FinancialBuzz.com’s latest Buzz on the Street Show: Featuring Our Corporate News Recap on “Nerds On Site Secures First Cannabis “IT” in a Box Customer”
Nerds on Site Inc. (CSE: NERD) (QTCQB: NOSUF), a mobile IT solutions company servicing the SME marketplace, having introduced Cannabis IT in a Box, the “Go To” solution, delivered, installed and serviced for SME businesses in the cannabis industry last week, announces its first customer for the solution – Northern Lights Supply retail operation in Alberta.
Nerds on Site, a company founded in 1995, specializes in providing cost-effective, leading-edge solutions to Small and Medium-sized Enterprise (SME), serving as the complete SME IT solution specialists. Nerds on Site was established in London, Ontario with current annual revenues of approximately $10,000,000. The company services over 12,000 clients per year with a superb 96.5% customer satisfaction rating.
The cannabis plant has recently seen a widespread growth in popularity and even though the plant is still considered illegal in most countries, a handful are moving towards legalization. Most of these countries are legalizing cannabis for medical purposes, while some are looking to legalize it for recreational use as well. Cannabis is commonly stereotyped as a psychoactive drug, due to its tetrahydrocannabinol or THC makeup. However, as research and clinical trials have progressed over the past few decades, consumers have noticed that the plant is much more versatile and not for just getting “high.” Now, researchers have been able to link cannabis to the treatment of certain medical conditions. Additionally, more and more companies and entrepreneurs are entering into the cannabis space in an effort to offer consumers medical cannabis treatments. While the use of cannabis is more readily available for medical applications, there is still a large recreational market, particularly in the U.S. and Canada. The recreational sector of the cannabis industry is still heavily regulated, but many countries have moved to decriminalize the plant, allowing its denizens consumption in moderate amounts. The shift in regulatory enforcement regarding cannabis is also influencing other countries to explore opportunities within the industry. According to data compiled by Mordor Intelligence, the global cannabis market was valued at USD 7.7 Billion in 2016 and is expected to reach USD 65 Billion by 2023. Additionally, the market is expected to register a robust CAGR of 37% during the period.
The development of the cannabis industry has introduced various public and private sectors into the marketplace. Companies related to banking, finance, law, food, security, and even technology have expanded outward and into cannabis. In particular, the technology market has come into focus because of the large role that it can play within the industry. Now, multiple technology companies are developing e-commerce platforms for cannabis consumers, while some are integrating blockchain technology into operations. In addition, the information technology market is also beginning to play a major role in the cannabis industry as well. Information technology is often used in the cannabis industry to provide platforms such as seed-to-sale tracking for growers and retailers, ID scanning for buyers, databases for customers, and digital marketing for both businesses and consumers. Established and large marketplaces such as Colorado and California have already integrated various examples of this technology and these two states are the largest revenue drivers for the global cannabis market. The integration of technology allows dispensaries, retailers, cultivators, and distributors to keep track of their operation, allowing them to operate fluidly and effectively meet demands. “This harnessing of an information technology to track the cannabis market is key to Colorado’s forceful march towards creating a thriving legal marijuana industry. Crucially, the state’s ability to use tracking and Big Data could provide a reference point for other jurisdictions interested in the regulatory potential offered by tracking,” according to Daniel Martinez, Dane Pflueger, Tommaso Palermo and Daniel Brown, associates at HEC Paris Insights.
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