Entrepreneurs in all industries must constantly look for new ways to make processes more efficient in order to increase profits and improve their bottom line, from removal services to CFD trading. This is particularly true, however, for entrepreneurs in new industries. In today’s article, we’ll be exploring the ways CBD innovators are using technology to achieve success in this burgeoning market.
The Current State of the CBD Industry
CBD is certainly having its day, and demand for this cannabinoid product is exceeding all previous expectations. Experts predict that the CBD market will be worth more than $20 billion by 2024, as it continues to show up on shelves in different forms, such as beverages, cosmetics, and pet products.
The exponential growth has been positive for CBD entrepreneurs who got into the industry early; in 2019, the United States CBD market grew by more than 700% in just a single year.
With products saturating the market, suppliers and manufacturers are working tirelessly to make their processes more efficient in order to reduce overhead costs and increase profits. Click on one of the technological innovations below or read the post in full to learn what those in the CBD industry are doing to stay one step ahead of their competitors.
- LED Lighting Improves Cultivation
- Refined Cartridges for Better User Experience
- Advanced Rosin Presses
- Big Data for Better Marketing Campaigns
LED Lighting Improves Cultivation
Cultivation of cannabis can be very expensive, as these plants need specific lighting in order to thrive. While growers in warmer regions may spend less on cultivation, those in colder areas must rely on indoor lighting that can easily eat away at budget. To help offset these significant energy costs, many growers are moving towards LED lighting alternatives. These bulbs are more cost efficient and provide wide light spectrum without adding damaging heat. This makes it easy for manufacturers to set and maintain the appropriate growing temperature without wasting thousands on electricity bills.
Refined Cartridges for Better User Experience
Manufacturers are using technology to enhance user experience and increasing sales by targeting their audience with better product. For example, CBD company CBDfx sells their safe, lab-tested vape juice for use with technologically-advanced vape kits. These kits are designed with temperature settings optimized for the best possible experience. Because their products are designed to burn at lower temperatures, they can better protect the taste their customers have come to expect and avoid producing carcinogens.
Advanced Rosin Presses
CBD manufacturers use a CO2 extraction profess to form CBD; this process requires what is called a Rosin Press, which is machinery designed to heat and cool the cannabis compound quickly. The typical rosin press offers about 1,000 pounds of pressure. However, many CBD players are working on creating new presses that can apply more force, thereby increasing the speed of the CBD production process.
Big Data for Better Marketing Campaigns
Every industry is learning the benefits of collecting consumer data, and the big CBD players are no different. Big data is the guiding light behind the modern marketing campaign, and CBD companies are using data collection to gain valuable insights into consumer demand and behavior. As CBD products continue to saturate the market, business owners will be able to mine data that guides product creation, advertising campaigns, and branding options.
It’s clear that technology is playing a crucial role in the success and advancement of the CBD industry. Through machinery improvements, big data collection, and process enhancements, CBD entrepreneurs are poised to make millions from their efforts, and we’re excited to watch the way technology furthers their success.