Technology Advancements Helping Cannabis Cultivation Operations To Run More Efficiently Financialnewsmedia.com News Commentary Share this article Share this article PALM BEACH, Fla., April 20, 2021 /PRNewswire/ -- The demand for hemp is rapidly growing, as many developed countries have legalized the cultivation and processing of hemp after recognizing the levels of CBD present in it, which is leading to an increased demand for hemp extracts for various application in several sectors, including pharmaceuticals, cosmetics, nutraceuticals, and food & beverage. Hemp is regarded as an agricultural commodity produced in over 40 countries. It is a strain of cannabis Sativa, part of the genus cannabis, with THC content as low as 0.3%. Countries such as China, Canada, France, Chile, South Korea, Ecuador, Croatia, Czech Republic, Mongolia, Romania, and Russia are some of the major producers of hemp across the world. A report from Grand View Research said that the global cannabis cultivation market size was valued at USD $123.9 billion in 2019 and is expected to grow at a compound annual growth rate (CAGR) of 14.3% from 2020 to 2027. Active Companies from around the market with current developments this week include: