As per Statista, CBD sales are expected to boom to over 1.8 billion dollars by 2022, which shows a remarkable rise of over half-billion dollars as projected in 2018. Some studies found that the CBD market is growing to reach about US$75 billion in the next decade.
With the legalization of marijuana products today, technology is playing a significant role in the emergence of the CBD industry, and it is growing faster than companies that are harvesting the plant.
CBD is shrouded with some misconceptions despite its valuable properties, and people wonder will CBD make you hungry or high. The answer is no, and the topic is vast than the scope of this blog.
The 2018 farm bill exempted hemp and marijuana products from the list of controlled substances, and that opened up doors to more commercialization of cannabis. Below are some of the ways technology is helping the industry grow.
How has technology helped in cannabis farming?
Technology has a significant role in cultivating cannabis plants to meet supply demands. Scientists invented revolutionary methodologies and protocols to make effective and fast propagation of cannabis plants.
The technologies ensure that the plants grown by farmers and companies maintain the quality standard so that high-quality CBD products can be procured from them.
Though more research is happening, scientists have developed innovative greenhouse technology to help propagate marijuana and hemp plants under optimal growth conditions.
Improved variants of CBD products
Science and technology have provided companies and individual farmers with better cannabis variants, and this helps in making improved CBD products. To tell you, when you ingest CBD products, only ten percent gets absorbed in the system. Today farmers and companies are leveraging technology to encapsulate components found in cannabis plants to yield efficient products.
With encapsulation, cannabis molecules can bypass the cell membrane barrier and get inside the bloodstream without getting filtered out. Remember that more effective is your CBD product; you get more clients.
How AI helps the CBD industry?
With Big data and the emerging significance of data science, the future of CBD is immense. Using artificial intelligence, you can understand the customer avatar of CBD buyers, their habits, and choices. With that information, companies know what to add and what to remove from their portfolio and help them understand the demand for every product and the market need.
AI also has a significant role in helping scientists gather massive data, which will help them analyze the market trend and make better products or protocols. Today you have a myriad of information about CBD across the internet, but you must know which source is appropriate and authentic. With AI, businesses can be at a more significant advantage than your competitors.
Technology-inspired extraction methods
After planting and harvesting, the cannabis components are extracted following a tedious process for a long duration. Therefore, the entire process makes CBD products very expensive. Today with technological innovations, the extraction process is optimized and used by companies. The rosin press method is gaining popularity with its significance as it helps extract the compounds retaining their nutritious and medicinal values.
With technology, the CBD industry is growing and reaching greater heights. Several scientific types of research are ongoing, and we can expect better CBD products in due time.