Artificial intelligence is optimizing the cannabis industry

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The cannabis industry is in the midst of a period of unprecedented innovation. Cannabis is becoming a legal consumer product in a growing number of jurisdictions at the same time as innovators are making major breakthroughs in business and agricultural technology.

As a result, we’re seeing the development of cutting edge tech to make cannabis production more efficient, more affordable and more productive.

A prime example of technological innovation disrupting the cannabis industry is the emergence of AI for smart cultivation and production.

AI applications in the cannabis industry are the product of two rapidly developing industries. In Canada, consumers spent C$569 million on cannabis in 2018.

Canadian sales are projected to rise at a compound annual growth rate of 44 percent to hit C$5.2 billion by 2024, according to an April 2019 report by Arcview Market Research and BDS Analytics.

Globally, as new markets open up and provide new opportunities around the world, legal cannabis sales are expected to reach US$57 billion by 2025.

Meanwhile, AI is increasingly disrupting industries around the world and could contribute up to US$15.7 trillion to the global economy by 2030, as per PWC.

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