Advances in technology are bringing the consumer the best experience possible while still keeping all the back-end bells & whistles legally sound. Here are some other ways it’s changing the canna-industry.
Green Market Report asked some of the top technology leaders in the cannabis industry for their thoughts on how tech is changing the cannabis world. Here’s what we learned.
“Technology in every industry has enabled advancement to happen faster, and the cannabis industry is no different. Due to the fragmented regulatory environment, we knew remaining compliant would be a real challenge for businesses, but one that could be addressed through the creation of advanced technologies. We set out to take what was previously an archaic way of approaching compliance and developed software that would help cannabis entrepreneurs save time and money, drive efficiencies and create new opportunities. Beyond owners and operators, we also see technologies playing a vital role in how governments, regulatory bodies, insurers, cannabis-related banking and financial institutions also remain compliant under FinCEN Cannabis Banking Guidance.
“Whether it’s POS, data, commerce, social networks or compliance, technology continues to allow the industry to solve some of its most challenging problems while accelerating growth at a rapid rate. As Simplifya enters the multi-million dollar banking, financial and payment-related services sector, we plan to debut new software and advanced technologies that automates and simplifies mandated complex processes necessary to keep the industry moving ahead in a compliant way.”
Marion Mariathasan is the CEO of Simplifya, the cannabis industry’s leading regulatory and operational compliance software platform. The company’s suite of products takes the guesswork out of confusing and continually changing state and local regulations. Featuring SOPs, badge tracking, document storage, tailored reporting and employee accountability features, the company’s Custom Audit software reduces the time clients spend on compliance by up to 45%.
Marion is also a serial entrepreneur who has founded or advised numerous startups. He is an investor in 22 domestic and international companies, four of which he serves as a board member: Ceylon Solutions, a cannabis and non-cannabis software development company; Leafwire, the largest cannabis social network; ilios, a relationship app that matches users based on characteristics derived from astrology and numerology algorithms; and Simplifya. Marion is a regular guest speaker at events such as Denver Start-Up Week, Colorado University’s program on social entrepreneurship, and the United Nations Global Accelerator Initiative.
“In the cannabis sector, digital consumers are in the driver’s seat. We believe technologies will continue to play a critical role, and that by taking the time to implement research, data and digital technologies, we have a competitive advantage. By constantly studying trends data, we foresaw that the digital and physical retail convergence would accelerate with the rapid growth of home delivery and express channels. Early on we were focused on ways to remove friction, build trust, and fine tune the entire customer experience. We use research data and technology-based omnichannel strategies to seamlessly serve the needs of the widest range of customers, and that really goes to the core of our ethos of improving peoples’ lives.
“At a higher level, we’ve also integrated our data sources and spent time building out a custom data warehouse. This has not only helped us break down information silos, but has also allowed us to understand the business and our customers much more holistically. We plan to keep evolving with new technologies and programs that drive efficiencies in our retail experiences and operations. I’ve always been a big advocate for technological solutions — none of this would be possible without it — so for us, tech will be a priority for the future of Jushi and instrumental in defining the entire cannabis sector.”
In his role at Jushi, Dre and his creative team are charged with leading Jushi’s creative, marketing and communications efforts as well as ensuring the company’s successful entrance into e-commerce, cutting-edge digital user experiences and his efforts have already brought a tremendous amount of added value to the company and its share-owners.
Dre is a serial entrepreneur who has founded numerous successful creative and technology companies and is a disruptive thinker, who before joining Jushi, served as the creative director and head of content for Idean, a leading global design agency that creates powerful digital experiences and uses design as a strategic tool to transform companies. He founded a partnership with British multinational communications and advertising agency network with 114 offices in 76 countries and over 6,500 staff, Saatchi & Saatchi UK, where he implemented creative strategies such as launching a branded content unit called Gum in an effort to reach more young people, who are increasingly tuning out traditional advertising.
In addition to being a known and respected leader in the creative and technology arenas, Dre is known for his photography and work with artists such as Queens of the Stone Age, Iggy Pop, Foo Fighters, ZZ Top, Lenny Kravitz, and many others. He has also been cited as one of the world’s top rock photographers and will be featured in an upcoming documentary on Amazon scheduled to premiere in early 2021.
“The cannabis industry is adopting native and cloud technologies at an ever increasing rate. Computing power has increased exponentially (at an affordable cost), so we all have supercomputers on hand, which helps development teams tackle AI/ML problems, predictive analysis, user segmentation, early fraud detection and more. Technology also has added tremendous value in the form of agri-tech, cloud evolution, and data science for improving this industry as a whole.
“At springbig, we are leveraging technology to push the limits and capture trends that help our merchants achieve goals above and beyond 100%. The spingbig platform provides the ability for our partners to be in constant contact with end users. We have other offerings that provide numerous opportunities for improvement of user experience, instore, e-commerce and omni.”
Navin is the CTO of springbig, a leading provider in customer loyalty and text message communications solutions for cannabis retailers and cannabis brands. Founded in 2017, springbig offers a single source of truth CRM that becomes the database of record for in-store and online customers that captures key purchasing and behavioral data and seamlessly integrates with existing dispensary POS and eCommerce systems. Navin has over 15 years experience in software engineering including leading a team of 100 engineers at Verifone, one of the world’s largest multinational payment processing and POS solution providers. In his time at Verifone, Navin crafted solutions for blue-chip brands including McDonalds, YUM Brands, and Visa.
Navin is recognized as a data-driven leader and problem solver who is able to streamline the software engineering delivery and QA process through advanced systems automation and project management, reducing time to delivery and aligning various IT sub-departments into a common system that speak the same language.
“As a fintech company in the cannabis space, we can wholeheartedly say that technology is shaping the future of the industry with the consumer at the forefront of the conversation. From convenience to compliance, and now even our credit payment option with loyalty points, advances in technology are bringing the consumer the best experience possible while still keeping all the backend bells & whistles legally sound.”
Cathy Corby Iannuzzelli is a payments executive with extensive experience in prepaid, debit, credit, and emerging payments and broad and deep knowledge of issuing and acquiring sides of the market. In 2019, Cathy joined KindTap, a fintech company with a team that was focused on the same cannabis payments problem she spotted a few years back. Together in September 2021, they formally launched KindTap and are the first company to bring a credit payment option to the cannabis industry.
KindTap launched first to the Massachusetts market and will hit multiple US markets, including Florida, Maine, and New York by the end of 2021, bringing consumers immediate, revolving credit lines for upfront cannabis purchases and allowing merchants to seamlessly accept digital credit payments. About 3 years ago while working for a client in Denver, Cathy became aware of how broken payments were in cannabis. Broken isn’t even the right word – payments simply didn’t exist in the cannabis market. Cathy’s pioneering spirit kicked-in and she refocused her consulting to the cannabis segment.
“Our goal at Jane has always been to provide value for the entire ecosystem; we want customers to make informed purchasing decisions, and we want sellers to succeed. As the largest e-commerce platform in North American cannabis, the digitization of the industry has allowed us to keep the industry in line with the mainstream, allowing shopping for cannabis to be as accessible as shopping online for everything else in the world, all while ensuring an even playing field for brands and dispensaries.”
Socrates Rosenfeld is the Co-Founder and CEO of Jane Technologies. Socrates began using cannabis as a way to re-acclimate to civilian life upon return from active duty, but found himself questioning the origins of cannabis since it was illegal at the time. Fast forward to today and Socrates is now the founder and CEO of Jane Technologies- the e-commerce solution for legal cannabis retailers and brands. He holds a B.S. in Leadership & Management Studies from the United States Military Academy at West Point Academy and an MBA from the MIT Sloan School of Management. He is a U.S. Army Veteran and previously served as a commander of an Apache helicopter company.