Have you noticed an increase in the amount of CBD products you see on a daily basis? You most likely answered yes because there has been a massive increase in CBD products across the country. This has a lot to do with the recent passing of The 2018 Farm Bill because it basically decriminalized the production as well as the usage of agricultural hemp.
It was previously labeled as a schedule 1 drug, which is right up there with some of the most dangerous and addictive drugs such as heroin, but thankfully reasonable adjustments have been made. So, as of late, CBD oil tinctures have increased in popularity even more!
This has much to do with the fact that it’s legal in most states and therefore more accessible. So, as a business owner, you might want to look at the current growth as well as the projected growth rate for the CBD market. The industry is expected to reach 20 billion by 2024–why wouldn’t you want to be included in those numbers in some way!
What Is CBD?
Maybe you know— maybe you don’t—and that’s why it’s always good to start with a little basic information. So, as a business owner, you can make an informed decision whether or not these types of products fit into your overall business concept. CBD stands for cannabidiol and it comes from the Cannabis Sativa plant family. Hemp-derived CBD products have less than 0.3% THC so they don’t produce those “stoned” feelings other cannabis-derived products do. CBD is one of the hundreds of compounds found within the plant that produces therapeutic effects.
When you’re looking for wholesale providers you will notice different types of CBD oils utilized in the products you’re looking at: full-spectrum, broad-spectrum, and CBD isolate. They all have their pros and cons, and some people just have personal preferences based on those pros and cons, so it’s best to communicate with your clients to get a better idea of what will generate a profit within your business.
Full-spectrum oils are created from the whole plant and therefore contain all the benefits or the “full-spectrum” of the plant’s compounds. Basically, the whole plant is crushed down into an oil. Your customers will benefit the most with full-spectrum oil because the trace amounts of THC and CBD compounds work synergistically to create an “entourage effect”—providing the highest amount of therapeutic benefits.
Broad-spectrum oil is created in the same manner except for all traces of CBD are removed, so there will be no “entourage effect”, but still a great amount of benefits without having to worry about testing positive on a drug test with those trace amounts being removed. CBD isolate is when the CBD compound has been isolated producing oil of almost pure CBD. It also produces zero risks of testing positive on a drug test. A little research should be conducted to figure out which products are right for your business.
The Legality Of Hemp
As noted earlier, hemp was grouped in with marijuana as being a schedule 1 drug. We all know that hemp having less than 0.3% THC is in no way as dangerous as heroin. The decriminalization of hemp with The 2018 Farm Bill was a major victory for the CBD industry. It allows it to be an agricultural commodity with some obvious regulations in place by the government, but ultimately, it legalized hemp in most states so business owners can acquire it effortlessly for those who utilize CBD for various daily needs.
Wide Variety Of Product Selection
You will notice a large range of CBD products available out there on the market and it can get confusing trying to figure out which one’s are the best quality. In general, there are CBD oils (tinctures), gummies, vape pens, topicals, and even food and drinks. No matter what products you decide to include in your product line up, you should be looking for the company to provide independent third-party lab results and positive customer reviews. Let’s take a look at those product categories and how they can benefit your clientele.
CBD Oil Tinctures: This type of product is the most popular because of its versatility. The demographic for this product is for a slightly older demographic as some of the newer, more innovative products are catching the attention of the millennial generation. Most people just need to take 1-2 drops under the tongue for maximum results, but sometimes a little experimentation is needed as all of our body chemistries are unique.
CBD Gummies: The gummies that are being created as of late are some of the newer, more innovative products we recently spoke of. CBD gummies are being formulated with essential vitamins and nutrients to cater to the convenience aspect of “taking this one gummy” for a slew of needs. CBD gummies have caught the attention of the millennial generation as well as some of the older generations that like a more convenient option.
CBD Vape Pens:
This option is extremely popular with the younger generation, but as a business owner, you need to do a little more to ensure you are stocking a safe option for your customers. To do this, make sure you do not purchase vape pens that include vitamin e acetate. This is a dangerous chemical additive that has been linked to numerous hospitalizations and even some deaths. Make sure to check the product’s certificate of analysis to make sure this substance isn’t included. You can provide safe vape options, you just have to really do your homework.
Innovative Store Packaging & Display Options
CBD companies are utilizing some creative in-store advertising techniques, and depending on which companies you align yourself with, they will be able to provide you with attractive store displays that are great conversation starters. There has also been the inclusion of NFC enabled packaging.
NFC stands for near field communication and is smartphone-enabled technology that allows the customer to simply place their phone close to the product display and it responds by listing important product information as well as key selling points. This option is great for “warming” the customer up and also opening the floor for more conversation and hopefully conversions.
If you’ve been thinking about incorporating some quality CBD products to your overall lineup now is the time! There are some amazing companies doing remarkable things!