The latest figures show that CBD sales to consumers will surpass 1.8 billion dollars by 2022, a notable increase from the half a billion dollars they totaled last year. According to other studies, the CBD industry will reach a shocking US$75 billion in revenue within the next ten years.
Thanks to the 2018 US Hemp Farming Act, which removes hemp from Schedule 1 as long as its THC content is less than 0.3 percent by weight. Changes to hemp class rankings have greatly increased the supply of hemp in the domestic market. It has made hemp farming more convenient for farmers.
Although the CBD industry is expanding, many issues are still to be resolved and overcome to reach maturity and continue to grow. This expansion is one area where tech can provide new and creative solutions for industry players. Recent tech advancements for the CBD industry are beneficial for suppliers and manufacturers and affect how companies create products to maximize profits.
Let us look at some of the technological advances changing today’s CBD industry.
Cannabis Farming Is Based On Modern Tech To Produce CBD
In the future, hemp and cannabis cultivation will be shaped by smart farming tech. Agricultural products’ quality and quantity can be improved using crop management techniques.
The Internet of Things (IoT) involves GPS, data management and soil scanning, all of which help the farming process. Using data to make more selective treatments can vastly increase fertilizers and pesticides’ efficiency by measuring the exact patterns within a field and adapting the approach as needed. The use of drones can also reduce risks and offer valuable insights for those who work in farming. Interested in growing your own weed? Visit Homegrown Cannabis Co. and get started.
The adoption of plant-based sensor tech by Integrated CBD has also made hemp farming more efficient. It is an enterprise-scale provider of quality hemp-derived CBD. Tech like this enhances crop yield and quality by reducing stresses and over-irrigation. In addition to improving irrigation efficiency at scale, it reduces costs and reduces environmental impact. When launching a new brand, it is vital to have the plant of the highest quality.
CBD And Industrial Applications Of A.I.
In today’s economic landscape, big data allows industries to lower their overhead costs and consume resources as smoothly as possible. It also holds for the CBD industry. Many companies are now utilizing A.I. to market, produce, research, and deliver CBD products. In marketing, for instance, A.I. can collect insights about a target audience based on big data.
Machine learning, and other tools, making customer touchpoints more effective. In addition to content creation, web design, ads, tracking market risk, and improving customer service, A.I. aids in all marketing processes.
Aside from marketing, A.I. also improves hemp and cannabis production, from which CBD is extracted and sold. Automated systems used by growers, including light, environmental controls, can easily integrate, read, and instantly transform data. Biotech companies in the CBD sector have also been assisted by A.I.in performing their research by acquiring large sets of data from various sources and predicting future events. By utilizing A.I. and machine learning to analyze these data, companies can deliver products to end-users more promptly and efficiently.
Tech For High-Quality Extraction
The 2018 Farm Bill also creates a new industry market for extraction companies. CBD oil extracted from hemp is no longer considered a controlled substance if it meets the FDA standards. In regards to the purity and potency of hemp CBD oil, the FDA has strict standards.
Furthermore, extractors are focusing on the importance of maintaining FDA quality control and ensuring pure CBD extraction as they add the product to their list. Various states utilize different methods for managing purity, but those concerned with producing the highest quality CBD opt for supercritical CO2 extraction- the most popular and advanced approach. Unlike other forms of extraction approved by the FDA for food, health, and skin products, supercritical CO2 extraction has three major benefits in producing CBD oils.
Due to the no residue and no harm to the environment solvent, the extracted product can be applied and consumed safely. Extractors can choose the compound they want to extract with CO2, producing CBD that contains only small amounts of THC (if any) and meets all FDA requirements. The CO2 extractor is also versatile and offers to work in other fields besides CBD and hemp oil if the future market takes another path.
Blockchain And Crypto In The Cannabis Industry
There were some pain points in the hemp and cannabis industries during the significant strides. Business owners have been concerned for many years about setting a standard of disclosure, maintaining quality, handling and storing payments, and navigating the regulatory maze.
Many people are claiming that the crypto industry is driven by an established digital ledger called the blockchain. It is used to solve multiple issues by both publicly traded companies.
Thousands of small and emerging businesses solve these problems by combining blockchain tech with related concepts such as smart contracts and digital currency. Blockchain can help the CBD industry resolve its current concerns and navigate an uncertain path in the future.Try digital currency at https://homegrowncannabisco.com/autoflower-seeds-usa
There are several ways in which CBD businesses can use blockchain tech, from processing payments and verifying identities to monitoring the entire supply chain from seed to product. The use of blockchain tech in tandem with cannabis businesses will result in an even easier exchange and mingling of each industry’s respective venture capital talents, political activism, and tech skills.
Final Thoughts
As with other industries, the CBD and hemp industries are rapidly transforming due to new technologies. Using A.I., innovation-driven farming practices and other forms of tech will profoundly change the CBD industry. Moreover, the tech will also contribute to the company’s safety, cost reduction, and customer satisfaction.
