For almost a year now, CBD products seem to be everywhere. From hemp flowers to CBD dog treats, it seems like CBD is the new trend in wellbeing products. Consumers are swearing on the effects of this magic product and buying stock in bulk.
The CBD industry is slated to grow beyond $40 billion by 2024. The potential in the market for these products is almost unreal. However, getting invested in this business can be confusing because of the rarity of suppliers. The constant possibility of censure by the FDA is also intimidating.
However, CBD is here to stay, mainly because the scientific research for it points to safe use
Why The Market Is Growing
Ten years ago, the mention of hemp would be taboo in mainstream business, science, and media. All cannabis products were banned, and there were strict consequences for it. However, in the time since not only has marijuana become more acceptable, but science has also found the non-psychoactive component in cannabis: CBD.
CBD has become acceptable for use and sale in large part because of the developments in research that found that CBD did not alter the human brain’s perception of reality. In short, it doesn’t make people high, as THC does.
The 2018 Federal Farm Bill also aided the growth and manufacture of CBD products by outlining the industrial definition of hemp. Now, products marketed as hemp or CBD cannot have more than 0.3% THC. This means that people are using it more liberally than they would use marijuana or THC products.
The Insider Knowledge You Need
However, all of these developments don’t mean that the CBD industry is free for all. The regulations about THC percentages in hemp crops can be challenging to perfect. Moreover, except for one epilepsy drug, the FDA has not approved CBD for medical use.
It would be best if you stayed within national regulations imposed by the USDA and FDA. So, whatever products you’re selling need to have Certificates of Analysis (CoA) to prove that the levels of THC are acceptable for CBD products.
You also need to be clear that these products cannot be marketed as medical products; because they’re not. Many people have reported a range of effects, but a medical product must go through a lengthy process to be approved.
How To Enter The Profitable Sector
The takeaway from all this is that you have to enter the CBD market very carefully. As a beginner, you could start your business by sourcing wholesale CBD products from suppliers like us at Miami Rave and start from there.
There are many insular communities nationwide that don’t necessarily believe that CBD products are suitable for daily use. Use your localized knowledge to tap into those markets and earn a hefty profit.