After the US government passed the Farm Bill in 2018, hemp products containing less than 0.3% THC managed to receive legal status. Its removal from the controlled substances has resulted in increased demand for CBD products. Hence, companies and farmers are bringing changes in the cultivation and commercialization of CBD products. To meet this high demand and satisfy the customers worldwide, farmers and manufacturers are turning to technology.
Wall Street experts predict that the inclusion of technology can result in the CBD industry reaching USD 90 billion in revenue in the next ten years. Researchers conducted by reputed firms suggest the CBD industry’s growth with the inclusion of technology in the following ways:
- CBD Hemp Farming With Use Of Technology
Technology-driven farming incorporated by the farmers can cultivate CBD to meet the growing demand. The influx of technology through the use of drones can strengthen the future of cannabis and hemp cultivation. For crop management, modern technology can boost the quality and quantity of products such as CBD edibles. Today, companies and farmers access to technological tools to achieve this goal:
- Data management
- Soil scanning
- IoT (Internet of Things)
Using these tools, it is now possible to measure the exact variation within a hemp/cannabis field and adopt a strategy accordingly for better cultivation. Using data, farmers can increase the effectiveness of pesticides and fertilizers used. Drone technology in hemp cultivation can also lower the risks while providing valuable insights to the farmers.
- Use Of Artificial Intelligence In CBD Industry
High operational costs are always a concern for cultivators. Companies are trying to overcome it by using big data. It helps lower operating costs by consuming the resources in effective ways. The CBD industry is making use of artificial intelligence for exponential growth. The use of AI can help the CBD industry grow in the following areas:
Are you wondering how AI can help with these processes? Here is an example for better understanding. Let’s take the example of marketing; AI can gather information on the insights
into the target audience using machine learning, big data, and processes for achieving customer touchpoints. Big data can offer assistance with all marketing processing, including web design, content generation, advertisements, observing market risks, and better customer service.
This data can help scientists and marketers in analyzing commercial trends and use them for scientific reasons. The information available on the internet may or may not have authenticity. By investing in AI, companies can gain valuable information to the CBD businesses to help them gain an advantage over the competitors. It enables the business to stay ahead of the competition by devising a strategy after assessing the market data and customer purchase habits.
- High Tech Extraction Technology
According to the 2018 Farm Bill, hemp oil with less than 0.3% THC has a legal status. It means better opportunities for extraction companies. They need to use an advanced technique to meet the FDA (Food and Drug Administration) requirement. To get high-quality CBD extract, companies now employ CO2 extraction. This supercritical extraction method offers safe and effective results. But, this method is also known for its notoriety. To prevent any hassles, companies now use a rosin press. Rosin press heats and cools the cannabis plant for obtaining excellent compounds. The technique can improve CBD production capabilities.
- Better Quality CBD Products
The technology used by individuals and companies can cultivate more potent strains of cannabis plants. It is a well-known fact that your body absorbs only 10% of the concentrate of any cannabinoid product ingested. With technology, farmers and companies are trying to encapsulate the chemicals present in the cannabis plant. It aims to improve the efficiency of CBD products used.
Encapsulation of cannabinoid molecules can overcome cell membranes. It may ensure the non-filtration of the cannabinoid compound. Hence, the use of technology can preserve most of the cannabinoid compounds during the cultivation of the cannabis plant. With more effective CBD products, consumers may get desired results such as pain relief, ease signs of depression, and so on.
- Include Nanotechnology To Increase CBD Bioavailability
Customers wish for high-quality products that can offer better results within a short time. It is applicable for CBD products. Hence, companies are trying to include nanotechnology to boost CBD bioavailability. Bioavailability refers to the process of how CBD gets absorbed into your bloodstream. It is a process happening on a molecular level. Here, the CBD extracts become reduced to nanoparticles for better results. At nanoscopic levels, CBD binds with lipids and water with ease.
- Adopting Blockchain And Crypto In The Hemp Industry
Hemp/cannabis cultivators and manufacturers are looking for transparent options for payment. Technologies such as Blockchain can come to the rescue as it offers a high standard of transparency, easy payment processing, and quality assurance. It may also overcome issues related to general regulatory uncertainties, maintenance, and storage.
Combining this with associated technologies such as smart contracts and digital currency (cryptocurrency) can help the CBD industry overcome any uncertainty or concerns ahead. Blockchain technology can help CBD businesses process payment, ensure transparency, identity confirmation, and monitor the CBD supply chain (from seed selection to end products) without hassles.
CBD has seeped into the daily lives of people in different forms. The use of CBD has boosted the industry’s growth at a fast pace and will continue to do so in the coming years. Hence, companies and farmers are incorporating technologies for positive results. This innovation-driven industry can perform well and meet the rising demands of customers worldwide.