CBD is tipped to be one of the biggest trends next year. It’s a highly controversial product, which means that a lot of people don’t like it. However, this also means that a lot of people want to talk about it, which means that it has the potential to be part of a highly lucrative business venture. The people who do like it seem to really like it.
What is CBD
CBD is one of the chemical compounds known as cannabinoids found in the marijuana plant. Although it is found in the marijuana plant, CBD won’t get you high because it is not psychoactive. The psychoactive part of the marijuana plant is called THC.
People like CBD because they believe it gives them the positive effects of smoking cannabis, such as pain relief and relief from anxiety, without altering your state of mind.
Is CBD legal?
At the federal level, purchasing CBD is legal, provided that it doesn’t contain more than 0.3% THC. However, there are also state laws that need to be taken into consideration. For example, for people living in Virginia, it is only legal to purchase CBD if you have a prescription for it.
It’s also quite a complicated product for sellers. The FDA is able to go after any company that makes claims about the health benefits of CBD, particularly if those companies are involved in interstate trading. There is a ‘blindspot’ in the legislation, however, which means that provided you aren’t making health claims about CBD or putting it into food or dietary supplements, then the FDA can’t prosecute you.
It’s a product where the legislation is constantly changing, but where the demand is high enough that it may be worth it to pursue as a business venture. There are some cannabis consulting that offer product consulting as well regulations and licence.
Making money from CBD
Because CBD is such a controversial product, it’s important that retailers build trust with their customers if they want to build a thriving business.
One study showed that consumers are concerned about the legal status of CBD, whether it actually works, and further whether there is any potential for it to harm them.
In order to build trust with your customers while you are building your CBD business, you need to be selling them high-quality products. Therefore, you need to find a wholesaler that can offer only the best.
It is also essential that you are as open and honest as possible. This includes things like:
- Ensuring that the labeling on the packaging shows all of the ingredients correctly.
- Not making any unsubstantiated claims about the health benefits of CBD.
- Provide your customers with information so that they can do their own research on the pros and cons of CBD. It’s not for everyone, so give them the chance to make up their own mind.
Finally, as with any business, the best way to build trust is to build a personal connection. Let your potential customers see who you are, and speak to them on a human level. This open and honest approach will make people much more likely to buy your product.
CBD is being heavily marketed as a wellness product, and it’s doing really well. According to BDS Analytics and Arcview Market Research, ‘the collective market for CBD sales is expected to exceed $20bn (£16.4bn) in the US by 2024.’
Surprisingly, this trend is even becoming prevalent in the fashion industry. CBD is marketed as having stress-relieving qualities, so combining CBD and the clothing that you are wearing all of the time could be seen as a way to experience the benefits all day.
Food and drink
According to the 2019 What’s Hot survey, infusing food and drink with cannabis could be the next big thing. In fact, 77% of the survey’s respondents identified CBD/cannabis-infused drinks as the next big thing.
Using CBD could create new cuisine and new dining experiences to boot, which are bound to be a huge hit with customers.
It’s important that you are mindful of the guidelines in your state before embarking on a business that combines food and drinks with CBD, however.
Health and nutrition
CBD is becoming popular as part of the wellness trend, so it makes sense that the health and nutrition markets probably have the most to gain from the product!
Owners of health food stores could become part of this trend by making CBD products part of their inventory. They can add even more value by doing their research on CBD and making themselves a point of unbiased information for their customer base, which will keep customers coming back time after time.