High Potential: The Marijuana Market Embraces Technology
It’s not often that you get a chance to build a security technology department from scratch in a rapidly evolving business vertical. But that’s exactly the opportunity that Brandon Smith jumped at in 2018 as Canada was moving forward on fully legalizing cannabis for recreational and medicinal use.
Three years after Canada legalized cannabis, research and market analysis valued the global marijuana marketplace at $13.5 billion in 2021 and forecasted revenue of $70.6 billion per year by 2028. One of the biggest companies in this marketplace is Smith’s employer—Canopy Growth Corporation.
As the director of security technology, Smith oversees a team that has done work in Australia, Canada, Colombia, and Germany to help set up the infrastructure to maintain and secure Canopy’s assets and family of brands.
Securing a cannabis operation that encompasses several U.S. states—and multiple regulatory jurisdictions— with both growing and retail facilities is no easy feat. A robust camera solution and video management system can help.
Modern video platforms can help cannabis businesses leverage their video management system (VMS) as a part of their overall open platform security plan.
The chair of the ASIS Cannabis Security Community shares insights into the state of the industry and efforts to guide operators on making risk management decisions.
A new solution from Speco adds an extra layer of security through 2 factor authentication with facial recognition.
Although many businesses deal with some form of regulation, the U.S. cannabis industry has some of the highest compliance regulations because it is not yet federally legal.