One of the most exciting industries to get involved in today is the CBD industry. Cannabidiol, which is extracted from the cannabis plant, has many of the positive effects that come with smoking marijuana without causing a high. Because of this, the federal government has made it possible to sell a small amount of this substance throughout the US, which means that companies are selling CBD for pain relief and anxiety nationwide. Many people who might not be comfortable using pure marijuana can still benefit from CBD, and anyone who prefers herbal remedies is likely to try it, too. So it’s basically a goldmine industry to get involved in.
If you’re looking to start a CBD company, it’s a great idea. Here are some compelling reasons why it’s one of the best industries for any entrepreneur to start a company in.
1. It can be used in a variety of industries
CBD benefits vary hugely, which means there are lots of ways to create a CBD company. Let’s say, for example, that you’re already running an ecommerce store for sports aficionados. If you’ve already got that audience, then you can easily start selling CBD for pain relief, because one of the benefits of the substance is that it can alleviate muscle pain. If you’re in the beauty industry, then there are plenty of CBD-infused products, from calming lip balm to creams that treat acne, you can sell. The foodie industry’s full of people blogging about CBD-infused recipes. There’s really almost no end to how you can be successful in the industry, and the best part is that once you’ve started selling in one CBD industry, you can later expand to another one.
Considering that the CBD market is expected to grow to $2 billion by 2022, it’s great to get started now and grow your business even more later.
2. Hemp has just been legalized in the US
According to The Motley Fool, “On December 20, [2018],…the U.S. Farm Bill [was signed] into law, which, along with other items, legalized the commercial production of hemp…While CBD can be harvested from the marijuana plant, it can also be harvested from the hemp plant. This new bill could very well open the floodgates on the CBD industry.”
So let’s say that you’ve got the best CBD oil, and you’ve been operating a dispensary in California, where marijuana-related laws are pretty lax. With this bill now having been passed, you can start selling your CBD oil in other states, and shipping it, which means you can make money from ecommerce without having to pay for a brick-and-mortar store. Matt Karnes of Greenwave Advisors has predicted that the CBD market will exceed $3 billion by 2021, which is yet another reason to join this industry.
3. Ordinary consumers trust CBD more than marijuana
Sure, there have always been people who are happy to buy marijuana, but this always did involve moving to a more progressive state or simply breaking the law. Also, buying marijuana for its positive effects did still mean that these consumers were getting high. And if there’s a high-powered executive who’s always busy and wants to take CBD for pain relief without feeling high the next morning at work, they’re going to choose CBD instead of marijuana.
This means that consumers interested in CBD are going to become more and more common. As the years go by, its use will be seen by all kinds of people in different situations, and it will become more popular over time. Sure, Americans spent $53 billion on legal and illegal marijuana in 2016, so some will still prefer that drug–but the CBD industry is only going to grow.
4. The industry will grow tremendously fast
Finally, CBD is an exciting industry to be in because it’s going to grow so incredibly fast. In addition to making more money over time, you’re also more likely to get funding because your company will be in a trending sector. And you’ll make connections with some of the most innovative business leaders out there, because they want to get in on this exciting opportunity, too.
Just think about it: CBD is going to be a billion-dollar industry in less than five years, so if you want to start a CBD company, do it now.
These are some of the best reasons why you should start a CBD company. Why are you considering starting your own CBD company, and why does it excite you? Share your feedback in the comments.
