Sugarmade (OTCQB: SGMD) unveiled plans to use artificial intelligence to develop cultivation monitoring systems for hemp and other agricultural commodities.
The artificial intelligence-driven devices will be placed at various locations within hemp fields to gather important information about soil moisture, temperature, humidity, etc. and will be data linked back to central control systems. The monitoring system will allow hemp cultivators to actively monitor conditions in real time.
“Hemp is becoming one of the world’s most valuable crops. Cultivators and investors are actively seeking ways to monitor the health of the crop to ensure maximum yields. This platform, which will be based on AI software from some of the world’s leading technology companies. will not only provide real time tracking of field conditions, but will also make active recommendation to mitigate issues,” Sugarmade CEO Jimmy Chan stated.
Cultivation Monitoring Technology
Sugarmade formed a joint venture with an engineering group to develop and commercialize the new cultivation monitoring technology.
The monitoring technology will be based on the narrowband Internet of Things technology, often referred to as NB-IoT, which is a cellular communications technology that provides wide-area coverage to gather and disseminate information.
The main advantages of the technology are the long battery life of the data collection devices, low complexity of the network and the significant coverage extending well beyond existing cellular technologies. So, NB-IoT is practically well suited for use as a networking technology for hemp cultivation monitoring systems.
Sugarmade’s management sees strong potential demand for cultivation monitoring systems. According to a January 2019 report by Arcview Market Research, the worldwide consumer market for cannabis during 2018 was valued at approximately $12.8 billion, up significantly from the 2017 estimated value of $9.5 billion. The market is expected to grow at approximately 27% compounded annually through the year 2022.