Editors Note: This originally appeared on the Green Market Report.
Wall Street experts project the CBD industry to swell to more than 22 billion dollars over the next two years. Within a decade that number is projected to exponentially grow towards 75 billion dollars. As is with any big industry boom, everyone wants a piece of the action. Fortunately, with CBD hemp there is plenty of pie to go around. And technology plays a big role in the CBD industry from seed to shelf and beyond.
This article goes over four important aspects of the CBD industry and how technology shapes and molds the big boom of CBD oil.
Tech-Centered CBD Hemp Farming
Farming is labor-intensive process that requires lots of tedious work. It’s no wonder that tech steps in to make certain processes and tasks more efficient. Equipment and machines that speed up tasks such as potting, planting, and digging aren’t the only kinds of technology on the farm. Visit a tech-centered hemp farm and you’ll find RFID tags on plants, biometric security systems, and incredibly advanced.
Complex and sensitive instruments measure every aspect of the environment including soil, water, air, light, and more. Dehumidifiers, air conditioners, barometers, and all types of monitoring systems turn processing and drying harvested hemp flower into an exact science.
CBD Extraction Tech
Extracting the beneficial compounds from hemp flower is likely the biggest tech-influenced niche in the CBD industry. Extraction is the process of separating the unwanted waxy plant materials from the desirable hemp compounds like phytocannabinoids, terpenes, and flavonoids.
Different extraction techniques create numerous types of different CBD products (click here to learn more about Hawaiian Haze) generally referred to as extracts and concentrates. Some concentrates such as hash are readily made by hand, but thanks to advancements in extraction technology today’s extracts are much more complex and varied.
High-level extraction equipment comes with a high-level price tag. Furthermore, while some types of extraction machines are simple, the top tier processors require engineers and scientific consultants to calibrate and operate their equipment properly.
All of this combined creates a madly complex niche that takes up a huge portion of that projected 75 billion projection for the CBD industry over the next ten years. Some products produced by extraction include –
- Vape cartridges
- Dabs, Wax, Oil, Shatter
- CBD oil
- Pure phytocannabinoid-rich CBD hemp oil concentrate
- And more
CBD Oil Product Effectiveness
Technology is also creating more effective CBD products for the CBD market, and better, more efficient products. In a free-market world, better products and lower prices that consumers want to buy are the name of the game.
Advances in the micro-encapsulation of beneficial hemp compounds such as CBD create a higher bioavailability for consumers. This means that they can get more effect and benefit from less product, saving them money and time.
Custom crafted hemp compounds combinations and recipes are also unlocking the incredible therapeutic potential within phytocannabinoids and terpenes. There are hundreds of different beneficial compounds in hemp, each with unique properties and benefits. Every type or strain of hemp expresses various combinations and ratios of these compounds giving them a “fingerprint”.
As hemp laws relax, extraction techniques advance and our scientific understanding of hemp compounds grows, hemp follower suppliers like MrHempFlower are leveraging new chemistry and molecular tech to meet the growing market’s insatiable appetite for novel phytocannabinoid and terpene combinations.
It’s within this niche that lies some of the greatest opportunities for patentable intellectual property through novel phytocannabinoid and terpene products.
AI and AR in the CBD industry
Artificial intelligence, machine learning, and augmented reality comprise another handful of technologies molding the shape of the growing CBD industry. Farmers use AI and big data to improve soils, keep track of inventory and plants, improve workflow within facilities, and understand market trends.
On the market and advertising end, augmented reality offers businesses a fascinating approach to modeling, presentation, and retail.
AI and AR together are transforming the hemp industry into something hyper-interesting and new, shifting a once rebellious and illegal counter culture into a hipster-type health endeavor with all the bells and whistles.
Blockchain and Crypto in the Hemp Industry
While governmental policies and regulations have placed plenty of roadblocks in front of the world’s biggest boom since the internet bubble, nothing can stop what is coming. A big aspect of the CBD industry has been banking and many of the world’s biggest companies have had their fair share of issues. Here steps in blockchain technology.
Blockchain technology combined with cryptocurrency allows CBD businesses not legally permitted to operate with normal banking and financing to purchase and move money without much governmental regulation or oversight.
Niche Tech for Green CBD Industry Investors
Anyone seeking the biggest growth sectors will find immense opportunities within the various tech-centered niches shaping the CBD industry. These technologies are driving factors in this market and if you can find yourself in the right place at the right time, you may still be able to get in on the action.
Just know that the best time to get in was yesterday, so don’t hesitate.