AI’s Role in the Cannabis Industry
Experts predict the cannabis industry will remain strong over the long term. This doesn’t mean the industry won’t see challenges, however. People assume these challenges will revolve around laws and regulations, and that is true. However, the industry must overcome additional hurdles that quite a few never anticipated. Thankfully, artificial intelligence or AI will be of great help as the industry moves forward.
This industry tends to lag behind others when it comes to the adoption of new technologies. Investors, nevertheless, continue to push for advancements in this area as they continue to pour billions of dollars into the sector. Their knowledge and expertise become of great help as the cannabis industry works to position itself for the future.
What is Artificial Intelligence?
Artificial intelligence relies on the use of technology to carry out tasks that previously relied on input from a human. The system uses patterns and associations collected in analyzed data to make decisions as opposed to relying on predetermined logic. In fact, these systems come to conclusions just as humans do, with the main difference being the AI system remains in operation 24 hours a day, seven days a week. This allows for more optimization in the cultivation of a cannabis crop. Because even sativa strain seeds and indica strain seeds can require slightly different treatment, it could be helpful to have this real time feedback.
The Role of Artificial Intelligence
Michael Yorke serves as the CEO and Director of CROP Corp. He believes cannabis growers will benefit greatly in the future from the use of high-definition cameras and sensors in the growing area. The use of these tools allows growers to track and monitor various aspects of the growing environment, including the pH level, humidity, the light spectrum, CO2 levels, nutrient feed, temperature, and water level. With the help of these tools, growers determine where changes need to be made to the environment to provide the best crop possible from their i49.net seeds.
To save time, growers find they can make use of artificial intelligence for routine tasks. This includes de-leafing buds and eliminating the need for manual labor in this area. Automated planting equipment benefits from AI by increasing the efficiency and effectiveness of the planting process. Imagine machines that could plant out thousands of sour diesel cannabis seeds or bruce banner seeds seeds, saving hundreds of man hours of farm labor. You will definitely need to start buying our wholesale seeds in bulk.
Furthermore, the use of artificial intelligence allows for the detection of unhealthy plants, the healing or removal of these plants, and the identification of plant sex. AI tools track the growth of plants in the environment to predict yield and size. These tools benefit the grower immensely and will help advance the industry in ways previously thought impossible.
Growers benefit significantly when AI is used and the same strain may be grown over multiple seasons. However, even slight changes to the growing environment alter the finished product. This means that each successive crop, your ‘AI-assisted setup will get smarter and more effective. Pretty soon, you would be the northern lights strain master in your local area, or the top notch producer of CBD strains like harlequin cbd seeds. The use of artificial intelligence helps to determine the correct balance among the various elements during each growing season for the best crop possible.
Making accurate predictions also becomes easier when AI tools are used, and these predictions can help maximize efficiency. Artificial intelligence might also be of help in discovering new strains or customizing existing ones to obtain desired effects. If this comes to fruition, additional growth becomes possible in the industry. Nevertheless, the marijuana industry must take care, as the United States government has yet to legalize the use of cannabis on a federal level. As a result, sophisticated tracking systems must be employed to prevent issues from arising, especially those that could set the industry back considerably.
Growth in the Cannabis Industry
Additional states legalize marijuana every year for medicinal and/or recreational use. This growth brings about major breakthroughs in technology, both in the agricultural and business sectors. Cannabis growers need to make full use of this technology to witness a growth in sales and revenue. However, this growth extends beyond America’s borders.
In 2018, Canadians spent C$569 million on cannabis products, and experts state this was just the beginning of growth in the country. According to current projections, the cannabis sales within the country will grow at a compound annual rate of 44 percent, reaching C$5.2 billion in the next four years. Arcview Market Research and BDS Analytics shared this projection in an April 2019 report.
The global cannabis market continues to expand as well. Experts predict legal cannabis sales will reach US$57 billion worldwide in the next five years. Artificial intelligence is also growing at a rapid rate, with experts predicting this technology will add US$15.7 trillion to the global economy over the next decade.
Navigating the legal landscape surrounding cannabis seeds remains a challenge. Growers need to adhere to detailed rules impacting every aspect of the industry. Business owners find they need to be aware of laws and regulations regarding growing, packaging, marketing, and selling to the public. Mark Krytiuk, the Nabis Holdings president, explains any error, regardless of size, could lead to the loss of thousands of dollars for the business owner. Additionally, an error could bring about harsh punishments, such as the loss of the business license. Owners need to be aware of these challenges and seek advice when needed to ensure they do not break any of the laws unintentionally.
Retail Businesses Offering Cannabis
Krytiuk points out that retail operators struggle with additional challenges. He believes artificial intelligence can be of great help to these companies and explains tracking state-by-state regulations is simplified with the use of this technology. The system monitors changes to these regulations to ensure the operator remains in compliance when packaging, shipping, and selling cannabis products.
This is of great importance, as compliance issues remain a leading cause of failure for these businesses. Operating expenses remain high in the industry, as the business must get and keep their license, taxes continue to rise, and government regulations regularly change. This doesn’t take into account other challenges these business owners face, such as finding a credit card processing company willing to work with the operator without charging a fortune for this service. Having AI-powered technology in place reduces the burden on the business owner. Furthermore, this technology allows more individuals to enter the industry, which in turn leads to the growth of the sector overall.
Companies Developing AI Technology for the Cannabis Industry
Datametrex AI, a well-known technology company, recently revealed its Canntop subsidiary, a branch focused on creating AI solutions for cannabis businesses. The company created a suite of AI tools for social media companies looking to monitor their networks for threats such as fake news. Canntop will take the technology created for these networks and apply it to the cannabis industry. With the use of the program, producers, retailers, and government agencies gain a better understanding of market trends and what cannabis users want and need. In addition, AI-driven tools created by the company, help regulators and producers oversee quality assurance.
CEO Andrew Ryu explains the solutions already created can be applied to the sector to benefit all in the industry. As the legalization of marijuana has generated a large amount of data, Canntop AI will be able to offer the industry social intelligence that is highly effective.
AI companies find there are countless opportunities in the emerging cannabis industry. Numerous companies continue to work on developing platforms for use by those in the sector. Namaste Technologies, a Canadian cannabis company, obtained Findify, an AI technology and e-commerce company, two years ago in preparation for this day.
Other companies looking to gain a foot in the industry include Deep Green and Motorleaf. Both startups are creating tools with sensors designed for predicting yield size. They aren’t alone, as Plant Vision is in the process of creating a platform to gather and analyze information with the objective of improving the yield quality.
Uses for Artificial Intelligence in the Cannabis Industry
Individuals use AI in the cannabis industry in many ways. For instance, this technology detects new cannabis strains and recommends malting schedules and settings using information from the growing environment. The AI system even makes predictions about the stock market based on mentions on social networks.
Artificial intelligence benefits those patients using marijuana for medicinal purposes. The system pulls information from peer-reviewed medical journals as well as relevant studies on cannabinoids to make recommendations on which weed strains are best for treating the symptoms a person is experiencing.
Retailers find they can customize the e-commerce experience for their clients with the help of AI. Personalize searches, make recommendations on products, and more with the help of this technology. Consumers love personalized service, and an AI system helps the retailer deliver exactly that.
Companies find they can provide more information for potential investors with the help of AI. The system assesses the business risk for stakeholders using compliance data. Using this information, a potential investor can better determine if the company is one he or she wishes to put their hard-earned money into.
Artificial intelligence hasn’t played a major role in the cannabis industry to date, but that is changing and time will be needed to see the sector benefit from this technology. The industry continues to grow, however, and more people means more innovation as companies work to remain competitive. Experts believe AI will allow them to do so.
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