Taking Advantage of the Skyrocketing Cannabis-Infused Products Market

Taking Advantage of the Skyrocketing Cannabis-Infused Products Market

The global cannabis beverages market is expected to reach USD $2.8 billion by 2025. This figure should come as no surprise as the Canadian cannabis market continues to rapidly expand and more and more U.S. states legalize the use of cannabis for both medical and adult use. 

This skyrocketing demand for cannabis-infused products is a result of the increasing evidence pointing to a wide range of health benefits associated with CBD and the acceptance of cannabis-infused products by consumers in their day-to-day lives. Industry giant Ocean Spray Cranberries, Inc., for example, has shifted operations to take advantage of this booming market and the negative effects on mental health caused by the COVID-19 crisis by launching a new line of CBD sparkling waters, which touts benefits like “focus and relaxation.”  

With more than 41% of consumers willing to try cannabis in food and beverage products, companies are looking for ways to make the most of this growing opportunity.  

Below, we highlight the ways an industry-specific software solution can help your business take advantage of the cannabis-infused products market. 

Using Industry-Specific Software to Ensure Success 

Cannabis businesses require specific software functionality to streamline their operations, ensure safety and manage growth. This functionality includes seed-to-sale traceability, plant scheduling and quality control features. Cannabis-specific software like an Enterprise Resource Planning (ERP) solution built for the industry comes equipped with the functionality needed to help cannabis companies succeed. 

To take advantage of the growing cannabis-infused market, however, companies looking to manufacture infused products and edibles need functionality from a software solution that merges food-specific requirements with cannabis-specific ones.  

For manufacturers concerned about their ability to comply with demanding international, federal and state cannabis requirements, industry-specific software will help support GMP standards and U.S. state-specific and Health Canada compliance reporting (including CTLS and Metrc) so that they can operate across regions with limited disruption.  

Regulations also require that organizations have comprehensive material tracking processes in place to be able to perform a full recall at a moment’s notice. Using ERP software, manufacturers can easily search for the products and lots associated with the recalled cannabis-infused material, freeze existing inventory, create call tasks to be carried out by customer service representatives and generate letters to be sent out to customers.  

With software built for both the food industry and the cannabis industry, manufacturers gain control and visibility throughout the entire production process, helping to ensure that they are producing quality products while remaining compliant at each step.  

CannaBusiness ERP is designed by cannabis and technology experts and comes equipped with all the functionality needed to run a successful cannabis cultivation, processing or manufacturing business. With years of experience in both the food and cannabis industries, our experts understand the complexities of each industry and how they merge in cannabis-infused manufacturing. To learn more about how CannaBusiness ERP can help your food and beverage business ensure success, reach out to us. We’d love to chat.  

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