The marijuana business has evolved a lot since the time of the bags for sale in suspicious vehicles.
As more and more states in the American Union legalize marijuana for medicinal and recreational purposes, the industry is legitimizing itself. That means that state and local governments are regulating and supervising.
Microsoft is one of the leading technology companies to have become involved with the cannabis industry, giving credibility to what is sure to be a thriving business for years to come.
The company collaborates with Kind Financial in developing software for governments to oversee the legal marijuana business and ensure that everyone complies with the regulations.
“Microsoft is helping us support governments with the expansion of cannabis legislation,” said David Dinenberg, executive director of Kind. “They have experience offering platforms for government regulations. This is something that Microsoft does every day with other businesses in other categories. ”
Azure, Microsoft’s government cloud platform, which was designed to comply with the standards of the Health Insurance Transfer and Responsibility Act (HIPAA) as required by the regulations, will be used for this service. government agencies such as the United States Food and Drug Administration (FDA).
Microsoft’s involvement is strictly limited to the governance and compliance part, but Kind’s involvement goes further.
They need to develop comprehensive software to monitor everything from growing and harvesting marijuana plants to their sale in stores. There are tools to manage recipes for preparing marijuana cookies and other groceries, as well as their nutritional value. They created a store where customers can choose their products and pay (usually in cash).
One of the great opportunities for legal marijuana businesses is in regulation.
Although there are now 25 states in which some kind of legal sale of cannabis is allowed, in only nine have monitoring and tracking systems been implemented. Many want to partner with companies to find solutions to manage this controlled substance. The right system could help them know how much is being sold and to whom, the amount of taxes collected, and whether all growers and sellers are complying with the law.
“No one can predict the future when it comes to legalizing marijuana. The only thing that does not bother me to say is that as more is accepted, it will become a highly regulated industry. Also, the backbone of any highly regulated industry is compliance, ”said Dinenberg.
Companies like Kind and its competitors, Metric and NJ Freeway, are looking for potentially lucrative contracts. Alliances with popular companies like Microsoft can help them in the long run.
“We support clients and government partners and help them fulfill their mission. Kind Financial creates cloud solutions from our government to help these agencies regulate and monitor controlled substances and articles, as well as manage compliance with jurisdictional laws and regulations, “Microsoft said in a statement.