Estimates vary regarding the potential value of the CBD industry in the next few years. It only broke through the billion-dollar per annum value in recent times. However, some projections suggest it will exceed $75 billion by 2030! Even if such figures are inflated, there’s little question that products such as PureKana CBD oil have become incredibly popular.
The fact that technological change is driving this growth only means that the industry will swell at warp speed. One of the main hurdles preventing a complete CBD takeover is the lack of full federal legalization. If the government ever changes its mind, there is no telling how quickly the CBD market can proliferate.
In this article, we check out three areas where technology is aiding the CBD industry’s advance.
1 – Banking
The federal government still has CBD as a controlled substance. Unbelievably, this scenario places CBD topicals next to heroin in their eyes! Consequently, sellers of CBD and THC products are finding it almost impossible to do business with banks. These financial institutions are concerned that they will get punished by the government if they help a CBD vendor.
Therefore, sellers of the cannabinoid face a tricky situation. How do they make sales online? Where do they store their cash? Fortunately, there is a growing number of CBD merchant processors. These organizations enable sellers of CBD topicals and other products to act similarly to a ‘traditional’ business.
They should offer the following to CBD companies:
- High-risk availability
- Low fees
- Point of Sale availability
- Simple integrations
- Sensible contracts
- Excellent customer service
Top-rated CBD payment processors include USAePay, SMB Global, and Easy Pay Direct. CBD sellers also have the option to use cryptocurrencies such as Bitcoin and Ethereum. However, the crypto market is still incredibly volatile, so it is perhaps best to wait for it to settle.
2 – CBD Extraction
The cannabidiol in your CBD topical is extracted from the hemp plant. The industry remains poorly regulated. The federal government doesn’t oversee it since cannabidiol isn’t a legal substance in their eyes. As a result, it is up to state governments to intervene. At present, few have implemented any kind of regulatory program. This means that practically anyone can create a CBD topical and sell it on the open market.
A company’s extraction method helps tell you a lot more about the likely quality, however. Steer clear of any firm that either doesn’t specify its extraction method or uses a solvent such as butane. Such products are usually very poor quality and may even contain residual solvent.
Food-grade ethanol extraction is a step up. However, many industry experts agree that supercritical CO2 extraction is the best method. The process involves using carbon dioxide as the solvent. The machinery is expensive, but most users believe it is worth the price. You’ll find that CO2 extracted CBD products are typically more costly than anything else.
This is important information since there is little protection for consumers. A 2018 study found that nine of 14 CBD oils tested that were available in Europe had CBD concentrations which varied significantly from the declared amount. Companies that use CO2 extraction tend to also offer third-party lab reports.
3 – Artificial Intelligence
AI-powered technology is a game-changer in the CBD industry. It helps with practically all facets of the manufacture of products from seed to sale. It can assist with the production of the hemp or cannabis plants used in CBD topicals. AI automatically integrates, reads, and transforms cultivation data. This includes automatic irrigation systems and environmental controls, and lighting.
Traditionally, growing hemp plants is a labor-intensive process. However, AI can help nurture plants and detect levels of CBD and THC in the crop. It can also determine if a plant is under stress due to lighting or other factors.
It is even possible to utilize AI in marketing CBD products. It uses big data and machine learning to decipher a company’s target audience. This means more effective marketing with less wasted expenditure. With AI, a CBD seller can improve its adverts, content generation, and web design. It could even lead to an improved level of customer service.
Finally, AI can help further research into the possible health benefits of CBD. It assists scientific teams as they attempt to find out more about the cannabinoid. Even though we knew about it around 80 years ago, it is only in recent times that research into CBD has reached a decent level. AI can help us make up for the lost time by acquiring large data sets and investigating them.
Final Thoughts on How Technology Is Changing the CBD Industry
Industries that hope to grow and thrive must understand the role that technology plays. CBD market experts know this well and are already using technological advances for their benefit. Whether it involves helping to grow healthy hemp plants, extracting CBD cleanly from the hemp, or finding ways to do business with consumers, technology has a massive role.
If you want high-quality products, look no further than PureKana CBD oil. It is a company that welcomes technology as it bids to cement its status as one of the industry’s best and most trustworthy brands.