Cannabidiol (CBD) products may have been a part of alternative lifestyles before, but the passing of the Agricultural Improvement Act of 2018 into law brought CBD to the mainstream. With studies supporting CBD’s purported health benefits, CBD products are well on their way to becoming a market of their own.
There’s no better time than now to start your CBD business in your area. Here are a few more reasons why you should:
CBD is legal and versatile
Ever since the passing of the Agricultural Improvement Act and with it the Hemp Farming Act of 2018, CBD products have become widespread. Both these laws have allowed the sale of CBD products over the counter and even online. They also opened up new niches allowing businesses to add CBD to anything, from tea to clothing.
In addition, the CBD industry got a boost from states that have legalized the sale and use of medicinal and recreational marijuana. Save for the fact that Federal law disallows selling and consuming CBD products with more than 0.3% THC content, you can find CBD almost anywhere.
Although some states like Iowa still ban CBD in any form, the national market for CBD products continues to grow with manufacturers like Joy Organics getting a good share of the action.
There is money to be made
With the market for CBD oil expected to grow from $970 million in 2020 to $5.3 billion in 2025, it’s only clear that CBD is a booming industry. This is because there is a greater demand for alternative and organic medicine among consumers.
Marketed as a miracle ingredient that can be infused with almost anything, CBD has gained traction among health and wellness communities. Although inconclusive, recent studies on the physical and mental benefits of CBD show promise in treating anxiety disorders, insomnia, as well as addiction.
As consumers become more aware of CBD, businesses can look at this as a profitable opportunity. It’s just a matter of choosing the right niche.
Business ideas abound
The main advantage of hemp-derived CBD is its versatility. Any part of the plants can be processed to extract a wide variety of materials, from oils to tinctures.
There is no limit to what CBD products you can manufacture and sell. Moreover, there are countless niches you can enter as well. For instance, there is a growing community of pet owners using CBD tinctures to treat seizures in cats and dogs.
Even if you are not involved in the direct selling of CBD, you can always start a marketing or consulting agency that helps small CBD businesses and startups grow.
Considering where the CBD industry is going, there are numerous opportunities that lie in wait for entrepreneurs like yourself. Will you take the first step in building a thriving CBD business?