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Navigating Cannabis Trends & Legislation

09/28/2018

As an established grower or manufacturer of cannabis products, you’re aware of the ever-changing landscape in this complex industry. Look no further than media reports, medical research and pending legislation to demonstrate that keeping up with trends in the recreational and medicinal marijuana marketplace is a daunting task for any business. In an industry defined by changing regulations, the stakes are high to ensure that your company is cost-effectively maintaining compliance. An industry-specific ERP system can be the marijuana software solution your company needs to successfully navigate the continually changing cannabis trends and legislative initiatives.

Current Cannabis Trends for Consideration

With polls showing 61% of Americans in favor of making marijuana use legal and 94% support medical use, legislators are becoming increasingly aware of public support for policy changes in the U.S. as well. Despite resistance from Attorney General Jeff Sessions against federal legalization, public pressure continues to legalize marijuana federally, which could gain momentum.

As support for legalization continues to rise, many states are exploring and introducing bills at the state level to make legalization a reality (or at a minimum reducing jail times for marijuana convictions). To this end, laws regulating growing, processing, distributing and use of cannabis, as well as a method for taxing sales, are developing on a state by state basis around the country. Ballot measures and state legislative action for states will only increase over the next few years, creating new and expanded markets.

Cannabis has become a part of the wellness movement across the U.S., with users looking to its effects for medicinal purposes. This has led to the development of marijuana concentrates in the form of dabs in vape pens, transdermal patches, CBD oils and concentrates and tinctures, just to name a few. Patients with a variety of conditions including Parkinson’s, ADHD, anxiety and depression, pain management, nerve health and others have found benefits in cannabis products. With the increased acceptance of use, along with medical research into cannabis medicinal properties, treating conditions and developing methods for dosing are a continued growth area.

With the diversity of cannabis products increasing, a market for luxury items for cannabis connoisseurs has emerged. These “Premium” products include special strains in limited batches, gourmet products, celebrity-branded marijuana, certified organic or non-GMO and other distinctive products – expanding the variety of inhalable, edible and topical cannabis products in the marketplace. These connoisseurs will continue to drive innovation in products and delivery methods.

How ERP Can Help

A comprehensive cannabis ERP solution offers growers and manufacturers full manufacturing, inventory, quality, sales, financial and reporting integration to automate and streamline operations. The solution provides the ability to track compliance from seed-to-sale with the following robust manufacturing capabilities:

Recipe and Formula Management - Maintain recipe and formulations for multiple products, as well as track version changes. Preserve information regarding raw materials, attributes and formulation instructions to keep products consistent.

Research and Development - Expand to new offerings, product lines and dosing methods to keep up with consumer demands. Maintains testing procedures and results for new extractions, concentrates and other derivatives.

Financial Management - Automate cost control, forecasting and budgeting. The real-time information provides the data you need to improve your bottom line.

Data Security - Maintain your company’s intellectual property with built-in safeguards. Easily configure security features to meet your company’s specific needs.

Regulatory Compliance - Keep up with the many and changing regulations and track THC, CBD and other chemicals to ensure that your company stays on solid legal footing – easily integrate with METRC, BIOTRACK THC, Leaf Data System’s or other compliance software systems.

Seed-to-Sale Traceability - Track your entire supply chain, maintaining audit trails of plant inventories with unique identifiers to monitor movement, costs and quality checks, without gaps in information. Traces buds, flowers and terpenes to meet regulatory-focused reporting requirements.

ProcessPro ERP helps cannabis manufacturers navigate the unique needs of the industry with functionalities that incorporate new technology and innovation to solve common problems in the market. Contact us for a personalized ERP demonstration on how our cannabis software can help you meet your current and future market and regulatory demands.

Tags: erp,Processs Manufacturing Industry,cannabis