Many critics thought that the CBD industry would fail within five years of establishment. However, that is not the case. The CBD industry continues to perform above expectations and is beating all forecasts and predictions. Many critics have said that this industry’s value could rise to as high as $20 billion by 2024. Many industries worldwide are now using CBD products, including healthcare, cosmetics, food, and even the pet industry.
The market had a 706% growth in 2019 alone, which is a fantastic feat. This astronomical growth is due to a lot of more people using CBD products both recreationally and medicinally. It is also due to the implementation of fantastic technology into the manufacturing and delivery processes. That said, here are the top five innovations contributing to this tremendous CBD industry change.
1. Artificial Intelligence
Artificial intelligence is a technological innovation that has become extremely popular in many industries. These industries are using artificial intelligence to reduce costs in production and improve business sectors such as research, delivery, marketing, and production. That said, many CBD companies such as Sunday Scaries CBD also use artificial intelligence in this way.
Artificial intelligence is capable of doing all this by collecting information. This information allows you to understand who your target market is, how many people are using CBD, and the profit you’re getting from selling the medicinal substances. Additionally, artificial intelligence helps in the agricultural process involved in CBD production. Accounting for light intensity, temperature, and irrigation is challenging to do as a farmer.
You can solve that by using artificial intelligence to track these environmental factors. Now that all this data is available on the internet, it has helped many farmers understand what kind of weather conditions are best for growing CBD.
2. Technology in CBD Hemp Farming
Apart from AI, there are many other technological products that farmers now use in CBD manufacturing and processing. Some of these technological tools include:
- Drone systems: Farmers now use drones to monitor their plants, no matter where they are. You can be in the comfort of your home and continuously monitor your CBD plants. If anything goes wrong, you would be duly notified, allowing you to address the situation before it gets out of hand.
- GPS allows farmers and manufacturers to track their products to make sure they get delivered to their customers safely.
- There are now ample storage and data management systems that allow farmers to store and manage and store all data they have gotten from growing CBD.
- Soil scanning: Interestingly, technology has now made it possible to use soil scanning products to gauge if a particular piece of land is suitable to grow CBD. This allows the farmer to determine what time is best to grow CBD.
3. Cryptocurrencies and Blockchain in The CBD Industry
Cryptocurrency is an excellent digital innovation that is arguably now one of the leading modes of digital transactions. As you may already know, the first cryptocurrency was bItcoin, and Natasha Sakamoto invented this financial phenomenon in 2008. He wanted this platform to be an alternative to fiat transactions, which would allow faster transactions and an omission of bank-related fees. It runs on the blockchain, which provides smart contracts to ease the business aspect of the CBD industry.
This digital innovation has been instrumental in the CBD industry, easing how many farmers conduct their business. For example, consumers can now purchase all forms of CBD products easily from farmers. In addition, farmers can now use these technologies to process orders faster and maintain a high level of transparency.
4. More Efficient CBD Extraction Technology
CBD extraction has been around for quite a while, but technology has made it possible for its extraction to be more efficient. Hemp contains about 113 cannabinoids, and the two most important are CBD and THC.
As you may already expect, it is pretty challenging to extract CBD from other cannabinoids. Luckily, highly advanced extraction technology has now made it possible to extract CBD from hemp successfully. The most popular form of CBD extraction is supercritical C02 extraction. There are three benefits to using this form of extraction, and they are:
- Leaves no residue
- Allows manufacturers to determine the particular cannabinoid they want to extract.
- It is highly efficient, leaving no hemp to waste.
5. Better Transport Systems
Transportation is something that has been improving steadily for decades. It has helped many industries conduct their business, and the CBD industry is no exception. Now, farmers can transport their products quickly to different parts of the world. Customers no longer have to wait forever to get the CBD products they want.
As highlighted above, technology has been a massive help to the CBD industry. It has eased the process of production, delivery, distribution, and even finances. From the way the CBD industry continues to grow, it leaves little wonder as to whether people would continue using technology in their CBD companies.