The following post was written and/or published as a collaboration between Benzinga’s in-house sponsored content team and a financial partner of Benzinga.
Appspensary is an online ordering platform tailored specifically for marijuana-related businesses. Through Appspensary, companies can create a customized online ordering platform where they’ll have the ability to add, edit or remove menu items, daily specials, merchandise and reward items.
CEO & Co-Founder of Appspensary Jonathan Bachanov joined Benzinga’s Virtual Cannabis Capital Conference to discuss the challenges and solutions to technology in the cannabis industry with three other entrepreneurs in the space.
“At our company, we see that technology is going to be at the forefront of the communication between dispensary and consumer and [we’re] just trying to streamline that as simple as possible,” said Bachanov.
Technology In The Cannabis Industry
Technology tends to move at a rapid pace, especially in the cannabis industry. We see this being even more prevalent as many states have deemed cannabis essential during the pandemic. This caused an acceleration of demand among the industry both in product and technology.
“With COVID, this new world that we’re living in, the wheels are turning a little faster than what we expected,” he said.
Tech companies within the cannabis space have been able to develop software for the industry. This technology is specialized due to the regulatory nature of the space. It’s still yet to be seen how and if this tech will crossover to traditional tech industries.
“Cannabis is very unique when it comes to the way the business is done with the metrics, with the compliance and going into the POS systems,” said Bachanov. “I don’t really see that carrying over as much in other industries. But with certain frameworks and as it gets more leniency on the legalization I feel that there is going to be more crossover of technology.”
As the entrepreneurs spoke on the importance of digitizing the cannabis industry, specific mention was made in regard to cashless payments. In working to streamline the communication between dispensary and consumer, Appspensary’s online platform has been working towards this tech development by providing a fully integrated cashless payment system.
“At Appspensary were just excited to digitize the cannabis industry and do as many cashless transactions as possible.”
The preceding post was written and/or published as a collaboration between Benzinga’s in-house sponsored content team and a financial partner of Benzinga. Although the piece is not and should not be construed as editorial content, the sponsored content team works to ensure that any and all information contained within is true and accurate to the best of their knowledge and research. This content is for informational purposes only and not intended to be investing advice.
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