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Since the legalization of marijuana, the industry has been growing and is expected to grow further in the coming years. The CBD market is booming, with numerous online and physical stores coming up every day. The industry is full of different products ranging from capsules, tinctures, skin care products, delta 8 , and many more.
In an industry growing this fast, technological advancement is necessary. Many companies are coming up with innovative ways of making more from CBD products. These technological advancements range from cannabis farming technology to marketing and data-keeping methods, greatly influencing the industry. Here are the five significant technologies set to transform the cannabis industry.
Cannabis is federally illegal in the US, making it hard for cannabis businesses to access funding. It is unlawful for banks to accept or lend money to cannabis businesses. Many business owners seek alternative payment methods through blockchain technology using cryptocurrency as a medium of exchange.
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As blockchain becomes more popular, cannabis is benefiting from it. Most businesses have adopted the use of bitcoin in running the business. For instance, a cannabis startup, paragon, advocated blockchain technology and launched their cryptocurrency called paragon coin. The main aim of making the paragon coin is to ensure proper monitoring of the industry growth. This method is called seal-to seal tracking. There are over seventeen cannabis-related cryptocurrencies which include: potCoin, HempCoin, and DopeCoin.
Banks have location-based limitations, and cryptocurrency is here to address them. The use of crypto will help cannabis sellers to carry out their businesses online without restrictions. It also allows the vendors to acquire international clients and can pay you without struggles. Using crypto also helps the vendors to evade some unnecessary taxes.
- Cannabis Biosynthesis
Biosynthesis is an enzyme-catalyzed process used in extracting complex chemical compounds from simple precursors; this is a new cannabinoid extraction method. For years all the cannabinoids have been produced by the traditional extraction methods. The forms are costly, which makes cannabis oils expensive. Cannabis biosynthesis involves introducing yeast and growing it for three to five days; then, you can use it to convert different molecules into different cannabinoids.
Cannabis biosynthesis technology aims to produce large quantities of cannabinoids at a cheaper cost than traditional methods. This is significant since there is a high demand for cannabis and cannabis-based products. It is also a great way of making pure cannabinoid extracts. It is hard to find refined cannabis products, which causes many products with THC traces to reach the market.
The technology also helps in accessing minor cannabinoids. Remember, there are over 100 cannabinoids in cannabis, and only a few have been extracted. The limitations are due to the high cost of extraction and testing of various cannabinoids. Biosynthesis could help in lowering the cost to create more room for research.
- Cannabis Nanotechnology
Nanotechnology is the ideal way of helping human beings to absorb non-water-soluble medications. Nanoparticles are easy to grip and deliver results almost instantly. Cannabis users have always had an issue with its bioavailability. Regardless of how you are consuming your cannabis, you end up losing some quantity of its content. Different companies are looking for ways to increase the bioavailability to avoid wastage.
Nanoemulsion research has portrayed a great potential in improving the bioavailability of various cannabinoids upon digestion. With higher bioavailability, you are going to experience the maximum effects of cannabis on the body.
- AI and Machine Learning
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Artificial intelligence and machine learning help preserve data for cannabis companies to facilitate consumer outreach and marketing. The technology allows in risk management since it helps predict market fluctuations, helping the company make informed decisions.
AI technology is also vital in cannabis farming. The machine learns all the aspects of cannabis cultivation and starts to suggest potential forecast issues during cultivation. It also helps to predict the expected yield from your farm. Using AI and machine learning will also help the density of different crops by analyzing diverse data. AI and machine education play a pivotal role in boosting cannabis businesses and are expected to be even more effective and widely used in the future.
- DNA Sequencing
Cannabis DNA sequencing aims to create cannabis plants that are more predictable to make it easier for companies to complete extraction. Some hemp growers want to eliminate THC and grow cannabis that purely contains CBD. CBD is famous for its non-psychoactive properties and medical benefits. Scientists are developing an interest in understanding the cannabinoid in marijuana. Many companies in Canada and California, which are the most crucial cannabis markets, have made progress in producing marijuana that doesn’t have THC.
The cannabis industry is experiencing exponential growth. With the market growing fast, technologies are emerging that will make the lives of cannabis producers, dealers, and users more convenient. Cannabis businesses need to integrate these technologies into their business to survive the stiff competition. This article presents you with the top five disruptive technologies in the industry, from blockchain to DNA sequencing. These technologies will play a significant role in the future of cannabis.