You’ve probably seen stores that offer CBD or cannabidiol popping up in your community. Even small towns across the US are seeing an exponential increase in the number of stores offering CBD. There are good reasons why this is happening and why this may be the tip of the iceberg in terms of its potential.
Cannabidiol or CBD is a product that is mostly derived from industrial hemp but is more often associated with marijuana. The CBD itself does not contain the hallucinogenic THC, which is commonly associated with marijuana inhalation. Instead, the CBD is a product that offers a mild relaxation effect and is used as a treatment for certain conditions.
In the medical field, CBD has been used for those suffering from epilepsy. However, recent research has denoted the potential of CBD for those with anxiety, depression, and a myriad of other mild conditions. Until 2018, CBD was facing considerable resistance in terms of its use due to a combination of state and federal laws.
However, the 2018 farm bill removed industrial hemp from the list of controlled substances. This meant that CBD derived from the hemp was no longer subject to federal regulations. As a result, the proverbial floodgates were opened for the distribution of CBD in a wide range of products.
With the demand for CBD growing considerably and the ability of the substance to be used in a wide range of products from consumables to topical applications, many entrepreneurs and small business owners have quickly created what is arguably the fastest growing industry in the US with plenty of potential remaining.
A typical example is a company Green Roads which sells CBD products both online and in over 6,000 stores along with over 2,000 doctor’s offices. The estimated revenue in 2018 for Green Roads was $45 million, and that number is expected to grow considerably for 2019 and the foreseeable future. What makes Green Roads success all the more apparent is that it controls about 6% of the overall market.
That means there is plenty of room for small business owners and entrepreneurs to get into the CBD market. The reasons why so many are considering getting into the CBD business includes;
While CBD is often sold direct in a bottle with a dropper, it can be placed in so many different products, which include gummies, creams, sports drinks, gel strips, and the like. This means that companies like yours could have the option to create their own line of standard products and add CBD to it for the desired effect. With the high demand for CBD oil only growing, the potential of this product has yet to be fully reached.
While there is still a wide variety of state rules and regulations that may have to be overcome, the acceptance of CBD oil combined with the relaxation of federal rules makes it arguably the most promising product in the past several years.