That's without even mentioning the markets that are materializing across Europe and Latin America, where revenue is set to top 3.2 billion Euros by 2025 and $293,791.0 million, respectively.

Then there's artificial intelligence (AI), which is gradually being adopted by small and large-scale cannabis companies to fuel growth. In addition to this, AI - which constituted a $62.35 billion industry last year - can provide a greater level of consumer/customer satisfaction through offering a personalized experience.

What exactly is AI?

Even if you don't realize it, you may be using AI on a daily basis. This type of technology is constantly advancing, so much so that it's difficult to determine exactly what will be possible in future years. Designed for user-friendly experiences and convenience, AI is being incorporated into widespread mainstream industries.

For example, AI devices are often utilized to power smartphones - 6.4 billion people around the world use a smartphone for delivery food services, driverless vehicles, store checkout registers, ride-sharing applications and more. AI is also a necessity for music lovers to track down new tunes and compile playlists on popular apps like Spotify! Let's not forget about the use of AI in the cannabis industry, too.

Why the Cannabis Industry Needs AI

In a world driven by technology, the cannabis industry is growing fast. Many areas of the cannabis industry are already implementing AI technologies, including cultivation, seed-monitoring and genetic tweaking. Looking to the future, industry analysts predict that customers will even use AI applications and software for hemp/cannabis delivery. As a powerful tool that can be utilized to help farmers grow their plants consistently, track seeds, and customize the cannabinoid content of hemp plants, it's no wonder cannabis companies are using AI.Let’s take a closer look at the ways in which the cannabis market can capitalize on AI:

Trends 

AI can effectively disrupt trends that tend to cause businesses to slow down or even fail. Take cannabis product labeling as an example. Seed mismatch and cannabinoid discrepancy are common problems that may result in consumers buying a product containing different seeds than those featured on the label. Fortunately, AI can be integrated into a cannabis company's product labeling and marketing efforts as a way of preventing inaccurate claims.

As per the United States’ regulatory rules guiding CBD products, “Hemp products must not contain more than 0.3 percent THC to avoid facing lawsuits for containing marijuana." THC (tetrahydrocannabinol) content is carefully scrutinised due to the compound's mind-altering effects. All companies operating in the maturing CBD (cannabidiol) space must also comply with these guidelines.

Product Compliance 

AI algorithms can be relied on to monitor each stage of product compliance. By scanning and digitally listing a product's active components, manufacturers and suppliers can make sure their consumers are well-informed. One good example of AI robotic technology for cannabis labeling is Strain Brain, which can label more than 100 different strains of the plant.

Consumer Satisfaction

It's also possible to gain a clearer understanding of consumer experience with AI technology; something that greatly impacts customer retention. Utilizing machine-learning methods to assess an amalgamation of consumer data helps CBD businesses to predict forthcoming trends and understand what their consumers want, as well as what components should be removed, improved or included.

Supply Chain Value 

Something else that AI offers for the cannabis industry is supply chain value. The process of producing CBD is not complete unless an efficient system is implemented. Fortunately, with an optimized AI-powered supply chain, production cycle efficiency can be increased while lowering the overall overhead costs. AI can be used to collect and analyze real-time data at each stage of the supply chain network from beginning to end; inclusive of retailers, producers, storage sites, vendors and distribution centers.

Precision Drug Discovery Is An In-Demand Approach to Medicine Based on a statement featured on the Precision Medicine Initiative website, precision medicine is "an emerging approach for disease treatment and prevention that takes into account individual variability in genes, environment and lifestyle for each person."Sure, the term "precision medicine" may be fairly new, but the healthcare industry has been aware of the concept for many years.

This category of medicine is a method that offers a way for healthcare providers to provide patients with unique care; depending on their specific genetic build-up.The approach provides more accurate predictions for doctors and researchers who are responsible for developing treatment and prevention strategies. Unlike a “one-size-fits-all” approach, AI-fueled precision drug discovery allows for more precise treatment as a whole.

Cannabis Companies That Have Already Introduced AI Practices

Due to the pressing need for AI technology, a growing number of cannabis companies have already decided to introduce AI practices. Aside from scaling a business, AI can significantly bolster production and processing output. A cannabis company that has proudly adopted AI technology is Syngenta Crop Protection.

The Swiss agrochemical company is collaborating with Insilico Medicine to take advantage of AI for disease and pest-fighting crop protection solutions .Let’s not forget about efficacy AI, too, which is proudly using AI at the molecular level. In recent times, the company joined forces with Georgia Tech Research Corporation to use their licensed algorithms for a specially designed AI platform called Medicascy AI.

This one-of-a-kind platform inputs the chemical structure of miniscule molecules to generate accurate predictions on the safety and efficacy of its intended medical use.“We are excited about making this new technology widely available to anyone who can benefit from it in today’s evolving drug discovery marketplace,” said the CEO of MedicascyAI, Tony Bellezza, in an official statement.

What's on the Horizon for Cannabis and AI? 

As worldwide demand for cannabis continues to swell, so does the need to test out certain types of AI technology. In today's modern world, much of the global population relies on technology for everything, including shopping, reading reviews, staying updated with the news and monitoring industry-specific trends. In regards to the benefits that AI will have on the cannabis industry in the future, there really is no end in sight. Combined with a growing cannabis market, the constant advancements in technology will surely lead to better overall healthcare in the future.