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The GovTech company Accela is partnering with data analytics firm NCS Analytics to create a next-generation cannabis regulation system.
Using machine learning, the new technology analyzes data from Accela’s end-to-end cannabis ecosystem — which combines licensing, track and trace and a patient registry — and other key data sources such as banking, taxation and utilities.
Cannabis, one of the world's fastest-growing industries, has presented huge challenges for governments tasked with regulating and licensing new businesses in the sector. Outdated tools and complex regulations often make cannabis regulation a nightmare for government officials.
California Cannabis Regulator: Accela, NCS Partnership Benefits Industry
“This unprecedented level of insight across the industry allows governments to ultimately improve cannabis regulation, cut costs, tame the black market and improve public safety,” according to Accela.
For example, if a cultivator reports growing a specific amount of cannabis, the new system will pull in the amount of water used by the grower and compare it with how much water would generally be needed to produce that quantity of cannabis.
A major discrepancy could mean that product is being diverted to the black market. Regulators will be provided with these kinds of insights, in addition to suggested questions to ask the cultivator when they make an inspection.
The integration could "drastically increase" efficiency and improve both public safety and the regulation of commercial cannabis, California Cannabis Authority Executive Director Cara Martinson told Benzinga.
“We believe this new partnership will offer immense benefits for the state of California and the industry as a whole.”
The CCA partners with NCS in its work with counties across the state and uses Accela as the statewide cannabis regulatory platform, Martinson said.
An End-To-End Regulatory Solution
The growth in the cannabis market continues to put pressure on governments of all sizes to keep pace with an evolving regulatory landscape, Greg Felix, Accela's vice president of strategic solutions, told Benzinga.
“The partnership between Accela and NCS marks the first time that governments will have access to an end-to-end regulatory solution that can meet the demands of the marketplace,” he said.
If and when the SAFE Banking Act becomes law, the tool would be able to discern funds from the illegal market vs. the illicit market and ensure the industry is operating legally, Felix said.
NCS Analytics is joining a "world-class ecosystem" of technologists and innovators who are helping governments navigate the cannabis industry, said CEO Adam Crabtree.
"By integrating our patent-pending technology with Accela's, we believe we’re creating the best all-in-one solution on the market to help governments maximize the benefits of the world’s fastest-growing industry while also protecting their communities.”
See Also: Meet The New, Shopify-Powered, B2B Online CBD Ordering Platform
Photo by Javier Hasse.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
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