How AI's Growing Role Impacts Cannabis Executive Decision-Making
Artificial Intelligence (AI) is revolutionizing the world economy and the cannabis industry is no exception.
Despite its relative novelty, this innovative software is already playing multiple roles, reports Mjbizdaily.
"Data doesn't necessarily need to be handled by IT anymore," said John Hanna, vice president of technology at C3 Industries, a cannabis company in Michigan. "Executives can now type regular questions into a dialog box, and it'll retrieve and build the query for your data."
Hanna says AI democratizes data access. "Any executive – or any person, frankly, in the company – can use AI to ask questions and retrieve information without necessarily having a technical background."
AI Tools for Decision Making
Cannabis executives are increasingly leveraging AI. Tom Regan, CEO of Root & Bloom, a cannabis extraction and product manufacturing company in Salisbury, Massachusetts sees AI as vital for gathering market intelligence, understanding consumer behavior and driving product design and innovation.
Root & Bloom recently started using external AI tools to refine product pricing. Executives ask AI questions like, "What's the next product in our pipeline? Who is the prototypical consumer? Are we designing the right products at the right price?"
AI-Enabled Data Warehousing
C3 Industries is building an AI-enabled data warehouse, consolidating information from sources like point of sale, cultivation and manufacturing. AI will analyze these data sets and anticipate questions.
"If you want it to know sales of all locations within your enterprise, then, if you ask that question, it will reason that you will probably ask for the same data by market, by category of product," Hanna said.
Broader Uses Of AI In The Cannabis Industry
In addition to executive decision-making, AI is making is being used in various areas of the cannabis industry:
- Productivity Enhancement: AI technologies streamline tasks such as data analysis, contract review, and training processes, improving efficiency and saving time, which is crucial for maintaining competitiveness in a rapidly evolving market.
- Production and Environmental Control: AI optimizes cannabis production by precisely controlling environmental conditions, enhancing product consistency and quality. It also supports sustainable practices by optimizing resource use and reducing waste.
- Automation and Precision in Cultivation: AI enables precise control over irrigation, fertigation, and environmental conditions in cultivation, leading to high-quality, uniform cannabis crops. This automation boosts efficiency and supports sustainable practices by reducing labor and optimizing resource use.
- Advanced Cultivation Analytics: Companies are developing AI systems that predict and manage cultivation variables like pest outbreaks and nutrient needs. This predictive analytics allows for better management of cultivation cycles, potentially leading to higher yields and quality.
- Robotic Trimming Systems: Some companies are using enhanced its robotic trimming systems with AI software that significantly speeds up the trimming process while maintaining quality. This technology increases efficiency and opens up potential for other applications like ripeness assessment for various agricultural products.
As AI tools integrate further into the cannabis industry, executives can make more informed and timely decisions, enhancing market responsiveness and innovation. Processes keep getting automated, reducing costs and human errors.
