The CBD industry is projected to hit the figure of $ 20 billion (in sales) by the year 2024. The industry is based on Cannabidiol (CBD). It is a compound that is found in cannabis and hemp plants. Many of the legal restrictions on the production of CBD have been eased now. One of the landmark legislations for relaxation was the Farm Bill and Act of 2016.
The CBD Buzzword
The CBD product range is extensive now. The CBD or cannabinoid oil that is obtained from the CBD-containing hemp plants is used in infused edibles, tinctured, cosmetics, and topicals among other items. While the industry and the products are still to hit mainstream commerce on a wider scale, their popularity is increasing by the day.
The growth potential of CBD is being recognized by entrepreneurs as well as established businesses. CBD oil and substances have many therapeutic benefits for human health. Some of the benefits of CBD for health include:
- It is useful for treating many different types of epilepsy.
- It has a positive effect on treating anxiety disorders including panic disorders, seasonal affective disorders, generalized anxiety disorders, and post-traumatic stress syndrome.
- It is useful for treating addiction to opioids.
- It is useful for alleviating the symptoms of Amyotrophic Lateral Sclerosis or ALS. ALS is a disease that can cause the deterioration of the cells in the spinal cord and brain, and cause loss of muscular movements and control.
- Relieving pain and inflammation. CBD can also help in relieving pain caused due to peripheral neuropathy.
- It can prevent/reduce the complications of diabetes and impact the glucose levels in the body favorably. CBD helps the human body better regulate the levels of insulin.
Apart from the benefits listed above, CBD has also got potential for treating diseases including arthritis and neurological diseases. There are immense possibilities with this wonder substance, due to which new and existing business players are trying to utilize its potential fully.
Business Opportunities for You in CBD Industry
The CBD market and the industries are growing at an exponential pace. Society and the world is opening up and accepting cannabidiol as an effective treatment for a range of health conditions. Some of the favorable trends in the CBD industry include:
- Greater acceptance of CBD across world markets.
- More stores/pharmacies are now selling products with CBD as an active ingredient.
- Widespread research is going on in the CBD industry and the products are now having even greater potential for providing benefits to human health.
- CBD products can be sold online as well thereby creating immense market opportunities for businesses.
The Best and Most Profitable Products of the CBD Industry
If you are looking for the best products that can sell quickly and bring you good profits in the CBD industry and segment, have a look at the list below.
Sublingual tinctures: the sublingual CBD tinctures are packed in small bottles (also have a dropper). These products are very popular and can provide relief from a range of conditions including pain and inflammation.
CBD edibles: CBD edibles sold today include candies, baked foods, and other kinds of food items. It is also a popular product category, the market share of which is expanding fast.
CBD topicals: the creams and gels consisting of cannabidiol provide rapid relief from pain and are quite popular. The product can be applied directly to any skin area or can be placed on a localized section of the body.
Pills and Capsules: CBD pills and capsules are highly effective in preventing seizures and digestive health conditions.
Legal Obligations
The Farm Bill and Act of the year 2016 legalize industrial hemp. It also legalizes the use of CBD oil containing therapeutic ingredients in suitable concentrations. Therefore, while the production and sale of CBD oils are permitted legally, you may have to look deeper into the regulations and ensure that your products abide by the legal and compliance requirements.
You can comply with the legal regulations and produce high-quality CBD products including CBD tinctures, gels, creams, and/or pills among other products to gain and competitive advantage in the segment. You can also differentiate your business from others by offering certificates and the “laboratory testing” results obtained from third parties. It will ensure that the customers trust your product and it is high quality.
Conclusion
The rapidly growing CBD industry offers a fantastic opportunity to profit from the growing demand for hemp ingredients. Entrepreneurs as well as established businesses can also venture and gain a foothold in the market segment easily. The earlier you enter the business, the more profitable it can be overall. However, ensure that you follow all the legal regulations and play it safe.
