Ever since the legalization of CBD products, technology has played a vital role in the CBD industry. The result of which has contributed to its growth and success.
Research by reputable financial institutions suggests the value of the CBD business will surpass the 22-billion-dollar mark by the year 2022. And Wall Street experts forecast that the CBD industry will be worth over 75 billion dollars within ten years.
Technology has played and will continue to play a crucial role in the growth of the CBD business. This technology has seen a rise in the invention of various CBD products.
The most popular ones, including Sunday Scaries, vape cartridges, hemp oil concentrates, and wax, are examples of these products.
This article will explain the impact of technology in the CBD industry.
A groundbreaking CBD extraction technology
There’s an application of specific technology during the extraction of hemp flower compounds because there’s a need to separate only the valuable components.
The hemp plant has a combination of both valuable and undesirable waxy plant compounds. It would be best if you used various extraction techniques to extract functional components from the hem plants. We lose many of the valuable cannabis components without employing the right technology.
Though we can still make this formulation by hand, the use of technology makes the process easier. And it would be a challenge for the business’s expansion because hand production is not scalable.
It can be a costly affair using high-level extraction equipment and machinery; however, it’s worth it if it’s a top-tier process. Using technology in the extraction process leads to the production of high-end quality products.
The scientific methods that accompany these techniques ensure quality that makes the selling of the end product easy. It’s such quality that provides companies in the CBD industry to make massive profits.
Banking solutions through Crypto and Blockchain
One of the most reliable payment alternatives of the CBD industry that has risen because of technology is Crypto and Blockchain. Blockchain is an uncontroversially distributed database used by many individuals. People use blockchain to decode various problems by everything from common cryptocurrencies such as Ethereum and Bitcoin to publicly traded companies such as IBM.
The CBD industry is integrating blockchain to increase the chances of legalization. Blockchain technology can create trust in the CBD industry and provide transparency in the growing and extraction process.
Businesses might feel more confident after seeing this transparency and convince them that CBD is legit and people can rely on it.
The CBD industry uses blockchain to benefit cannabis. Here’s how it is doing it:
- Tracing and tracking source information (Trace)
- Performing a medical record audit
- Monitoring the supply chain
An increased CBD bioavailability through nanotechnology
People often ask about how effective CBD products are. To determine its effectiveness, we need to know how much we absorb CBD into the bloodstream.
CBD is most commonly taken orally, either in oil or edibles such as gummies or baked goods. The body is not very good at absorbing CBD, so there is no absorption of between 80% and 95% of the fat you consume entirely.
Nanotechnology is one method of increasing CBD bioavailability through technology.
A nanotechnology process reduces CBD extracts to nanoscale dimensions at the molecular level.
It works because CBD extract is lipophilic — dissolves quickly in fat and is hydrophobic — doesn’t mix well with water.
The rise of cannabis-specific apps
Several companies are creating cannabis-specific apps for making CBD products. Using these applications, one can track the source of cannabis and ensure there are no harmful ingredients in it.
For example, many companies have tracking software that enables them to trace products back to their origins. It is possible to determine whether a seller may sell cannabis using patented QR codes.
Vape technology has also affected the CBD industry. With the advancement of vaping technology, CBD consumption became more convenient. Vape devices, for example, are now smaller and have better batteries to improve the vaping experience.
Essential data acquisition by Artificial Intelligence
The future of online marketing lies in data science, and CBD products are no exception. The CBD industry can collect data on customer preferences and habits by implementing Artificial Intelligence (AI). By using this data, you can improve your CBD portfolio or remove it entirely.
Scientists and marketers collect data about commercial and scientific trends with the help of artificial intelligence. There is a lot of information available on CBD products on the internet.
By investing your funds in AI, you will gain crucial CBD business data and win over your competition. You can also access market data and customers’ purchasing patterns.
There are many fields in which technology plays an important role. It has made significant contributions to both the cannabidiol business and the healthcare industry. And it doesn’t end there: This is just the beginning.
Experts work tirelessly to maximize the impact of technology in the CBD industry to achieve better results.
In the CBD industry, it’s never too late to make an investment in technology for your business. Watch as your business soars to unimaginable heights when you leverage its use.