CBD has been getting a lot of hype lately, and entrepreneurial-minded people have undoubtedly considered the pros and cons of getting involved in the industry. Because you can use CBD for pain relief and more, and because the marketplace is growing, it’s an exciting opportunity if it’s something you’re interested in getting involved in. Laws, regulations, and other setbacks, though, may have you concerned that thriving in the industry will be hard. It’s easier to succeed with CBD than you think, though, and here’s why:
The Laws and Regulations are Changing
In 1970, cannabis, (including CBD), was completely outlawed throughout the US, (even for medical use), and the federal government has since maintained the right to control it. In 1996; however, California passed Proposition 215 which allowed the medical use of marijuana despite the federal government’s stance. In the years following, many other states took after the example of California and legalized marijuana use to some degree. As of the beginning of this year, it is now legal to use for medical reasons in all but three states, and a number of the states that have legalized it for medical use have legalized it for recreational use as well.
The Stigma is Being Removed
Because of the evolving laws as well as CBD benefits becoming more widely known, the stigma surrounding CBD is changing and putting CBD products in a more positive light. Because CBD can be derived from marijuana, many associated it with the psychoactive effects that marijuana has on those who smoke or ingest it. However, CBD products can be products with low- or zero-THC—the psychoactive compound in marijuana—meaning that it will have none of the same side effects that pot is so well-known for. People are no longer picturing long-haired hippies or teenagers with the munchies when they hear CBD; instead, the many benefits and conditions it can help with come to mind first.
Virtually Everyone Can Benefit from Using It
It’s well-known that you can use CBD for pain relief, but people suffering from chronic pain aren’t the only ones who can benefit from taking CBD products. CBD is believed to help with many different conditions ranging from things like depression and anxiety to insomnia and tiredness. Virtually every person is dealing with something, so whether it be seizures or a rough start to the day, it seems that nearly everyone can benefit from using CBD.
The Industry is Taking Off (but Hasn’t Boomed Just Yet)
As you’ve probably noticed, CBD has been gaining a lot more attention and credibility as of late. Thanks to a few different reasons mentioned above, the industry has really begun taking off. In 2016, CBD consumer sales totaled $262.2 million, and it was extrapolated that by 2018, sales would reach roughly $500 million, getting as high as $1.8 billion by 2022. In reality, though, the numbers reached over $2 billion in 2017, and it is expected that the industry will reach $22 billion by 2022.
The industry has really begun taking off; however, with such high expectations within the next three years, it appears that things are just getting started, offering a lot of potential to those who get involved sooner than later.
The Marketplace isn’t Oversaturated
The stigmas that surrounded CBD and the laws that held it back have been really helpful for those who are wanting to get into the marketing now. Because of the restrictions and limitations that existed before, not everyone was willing or able to venture into the marketplace. This means that the marketplace isn’t oversaturated yet, leaving lots of room for go-getting entrepreneurs to get in and stake their claim, establishing themselves and their companies as some of the foremost companies and in the industry.
There are Multiple Product Options
Not only is the marketplace not yet oversaturated, but there are a lot of different product options that business owners can choose to offer to set themselves apart and create a little niche of their own. CBD can be taken directly in oil form, or it can be added to everything from baked goods and sweet drinks to gummy candies and savory meals. Ingesting CBD isn’t the only way to take it, either. It can also be added to lotions, lip balms, and other skincare products as well as inhaled through vaporizers and e-cigarettes.
It’s Easy to Stand Out
In addition to offering unique products, companies can set themselves apart by providing superior CBD products. For example, not all CBD is derived from plants grown in the United States, and not all CBD products are tested for quality or purity. To stand out, a company can grow their own plants and follow a unique extraction process, then show proof of quality and purity, or source CBD from a US company that can verify their quality and purity as well, then advertise that accordingly.
In Conclusion
The CBD industry is very promising for interested entrepreneurs, and despite the fact that CBD is gaining popularity quickly, it’s easier to succeed in the CBD industry than you might think. Thanks to evolving laws, a continually-growing marketplace, and a product with great benefits, if you’ve been thinking about getting into CBD, you might want to make that leap soon.
How do you plan to get involved in the CBD industry?