Every so often a product or category takes the market by storm, disrupting its niche. CBD and related cannabis goods are one such example. The trending consumer category includes supplements, drinks, snacks and other products infused with the popular hemp-derived ingredient. Shoppers now find hemp in nearly every aisle; there’s no question cannabis businesses have entered the mainstream.
What may have once been prematurely dismissed as a passing fad, the consumer momentum driving cannabis-related sales doesn’t show signs of slowing; it’s high time cannabis businesses get the respect they deserve. Progressive entrepreneurs are riding explosive growth in the cannabis industry, but its full potentially remains untapped.
The ABCs of CBD
Cannabidiol (CBD) is a substance derived from cannabis plants, most commonly hemp strains, which don’t possess psychoactive properties. For consumer consumption, CBD is first extracted from the plants and then mixed with oils such as hemp seed and coconut. The substance is believed to have health and wellness benefits, so CBD is booming, sold as an additive to foods, health and beauty merchandise, and even pet products.
Though its benefits have been promoted for years, cannabis business opportunities are now attracting more attention than ever before. The substance comes from cannabis, but CBD doesn’t contain the psychoactive part, Tetrahydrocannabinol (THC), which causes the high associated with marijuana use. Many questions remain about the effectiveness CBD and its potential supporting human health and wellness.
The science of CBD is yet unsettled. Though few have been scientifically proven, some of the benefits attributed to CBD include these upsides:
- Reduces inflammation
- Relieves pain
- Lessens frequency of seizures with epilepsy
- Aids neurological disorders
- Eases cancer treatment side-effects
- Treats acne
- Contributes to substance abuse treatment
What’s Causing the Commercial Momentum?
Social change often drives consumer trends, so the rise of CBD awareness and related business growth may be due in part to a US trend toward legalized medical and recreational marijuana use. Though comparing CBD to pot isn’t exactly apples to apples (one gets you high, the other does not), relaxed enforcement and liberalization of marijuana policies have helped bring cannabis into the commercial mainstream.
Wider social acceptance may provide a partial explanation for bourgeoning interest in cannabis products, but the phenomenon may also owe itself to the growing number of moneymaking opportunities attracting entrepreneurs to the industry. As the number of products and types of CBD applications expand, snowballing exposure resulting from new industry growth propels even further interest and higher sales.
Attributing cannabis sales to social conditions and general curiosity about marijuana, CBD oil, and related products may overlook another key factor driving growth in the industry. Business may be booming, because CBD products actually work, providing various benefits, as believed.
Taming New Frontiers
To understand the significance of the cannabis sector, it helps to think not in terms of the actual product, but rather the process underway, bringing CBD goods to market. The product is revolutionary, so pioneering entrepreneurs are creating an entirely new industry, from the ground up. Innovation stretches across the whole supply chain, because the infrastructure is only now taking shape.
From perfecting cultivation to decoding ever-changing legal and regulatory requirements related to CBD, industry challenges are widespread. Though obstacles must be overcome, the very nature of the cannabis business is what attracts some entrepreneurs to the fledgling niche. A new game is afoot, but success in the cannabis industry calls for the same dedication and business acumen required in other fields. Are you the next successful cannabis entrepreneur?
What’s In Store For the Cannabis Market?
Questions remain unanswered about the benefits of CBD and other cannabis-derived substances. One thing is fairly certain, however; the economic future of cannabis industries appears bright. Despite an already meteoric rise to public prominence, the cannabis industry is poised for further substantial growth.
One study predicts cannabis businesses will employ 400,000 US workers by 2021, which sounds like a lofty projection, until you consider there are already more than 200,000 cannabis jobs in the US. And though forecasts vary, depending upon who is counting the beans, consensus points to an industry worth tens of billions of dollars in annual economic output, within a couple years. As one entrepreneur summarized, the economic potential of the cannabis industry is no longer a theory.
The trend relaxing marijuana laws across the country can only continue opening doors for business opportunists. As vendors position themselves selling CBD and hemp products, most are mindful of the added potential, should US states continue down the path of legalization (Illinois recently endorsed recreational use, without a public referendum).
There is evidence colleges and universities are beginning to recognize career potential in the cannabis industry. Some schools now offer educational programs centered on teaching the cannabis trade – though most skills also translate to other non-cannabis businesses. Investment in cannabis education is expected to grow, because entering the field provides ground floor opportunities for graduates to work in a multi-billion dollar global industry. Lack of experience isn’t a problem for new hires, because most roles in the industry are newly conceived.
CBD and other cannabis products are making a big splash among consumers. Though the goods aren’t the same thing as legal weed, cannabis products provide a modern gold rush of opportunity for progressive entrepreneurs. It is thought the multi-billion dollar industry is well-positioned for additional expansion, and social trends point to further liberalization of related regulations. With a bright future ahead, investors and entrepreneurs are finding good reasons to get involved in the cannabis craze.