5 tech innovations that are changing the CBD industry for the better
The following are our top picks for the most significant ways technology is changing the CBD industry for the better.
The CBD market is outperforming all forecasts, prompting many to refer to it as “modern-day gold.” The CBD market is expected to reach $20 billion by 2024 as the wonder-compound continues to break into many industries, including healthcare, cosmetics, food and beverage, and even pet care. And, if we take into consideration how the industry has evolved over the last few years, these figures seem to be more than realistic.
Just in 2019 alone, the CBD market registered a 706% growth, following the fact that many countries started looking into the legalization of cannabis for medicinal and recreational use. And while we do have to wait some more until medicinal cannabis is legal in all countries, its non-psychoactive cousin, CBD, is already legal in many places throughout the world.
With the growing popularity of CBD goods, one cannot help but note one factor that is constantly changing the market into something better – technology. If you think about it, this is what technology does with each and every industry, so why should CBD be any different?
If you’re interested in how technology is improving the CBD industry, look no further. The following are our top picks for the most significant ways technology is changing the CBD industry for the better.
Improved methods of growth and cultivation
Cannabis plants are very costly and difficult to cultivate, especially due to the fact that they need a specific type of light for proper growth. While this is not a concern in warm climates since the plant will get all of its light from the sun, companies that cultivate plants indoors must invest in costly equipment, primarily high-intensity discharge bulbs, to provide the environment these plants need for growth. These bulbs are not only costly, but they also have high energy consumption levels.
Luckily, technology reveals a more inexpensive and environmentally friendly alternative: LED bulbs. Yes, you have heard correctly, LED bulbs are not suited just for homes and warehouses, and they can also benefit hemp and cannabis growers. Aside from being cost-friendly, these bulbs also provide a wider light spectrum and produce less heat, allowing growers to have better control over room temperature and regulate it. If these bulbs are used in conjunction with directional lamps, light can be more directed when it is needed more precisely.
Making CBD production less costly
It is no secret to anyone that CBD products can be very expensive, but this is due to the lengthy and costly process of manufacturing them. The CO2 extraction process is one of the most difficult to master when it comes to producing CBD.
To extract CBD from the plant, a rosin press is used. The press heats and cools the substance very quickly, and although the technique has proven very useful, it could be improved. One such press applies 1,000 pounds of pressure, but researchers are working to develop more powerful machinery.
A Los Angeles-based company is currently in the process of developing a rosin press that promises to apply 1,900 pounds of pressure, nearly twice as much pressure as current options. By doing this, the company believes it can help quadruple CBD production.
Developing user-tailored products
Since each person is unique, 5mg of CBD will almost never have the same effect on two individuals. This is due to differences in our individual biochemistry, which affects the way we process some ingredients. This means that, since people respond to CBD in different ways, it can be difficult for them to find a product that works for them.
The solution to this issue is CBD products that will be biochemically-tailored for the user. By understanding how a person’s body responds to different cannabinoids, CBD companies can develop individualized products that are more efficient.
As the experts from PureHempFarms.com point out, the market is saturated with products that are of questionable quality and people buy them precisely because they don’t always know which type of products suits them. If customers come in contact with reliable companies that not only sell the right products, but can also help them find out what they CBD needs are, they are sure to be more confident in these brands.
Improving transparency through blockchain technology
Consumers have the right to know what is in the CBD products they buy, but in some cases, companies can purposely withhold some details.
Using blockchain technology, CBD products can be traced back to the farms that grow the plant and the manufacturers that produce these products, revealing useful information to the consumers. This way, they could learn the place, date, and process of production, as well as the full list of ingredients used to make the product.
A startup in Vermont is already working to make blockchain integration possible, meaning we may soon be able to obtain relevant details about a certain product’s origins and production by simply scanning it. If they manage to make this technology readily available, it could aid the establishment of a new industry standard. In time, as people get accustomed to these standards and start looking for companies that meet them, these brands will be able to use this to gain substantial competitive advantages.
More accurate market research with Artificial Intelligence
It is no secret that big data plays a very important role in any industry, CBD included. CBD businesses can learn how to better develop their products by gaining access to insightful information about product use, customer preferences, and buyer behavior using Artificial Intelligence and big data technology. This helps them to make their products more attractive and useful to customers.
CBD researchers, manufacturers, and retailers will be able to use Artificial Intelligence to gain access to large amounts of data so that they can analyze it for both scientific and commercial purposes.
This will reveal more information on CBD use, allowing businesses to gain useful data about the market and their competitors, resulting in more informed marketing, sales, and branding decisions. With this type of data becoming readily available, companies that employ a data-driven approach now will have a greater chance of thriving in a market so competitive.