According to Statista, the US consumer sales of CBD are expected to reach around 1.8 billion dollars by 2022, which is a considerable increase from nearly half of billion dollars, as it was in 2018. This also follows the trend of the legal cannabis market in most states of the US. Plus, the trend derived from the 2018 hemp farming act, which legalized hemp farming everywhere across the United States.
Artificial Intelligence is Changing the Future of the CBD Market
AI has changed the direction of countless industries. The CBD market is no exception. A growing number of CBD marketers are looking for new ways to leverage big data, AI and predictive analytics to reach a growing base of potential customers.
Media also had its contribution to this massive increase, as we hear more and more often about this natural remedy and all its possible benefits. Plus, everywhere you look now, be it social media, blogs, or even TV, everybody is talking about replacing pills, which may have multiple side effects, with natural remedies.
Yet, in a data-driven world, where technology surrounds us everywhere, it’s no surprise that the CBD industry also saw an increase thanks to the technological evolution.
Data helps to drive every industry now. It allows businesses from all sectors to lower their operational costs and utilize resources in the most effective possible ways. And, the CBD industry is no exception to the rule.
Digital marketing is king now in all industries. If businesses from all sectors want to sell their products and services, they must go online as that’s the place where they can connect with consumers today. And AI is a significant part of their marketing strategies.
Artificial intelligence is nothing like you see in popular sci-fi movies. It is instead a system that can perform tasks that used to require human intelligence, including problem-solving, recognizing emotions in customers, and even diagnosing diseases.
Using big data, machine learning, and other processes, AI can gain insight into the target audience of an industry. Insights that lead to more effective customer touchpoints.
Similar to all other industries, the CBD industry also saw a massive increase by using AI to promote CBD products and all their benefits. AI helped this brand-new industry eliminate much of the guesswork involved in human interactions. Moreover, it helped with all the marketing processes, including content generation, ads, web design, and even improved customer service.
Big data also plays a vital role in CBD marketing as analytics companies are using data to inform businesses of the right marketing decisions to makes. They provide real-time market insights, including trends in both medical and recreational markets.
AI-powered technology also helps with the agricultural production of cannabis or hemp plants, from which businesses extract CBD. Using AI, traditional farmers can learn how to eliminate some of the biggest challenges of hemp-based CBD oil manufacturing, including pests, disease, and growth time.
How does AI help grow hemp and cannabis plants? By automatically integrating, reading, and transforming data recorded from automated systems that growers use, including environmental controls, lighting, or automatic irrigation systems. AI-powered technology has the ability to automatically change the temperature, light, and many other aspects involved in the growing process that help crops thrive.
So, from crop management to plant health, AI technology can help growers get the perfect recipe for crop production and improve consistency in their production process.
For example, a new form of artificial intelligence, built by William Bond Ai company, is expected to have a significant impact on the currently labor-intensive production process of the crops.
The robot can help growers by nurturing the pants and by assisting in breeding them to develop particular traits. Moreover, the robot, William, can also help study the effects of cannabis on patients who use it for medical conditions such as epilepsy. William can detect levels of THC or CBD in cannabis plants, and even recognize when a plant is under stress using infrared radiation. It can also identify damaged areas in plats which it can later treat or remove.
But that’s not all. The robot isn’t only a simple tech farmer, it is also a teacher for other robotics by sharing its discoveries in every event that happens in a crop and the solutions it uses to solve them. In other words, the robot is continuously sharing is agricultural experience with other robots as well.
AI in healthcare and biomedical research is here for some time now. Using processes such as machine learning and big data, AI can help researchers get insights on the potential effects and benefits of CBD.
Traditionally, scientists conduct studies on small groups of patients from which they draw results, which they extrapolate to general populations. Now, this is still an acceptable and very relevant method of research. Yet, with AI, scientists can do even better.
Biotech companies in the CBD environment can now take advantage of AI and big data to perform their research. How? By acquiring large sets of information from various sources, often, the Internet, these companies can draw results based on more data. Next, using machine learning, these companies can get predictions for the future.
Growing the product and advertising it online isn’t enough for the CBD industry to continue to grow at such fast speeds. The products must also get to the end-user, and that’s when AI steps in again. There are a lot of great reasons for CBD marketers to rely on AI.
Producing the crops is the first step, yet, just as important is to deliver the products quickly and efficiently to end consumers. And artificial intelligence can help companies move products across the nation.
For example, an online CBD store can use an app to provide CBD product deliveries by using data to help predict the supply and demand and change inventory and delivery based on the data they collect.
The CBD industry is definitely here to stay and will continue to see significant growth over the next few years. It’s no surprise that artificial intelligence and big data will remain top of mind for companies in this sector.
AI is Incredibly Important to the Future of CBD
AI is being used to grow the CBD market in countless ways. It is going to be invaluable to the industry in the months to come.