What’s the Impact of Technology on CBD Business – Learn it now
Cannabis legalization is propelling the growth of the CBD industry. The legalized cannabis industry is steadily becoming mainstream, with more people considering CBD supplements in their everyday routine. In the last few years, demand for CBD products has been on the rise as more people move into the production and sale of cannabis.
As CBD becomes mainstream, technology has been at the center of its growth and popularity. CBD businesses like Green Roads CBD are integrating technology to brace the impact of economic change. This article looks at how technology has impacted CBD businesses and shaping the whole industry.
Businesses are using technology to create cannabis-specific apps and use them in the production of CBD products. These applications offer tracking and traceability functions to determine the source of cannabis and ensure they don’t contain harmful components. For example, some tracking software allows businesses to track the provenance of products. A patented QR code is used to track the source of cannabis information and determine if the seller has the legal right to sell.
Vape technology has also impacted the CBD industry in enormous ways. Innovations in the vape industry improve CBD consumption by making it more convenient. For example, vape devices are now smaller and with a better battery to increase the vaping experience.
CBD businesses have benefited from the extraction technology that has improved the efficiency of producing several products. There has been innovation in the areas of vape cartridges and hemp oil concentrate. For example, farmers are using rosin press to extract CO2 when making CBD oil with technology.
Technology is facilitating faster extraction of CBD oil from the cannabis leaves. The efficiency of this extraction improves overall production. Some tools and techniques use technology to produce different CBD products such as rosin, oil, vape cartridges, and shatter.
Several disruptive technologies have a significant impact on the CBD industry. Artificial intelligence, machine learning, and augmented reality influence the CBD business by allowing automation of tasks. You can apply big data analytics in cultivation, harvesting, and supplying cannabis products.
Farmers are getting access to more data on CBD cultivation, harvesting, and production through artificial intelligence. The technology is used when monitoring and harnessing all the unique supply chains for the CBD industry. Through these disruptive technologies, businesses can track production and transactions and connect with other consumers.
The CBD industry has struggled with the illegal production and supply of CBD on the market as governments move to hunt them down. Blockchain and cryptocurrency technology offers an alternative route to stop these unlawful transactions. Businesses are using technology to monitor the entire process to thwart illegal CBD production.
CBD businesses are using this technology to track products from the farm to the market. This technology is improving the transparency in the CBD industry while making the business legal and trusted. Blockchain and cryptocurrency are streamlining the production and usage of marijuana, hence leading to a massive market expansion. This transparency is reassuring businesses and financial institutions that CBD is legitimate.
The CBD industry is poised to record significant growth in production and revenue propelled by technology. It is projected to become a billion-dollar industry in the coming future. We attribute this growth to technology integration that is bringing changes in production and distribution.
The industry is also expecting the relaxation of laws regarding CBD production and use. More states are legalizing marijuana, which allows more people to develop an interest. As demand increases, we need technology to help the business gain a competitive advantage and meet industry standards.