Ever since cannabidiol was discovered in 1940 at the University of Illinois, it has grown from one of the hundreds of compounds in cannabis plants to a stand-alone compound on its own with numerous uses.
As it is currently being marketed as a cure for many different ailments, from reducing pain, and treating anxiety, depression, and cancer, among other things. As such, it’s no surprise that everyone wants it.
The future of CBD
The global CBD market was valued at USD 3,088.51 million in 2018, and in a few years, this figure will have grown significantly. Expert cannabis researchers, BDS Analytics did some research and came to the conclusion that the gross CBD sales in the U.S by 2024 will be over $20 billion.
The legal status of CBD
The short answer to the question of whether CBD is legal is yes-ish. It depends on the source; it’s legal if it’s hemp-derived, but illegal if it’s from marijuana plants. This leaves a lot of grey areas you should be wary of.
It’s been a long time coming, but despite all the challenges CBD has faced, from not being understood to not being satisfactorily regulated, things have turned around and CBD is now the bitcoin of the chemical world.
Nevertheless, this market is a delicate one that goes beyond growing and selling CBD products. There is a thin line between CBD and illegal cannabis substances, any substance with more than 0.3% THC will land you in trouble, thus you need to do your homework or bring in experts to help out.
Ways to sell CBD
There are several forms in which these compounds can be distributed. The option of using them in edibles, oils, tinctures, pills, topicals, and vapes exist. It also helps that it doesn’t cause a “high” like cannabis. This makes distribution easier.
CBD industry opportunities
There are several business avenues other than selling CBD you could dive into in this industry. These include the following:
- Extracting hemp or CBD from plants
- Processing of CBD into different products
- Selling CBD online
- Becoming a marketer for a CBD company
- Becoming a legal adviser to a CBD company
- Creating a bank for the hemp seeds.
All these and more are part of the CBD industry, so make your pick of what you’re best suited for, take a chance, and explore these opportunities.
How to sell CBD online
Dispensaries and e-commerce are leading the market with numerous stores available to sell CBD online. The approval of a CBD based medication by the FDA and the passing of Farm Bill, which removed hemp from the Controlled Substances Act both played a role in opening the CBD industry.
Also, the high growth rate of the product helps. According to Hemp researcher andlead agronomist on the University of Vermont’s Industrial Hemp Research Program, Heather Darby, “Farmers and businesses scale up production quickly. About 2,000 loops of hemp can be grown per acre generating around $50,000 and farmers are moving to a 50 acres production.”
Despite the unique situation of the CBD industry, do not sleep on this opportunity. It might just be the “fountain of youth” people have been seeking for years. Whatever the case may be, CBD is here to stay and the industry will only get bigger with the passage of time.