Seattle, Washington, Feb. 20, 2019 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- CFN Media Group (“CFN Media”), the leading agency and financial media network dedicated to the North American cannabis industry, announces publication of an article discussing PotBotics. The company is a leader in applying big data to the nascent cannabis industry. With a robust AI platform that aggregates and correlates HIPAA-compliant medical data, the company helps doctors and patients personalize cannabis to better predict treatment outcomes.
Most people have heard of the term ‘big data’, but few appreciate the impact that it has on everyday life. From the ads that you see to the insurance premiums you pay, big data is used to help more informed decisions across all industries. It’s not surprising then that the market for big data and business analytics is projected to reach more than $200 billion by 2020—making it one of the most important growth industries in the world.
Why Big Data Matters
The amount of data generated every day is almost incomprehensible. According to IDC, the total amount of data will rise to 44 zettabytes by 2020—that’s the equivalent of 250,000 Libraries of Congress or 530 million songs every day.
On a national or global level, big data is used by companies and governments to make informed decisions. Companies find prospective customers online using platforms that collect and anonymize demographic information, such as gender, income, interests, and location, enabling highly targeted advertising campaigns. Governments may look at large datasets when making policy decisions to ensure they’re acting in everyone’s best interest.
IDC projects that worldwide revenue for big data and business analytics will grow from $130.1 billion in 2016 to more than $203 billion by 2020, representing a compound annual growth rate of 11.7 percent. Investors may want to pay attention to companies operating in the market given these significant revenue levels and projected growth rates—particularly in industries that are themselves experiencing strong growth.
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Big Data and Cannabis
The legal cannabis industry is projected to reach $146.4 billion by 2025, according to Grand View Research, driven by the legalization of medical and adult-use cannabis in North America and abroad. In the U.S., the legal cannabis market is projected to grow at a 24.9 percent compound annual growth rate between 2017 and 2025. These attributes make the market extremely attractive to growth investors.
Despite these growth rates, the cannabis industry has experienced a lot of challenges. Studies have found that one-third of cannabis strains don’t match their advertised genetics. In particular, many hybrid strains sold under the same name by multiple growers are very different from a genetic standpoint. This makes it very difficult for dispensaries and consumers to know what they’re buying and how it will affect them.
PotBotics takes the guesswork out of recommending cannabis products with a big data approach. By collecting data from cultivation to patient consumption, the company is building the largest centralized hub for medical cannabis insights and correlations. This information is analyzed using artificial intelligence and machine learning algorithms to uncover critical insights for cannabis professionals and consumers.
Physicians can use the sophisticated patient management system to make personalized, science-backed recommendations, as well as communicate with patients. Dispensaries can use the same platform to maintain inventory that’s best-suited for treating a patient’s condition, while educating patients to provide an exceptional experience. Finally, consumers can connect with the strains that actually work for their needs.
Consumer-Level Products
PotBotics plans to further aggregate patient-level data through consumer devices, such as its RYAH dose-measuring vaporizer.
RYAH enables patients to personalize their microdosing regimen down to the ml, while controlling temperature by one degree increments. In addition, patients can save the temperature and dosing that works best for them as a preset for future sessions. The QR-enabled capsules and associated smartphone app let patients record the effect of each session and compare their experience with each capsule.
The data from the device is aggregated using the PotBot app, which is the #1 app in the U.S. App Store when searching for the term “marijuana” with over 180,000 downloads and over 70,000 users. Data from these users is stored anonymously within HIPAA standards and analyzed to produce bi-weekly reports featured on the company’s website and in its bi-weekly newsletters, providing critical insights to industry professionals.
In particular, the database helps show what strains and cannabinoids work best for specific medical conditions, as well as look for more general effects on individuals (e.g. sleep, relaxation, pain, etc.). These data points and insights could be invaluable for researchers, doctors, growers, and other individuals or companies operating in the legal cannabis industry.
Looking Ahead
PotBotics’s product and technology strategy uses pre-existing, fully-vetted, and IP-protected technology adapted and applied to the cannabis industry. With a strong patent portfolio in place, the company has a unique ability to gather and correlate data, creating the world’s first cannabinoid ontology. Since it doesn’t touch the cannabis plant, the company is also free to work in any regulatory environment with significantly less risk than more direct cannabis investments.
Please click here to see an Investor Presentation.
For more information, visit the company’s website at www.PotBotics.com.
Please follow the link to read the full article:
https://www.cannabisfn.com/potbotics-bringing-big-data-to-medical-cannabis/
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