Marijuana and Artificial Intelligence: A “Joint Effort”
The Terminator [cue an Austrian accent]: “My CPU is a neural-net processor; a learning computer. The more contact I have with humans, the more I learn.”
As Big Tech releases its latest quarterly operating results this week, a salient trend is getting reaffirmed: Artificial intelligence (AI) is driving massive growth in revenue, profits and share prices in the tech sector, and it will continue to do so, far into the future.
The AI mania that we saw earlier this year has (not surprisingly) cooled somewhat, but it remains a multiyear megatrend that’s poised to accelerate in 2024.
AI is transforming our daily lives. Why should marijuana be an exception? AI has emerged as a game-changer in the cannabis industry, affecting the cultivation, marketing, and sale of legal marijuana. AI also is boosting the efficacy of research into cannabis-related drug treatments.
I’ve covered the nexus between AI and pot in previous articles. A slew of companies are melding AI with the myriad aspects of monetizing marijuana.
As tech sector earnings hit the news wires in the coming days, it’s time to reexamine the ways in which AI is influencing the cannabis industry and reshaping its future.
Cultivation: The green thumb of AI…
Cultivating cannabis is an intricate process, by which small adjustments can significantly affect product quality and yield. AI-powered systems enable growers to streamline their operations and produce higher-quality crops.
Environmental Control: AI-driven environmental control systems use sensors to monitor temperature, humidity, and other factors critical for optimal plant growth. These systems can make real-time adjustments to create the ideal conditions, leading to better yields and consistency in crop quality.
Predictive Analytics: AI models can analyze data from previous crop cycles to predict the best planting times, harvest windows, and even the strains that are most likely to thrive in a specific environment.
Disease Detection: AI-powered cameras and sensors can identify early signs of diseases, pests, and nutrient deficiencies in plants. This allows growers to take corrective actions promptly, preventing crop loss.
Nutrient Management: AI can precisely regulate the nutrients and water provided to the plants. By fine-tuning the nutrient intake, growers can optimize plant health and maximize yields.
Labor Efficiency: AI-driven robotic systems are being used to automate tasks like trimming, harvesting, and pruning, reducing labor costs and increasing efficiency.
Marketing: Capturing mind share…
In marketing and branding, AI is redefining how legal marijuana is presented to consumers, creating a more personalized and data-driven approach.
Personalized Recommendations: AI algorithms can analyze user preferences, browsing history, and purchase data to provide personalized product recommendations.
Compliance Assistance: AI can help dispensaries and brands stay compliant with ever-changing regulations.
Market Research: AI tools can process vast amounts of data to identify market trends and consumer preferences.
Chatbots and Customer Support: Chatbots are being used in the industry to answer customer queries, provide information on products, and even assist with the ordering process.
Sales: Smoother transactions and compliance…
The sale of legal marijuana involves various regulatory hurdles that must be navigated while ensuring a smooth and secure transaction process.
Point-of-Sale Systems: AI-driven point-of-sale systems can handle everything from age verification to inventory management. They help dispensaries stay compliant with state regulations while streamlining the customer purchase experience.
Payment Processing: AI-driven payment processing solutions can identify high-risk transactions and reduce the likelihood of fraudulent activities, a common concern in cash-heavy industries like cannabis.
Inventory Management: AI can optimize inventory by predicting demand based on historical data, allowing dispensaries to avoid overstocking or understocking products.
Compliance Automation: AI can monitor inventory and sales data to ensure adherence to legal requirements. In case of discrepancies, AI systems can issue alerts and automate reporting to regulatory authorities, minimizing the risk of fines and legal issues.
Drug research: targeting chronic diseases…
The search for new marijuana-based drug treatments is one of the hottest areas in biotechnology, a trend fueled by AI (see the following infographic):
Source: The Business Research Company
AI leverages machine learning, data analytics, and automation to streamline various aspects of drug development. AI is proving adept at pinpointing the many cannabinoids that can treat chronic ailments, notably cancer.
AI accelerates the initial phase of drug discovery by rapidly identifying potential drug candidates from vast databases of chemical compounds. Machine learning algorithms can predict the biological activity and safety profile of these candidates, saving significant time and resources that would have been spent on trial-and-error experimentation.
Moreover, AI enables researchers to analyze and interpret complex biological data more effectively. It can mine clinical datasets, uncovering hidden patterns and potential drug targets. This data-driven approach helps in the selection of the most promising drug candidates and their optimal dosages.
As 2024 unfolds, we can expect further innovations, such as AI-powered genetics and breeding to develop new strains, and blockchain integration to provide transparent and secure supply chains.
As I’ve just explained, the influence of AI on the marijuana industry is a phenomenon that presents once-in-a-lifetime investment opportunities.
But you must be selective. Some pot stocks will make investors rich; others will crash and burn. That’s why you should consider my investment service, Marijuana Profit Alert.
Marijuana Profit Alert provides specific, actionable advice on the best investments in the psychotropic revolution. For details about the highest-quality pot stocks to buy for 2024 and beyond, click here now.
John Persinos is the chief investment strategist of Marijuana Profit Alert.