As more states legalize medicinal and recreational cannabis, the budding industry is searching for ways to drive efficiency and profitability through innovative technology.
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Businesses face challenges with cannabis still being illegal on the federal level. One difficulty is how some companies in the market are forced to vertically integrate, or control multiple stages of their production process and supply chain. That can mean operating retail stores, building a brand and cultivating product all at once, said Art Minson, president and CEO at LeafLink, a wholesale cannabis platform created to connect brands with distributors.
Minson was in town to participate as a panelist at the recent Generations 2023 conference, which is focused on the fintech and insurtech industries.
Through cannabis tech, such as LeafLink’s marketplace for the industry, companies can more effectively manage their business while also finding their niche, he said.
“Where we want to play is really on that technology piece of it, to really be the technology layer for the industry that makes it run more efficiently and allows for the specialization,” Minson said.
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