The next wave in cannabis cultivation, extraction, manufacturing, formulation, fulfillment, and retail will adopt automation to improve efficiency. Companies with improved efficiencies will be able to provide high-quality products to consumers at lower price points, ultimately gaining more market share and pushing out companies that can not compete at the same price point.
According to Boston Consulting Group, the technologies that will allow for the ‘smart factory’ include the following:
- Additive Manufacturing
- Augmented Reality (AR)
- Autonomous Robotics
- Big Data Analytics
- Blockchain
- Cloud Computing
- Cybersecurity
- Digital Twins
- Human Machine Interface
- Internet of Things
- IT System Integration
- Process Analytical Technology (PAT)
- Quality by Design
- Virtual Reality
Together these technologies create the concept of the ‘Smart Factory,’ a term coined in Germany around 2011. These technologies will reduce the cost and time for product development, enable mass customization, and reduce production costs, all while improving quality. Over the next year, we will cover the areas where the technology is currently being used in the industry, up-and-coming technology starting to emerge, and future concepts on the horizon.
Throughout 2023,8th Revolution will cover each technology in detail and provide examples of how cannabis companies can adopt the technology and the expected economic value.
Editors’ Note: This is an excerpt from our Monthly Playbook. If you would like to read the full monthly playbook and join the thousands of others you can sign up below.
