The CBD industry has exceeded all expectations. It is something that has led many to describe the industry as a gold mine. By 2024, the industry is expected to go beyond $20 billion. Cannabis has already found its way to restaurants, health, beverages, pet, and even cosmetics industries. Many CBD companies offer their customers a plus CBD coupon to make their customers happy. It offers the customers a good discount and also gives the customer an incentive to come back.
Technology has played a big role in helping the cannabis industry grow to such heights. Here we will take a look at ways in which technology is transforming the CBD market.
Technology And CBD Industry
In 2019 the CBD market grew by more than 700% in the United States alone. Legalizing CBD products has played a pivotal role in promoting the CBD market.
If you look at how the CBD products have increased in popularity, one cannot help but notice the influence of technology on the CBD market. Here are several ways technology has reshaped the CBD market.
1. Better Cultivation And Growth Environment
Cultivating cannabis is an expensive undertaking. For starters, you need special lighting for the plants to grow properly. If you live in warm areas, then the light is not an issue, but if you live in cold regions, then you need special lighting.
It is especially expensive if you grow your plants indoors. You need to invest in high-intensity bulbs, and they are expensive. However, technology has helped through the introduction of LED bulbs. They are cheap and more sustainable. They also have a wider spectrum. Also, they do not produce a lot of heat, creating ideal conditions for cannabis plants to thrive.
2. Using Artificial Intelligence For Market Research
Big data is the future of any industry, and the cannabis industry is no exception. Companies in the CBD industry are using artificial intelligence to gain insight into customer preferences, product use, and customers’ buying habits. With such data available to those companies, they can know which areas to improve and how to design their products so that they can be helpful and appealing to customers.
Artificial intelligence provides the growers, producers, sellers, and researchers with massive loads of data they can use for scientific and commercial purposes. The data also helps the companies know what their competitors are up to, and in that process, they can also adjust their marketing techniques. Now that data is readily available, CBD companies that use that data stand better chances of making it in the competitive market.
3. Improved Extraction Process
One of the reasons why CBD products are expensive is because of the expensive and labor-intensive process of making them. The CO2 extraction process is the most costly in the extraction procedure.
Most producers use the rosin press to optimize the delivery process. It is an effective process, but through the use of technology, it can be optimized. A typical rosin process applies pressure of 1000 pounds, but a company in Los Angeles is working on a rosin press that will have two times the amount of pressure. It will multiply the CBD production rate by four times.
4. Using Blockchain To Improve Transparency
Most people who use CBD products are very concerned about the contents that are in the CBD products. Some companies intentionally do not disclose the contents of their CBD products. Using blockchain technology, users can trace the CBD products back to the producers and growers.
This will make it possible for users to know where the plants were grown, how the CBD products were processed, and exactly which ingredients are in the products.
A company based in Vermont is already working on the process, which means that soon you will be able to scan your products and access all the information you need. Once implemented, the companies which will adopt this technology will have a competitive advantage over their rivals.
Just like in other industries, technology has played a big role in transforming the CBD market. Using artificial intelligence and other forms of technology will see the CBD industry improve to new heights. The CBD industry is just getting started, and technology will take the industry to levels that you can only imagine.
If you are interested in even more technology-related articles and information from us here at Bit Rebels, then we have a lot to choose from.