Imagine a massive,$27 billion (and growing) industrythat cant use everyday, traditional consumer infrastructure.
What do you do?
How do you solve for the lack of industry infrastructure?
Sergey Nivens - stock.adobe.com
You start from scratch.Cannabisis a complete green field.
The industry is busy building from the ground up.
This didnt even exist a decade ago.
to the retailer to its final purchase by a consumer.
No one is starting with scale.
Theyre all starting with a brand-new product that they release to market and then build their customer base.
Not only is everyone building from scratch but the actual state markets are starting from zero.
Some will come online later and learn from what other states have done.
But theyre truly trying their own thing and seeing if it works.
The best product gets to win, which isnt always the case in other industries.
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Take payments, for example.
On the flip side, thats also brought more innovation out of some of these traditional institutions.
Take financial services bankers have to be really creative to comply with their regulators requirements.
That can be a lot for organizations that dont typically have much flexibility or innovation at their core.
As technology and business processes mature, theyll start to move into traditional retail.
It might start with some of the platforms that analyze and identify potential risk and fraud.
Be on the lookout for those better ways to come into our traditional everyday experiences before long!
