The revenue of CBD products is projected to boost by US$ 75 billion in the next ten years
Recently nations voted to remove CBD from the dangerous list of medicinal drugs. The CBD industry is forecast to reach US$22 billion by 2022. Technology is playing a vital role in CBD production. As the changing geopolitics has altered the supply chain, CBD farmers and developers are integrating technology to brace the impact of global economic change.
Unlike traditional farming, CBD farming requires the utilization of complex machines and pieces of equipment that can perform multiple tasks such as ploughing, planting and digging simultaneously. As CBD farming demands measurement of an accurate amount of water, air, soil and temperature, these equipments also have systems aids in the harvesting of hemp flower. The CBD industry also involves techniques driven with technology that can aid in the production of different CBD products such as vape cartridges, Dabs, Wax, Oil, Shatter, Rosin, and CBD oil amongst others. While some products are produced using only hands such as hash, others require technological driven tools to manifest in extraction. The revenue of CBD products is projected to boost by US$ 75 billion in the next ten years. Moreover, it is expected that as the laws regarding hemp and CBD relax, the global price regarding CBD products will be much lower than what was projected earlier.
Disruptive technologies such as artificial intelligence, augmented reality and big data analytics are bolstering the CBD extraction. Using artificial intelligence, the CBD farmers are able to automate the tasks of using heavy machinery as well as watering the CBD farm. Similarly, the big data analytics is aiding in predicting when the blooming, cultivating and harvesting of CBD seeds. It also helps in accessing the soil quality and measuring the right quantity of dehumidifiers. Big data analytics also helps in monitoring the illegal cultivation of CBD plants. Augmented reality is aiding in the sowing as well as the farming of CBD seeds. Similarly, the Internet of Things (IoT) enabled devices helps in monitoring the temperature, climatic condition and manifestation of insects in CBD growth.
However, a major challenge to the CBD industry is in the illegal supply of CBD. Despite the governments taking stringent measures to thwart illegal CBD production, the corruption pertaining to CBD production, supply and demand has spiked significantly. That’s where Blockchain is playing a key role in monitoring the CBD production, and supply and demand. Moreover, Blockchain technology is assisting in monitoring businesses regarding CBD globally. To make the transactions more efficient, direct and transparent, CBD developers are leaning towards cryptocurrency for a direct mode of transaction.
In the coming years, the CBD industry will observe a significant growth in production and revenue. Due to its medicinal attributes, it will be readily utilized for healthcare and pharma purposes. The world needs to watch out for a possible CBD revolution in the coming decade.