing a “sandbox” environment for the development and testing of new products without affecting current processes, companies can bring products to the market more quickly.
ProcessPro ERP helps the cannabis industry navigate never-ending growth with functionalities that incorporate new technology and innovation to accommodate trends in the market. Contact us for a personalized ERP demonstration of how our cannabis software can help meet your needs in the new year.