The CBD industry is no longer a hippie selling homemade oils extracted from his garage. CBD is no big business. The entire industry has the potential to rake in over 22 billion dollars by 2022. This means that companies can incorporate new technology to innovate on every level of the industry.
As more people are turned on to CBD oil, demand grows. The need to use cutting-edge technology is necessary for businesses to stay competitive. We have reviewed the latest CBD industry news and are here to review the new cutting-edge technologies that are changing the game.
CBD Technology
The industry has shifted in recent years. Cannabis is no longer grown to just get users high. Chemists and botanists have revolutionized farming by creating strains that are high in CBD and low in THC. This shift happened in a blink of an eye. It is truly impressive how fast farms reacted to the CBD boom, producing strains that are compliant to be sold online and be used in CBD production.
This feat wasn’t easy. CBD technology was necessary to adapt to the changing market. We expect the industry to continue on this path. For instance, CBG is a cannabinoid that is rising in popularity. Most hemp plants cyclize the CBGa into THCa or CBDa by the time of harvest. Cutting-edge technology and incredibly smart cannabis botanists have learned to create strains that keep the CBGa so manufacturers wanting CBG oil to have enough to turn a profit. Otherwise, the amount of CBG would be too low and drive costs to unsustainable levels.
Utilizing AI and automation in the growing process is already being applied to CBD farming. Big data can identify weaknesses in grow operations and expose areas that need to be improved upon. Automation is also much more efficient in detecting possible risks much faster than a human.
Manufacturing
Using automation and AI is essential in any manufacturing business. The CBD industry is no different. Producing CBD oil on a large scale requires reading temperature and pressure data on a massive scale. Using automation allows companies to find the most ways in production and helps them cut costs, save energy, and stay competitive in an overcrowded market.
Payment Processing
Processing payments continues to be a challenge in the industry. Banks don’t want to hold CBD money and payment processors charge upwards of 10% per transaction. High tech CBD companies are looking at other options. As cryptocurrency becomes widely adopted, a blockchain-backed payment solution may be the best option for CBD businesses.
Tracking Potency Tests
Specific CBD tech has a huge opportunity in tracking 3rd party lab tests. The ability to see the COA confirming cannabinoid potency is important to most CBD consumers. A seamless solution that easily communicates that a CBD product has the advertised amount is legitimate.
A system available on the blockchain could go further in verifying if the test is authentic. Currently, users rely on an image presented on the webpage of the product. Further verification could increase trust between the consumer and the organic CBD brands.
The Future of CBD
We expect the future of CBD to incorporate more technology. There are many CBD-specific challenges in the industry regarding farming, manufacturing, banking, marketing, and payment processing. As the CBD industry grows, more elegant solutions will be used to solve these problems.
In the future, we hope CBD will be incorporated into more FDA-approved medicines. Monitoring treatment will play a major role in the industry when CBD is utilized in a clinical environment.