The CBD market is surpassing all expectations and shows no signs of slowing down. Forbes is estimating that the CBD market could reach 20 Billion or more by 2024. CBD oil and other cannabis products are becoming increasingly mainstream as laws have softened around both hemp-derived (non-THC) and marijuana-derived (with THC) products.
The number one product fueling the popularity fires of cannabis products is CBD oil which has been promoted as a cure-all for an ever-growing number of medical conditions. While science has been slow to provide clinical evidence, daily CBD users are trading positive stories across the internet claiming successful treatment of things like chronic pain, anxiety, and insomnia, among other things.
Right now, as laws emerge and evolve, it’s a bit of a free-for-all out there with a lack of regulation causing consumer confusion. More is discussed about how consumers can purchase good quality products despite the lack of regulations in an article by Daily CBD Mag. Technology is rushing to catch up to the needs of hemp and cannabis growers, product distributors, and CBD consumers. Here is a list of the most exciting ways technology is impacting the CBD market.
#1. Technology That Will Improve Growth And Cultivation
Farms are struggling to keep up with the demand so technology will need to step in and make improvements to grow lights, hydration, and strain manipulation to grow hardy plants faster than ever. One lighting technology, LED lights, is coming out on top when it comes to cannabis growing. LEDs can provide an abundance of light without producing heat and only uses a nominal amount of electricity. This is better for the plants and for the budget. LED lights for cannabis and hemp growth has improved a lot just in the last few years and the technology is expected to become even more precise. Another technology impacting hemp growth is automation in the cultivation or harvesting department. To keep up with the demand it will be important to replace as many human workers as possible with machines.
#2. AI For Faster Market Research
Big data drives every industry and CBD will be no exception. Access to vast amounts of information will help CBD companies take the guesswork out of how and why people use their products. Armed with this information, CBD producers can make new strains and new products that will help fill a need in the market. Artificial Intelligence and Machine Learning will play a big role in compiling and analyzing data for scientific and economic purposes. As laws develop, there is soon to be a layer of strict regulation added so companies need to get ready now. Sorting and storing data will be hugely important to transparency and compliance in the future.
#3. Blockchain For Better Security
Blockstrain Technology Corp located out of Vancouver, using blockchain technology to verify cannabis genetics and make sure consumers are getting what they pay for. Blockchain is used as a digital ledger, using for recording and verifying information securely. It can be used to store data, protect or track monetary transactions, and more. In an industry once dominated by the black market, if any technology will create trust and transparency in the CBD industry, blockchain will. So far we’ve only seen the fraction of what blockchain has the potential to bring to the table. Eager CBD market investors should be looking to blockchain technologies.
#4. Social Media And Apps Bring The CBD Community Together
It’s no surprise that Instagram influencers had a lot to do with the quick rise to popularity CBD oil enjoyed over the last few years. It will continue to be a main marketing tool for CBD manufactures but there are a lot of new apps being developed as well. Smartphone apps have connected CBD users across the globe, allowing them to share information and reviews openly. As this industry emerges from the shadows, it’s important that consumers can connect on such platforms. Apps like Releaf help you stay on top of CBD news and stay connected, while apps like Eaze provide literal delivery services for CBD and other cannabis products.
#5. Improving CBD Delivery Systems (Ingesting CBD)
There are already a lot of ways to ingest your CBD oils, but even more are on the way. Right now it is not possible to make CBD 100% water-soluble but that process is already in development. Full water solubility will make it easier to infuse popular drinks (like major soft drinks) with CBD. There is also a lot of emphasis on nano-emulsion technology that makes nano-sized suspensions of cannabis for tinctures, lotions, vape cartridges and more. Ultrasound is being looked at to make nano-emulsion a more efficient process. People are interested in CBD and Cannabis delivery systems that do not include smoking. Vaping is becoming more popular in relation to CBD products and edibles will continue to evolve and get more popular as well.
Technology will help make CBD products safer and easier to get which is important because consumer demand is insanely high. According to CBD KYRO, a recent study showed that 62% of people that use CBD oil do so to treat pain, anxiety, and depression. CBD was thrust into the spotlight when it was found to be an effective treatment for childhood epilepsy, made famous by the parents of Charlotte Figi who forced the issue in court. It opened the door to consider CBD as a treatment for real medical conditions. The form of CBD oil derived from the hemp plant that contains little to no THC is now largely legal throughout the US and many other countries. Other forms of CBD oil that do contain THC are also legal in a few states either with a medical prescription or for recreational use. CBD oil is still being studied but so far it has been found to be non-habit forming and free from serious side-effects that impact overall health. CBD oil will continue to be a big topic in the health and wellness sector for many years to come.
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