Contents
The CBD industry is growing at an alarming rate. According to a report by Forbes, it’s expected to reach $2.1 billion by 2020. What’s even more impressive is that this number could be much higher if marijuana were legalized at the federal level. Many factors contribute to this growth, but technology is undoubtedly one of the biggest drivers. One of the most important ways technology is changing the CBD industry is by making it easier to consume. In the past, CBD had to be ingested to experience its effects. However, technologically advanced vaporizers now allow users to inhale CBD as a vapor. Hence, this is more convenient than other consumption methods and enables the user to control their dose more precisely. As the CBD industry continues to grow, new technologies will likely play an increasingly important role in shaping the way it develops.
Here are five ways technology is changing the CBD industry.
CBD Products Are Tracked With Blockchain
It’s quite fitting that blockchain is being used within the CBD industry since the CBD and cryptocurrency industry have one thing in common; they are both incredibly popular and getting bigger with each day. If the word blockchain is new to you, it is a ledger of sorts, except that it works using a peer-to-peer network, so once an entry is made, it is spread across the network.
Why is this a big deal for the CBD industry? Because of strict regulations that need to be adhered to, having an information recording system such as that blockchain offers means that CBD companies don’t need to worry about losing any information, manipulated, tampered with, or changed accidentally, and any history of a CBD product can be traced from farm to table.
More Efficient Farming
One of the biggest ways technology changes the CBD industry is by influencing farming. For example, with such a demand in today’s day and age for CBD and how big the industry is getting, farmers need to know exactly how much yield they can depend on. With technology, that is now entirely possible.
AI is now being used to automatically detect a variety of factors that will influence the yield of a crop. With the help of some manual input, farmers are now able to tell precisely how much CBD they can expect. More importantly, AI can also determine what is needed to get the plants to grow without wasting anything.
Nanotechnology
Another very interesting way technology is changing the CBD industry is through nanotechnology. While it sounds like this is heading into science fiction territory, it turns out that nanotechnology might improve CBD as a whole. CBD is lipophilic, which means it is oil-based. You either get lipophilic or hydrophilic molecules.
Since the human body contains 70% water, it is easy to understand that CBD naturally doesn’t get absorbed very well (CBD rejects water molecules attempting to attach to it). CBD is easier to absorb when broken down into nanoparticles.
AI Create Personalized CBD Products
One of the essential things that CBD businesses can do is offer personalized products to customers, which is quite a challenge since sometimes people don’t even know what they want. With AI’s help, businesses can create personalized CBD products for customers.
The way that this is done is AI will essentially create a profile for various customers by gathering as much information about them as possible and recommending the products they find the most helpful. Businesses are also using AI to build an audience profile to create targeted marketing campaigns on social media platforms.
VR Immersive CBD Experiences
Finally, the last way technology is changing the CBD industry is by using virtual reality to create immersive CBD experiences. What if you could visit your local dispensary without actually leaving your home? What if you could walk down the different aisles, look at the different products, pick them up and inspect them without leaving your chair?
Well, with the help of virtual reality and the metaverse, this is entirely possible and has been somewhat accomplished. A CBD company has already launched a virtual dispensary on the Ethereum blockchain. Not only do the interior and exterior of the store match the actual physical location, but customers can also listen to the music playing while browsing, and people can purchase products in the store and have them delivered.