An In-Depth Look at the State of the CBD Industry in 2020

herbs in a jar

When you’re trying to improve your finances there are several outlets you can look into. By taking the time to explore cannabidiol (CBD), there’s so much untapped potential that you can take advantage of. 

CBD oil alone is set to grow by about $4 billion over the next few years. When you understand the current trends and how to invest, you’ll be able to capitalize on these opportunities. 

Keep reading to learn more about the CBD industry, where it’s headed, and how you can invest in it. 

CBD Sales Revenues Are on the Rise

The CBD market is projected to bring in $5 billion in sales by the end of 2020. Because the market is primed and set up for you, there’s no reason that you can’t carve out your own piece of the pie. 

Whether you specialize in the therapeutic and wellness aspects of CBD or want to explore the largely untapped pet CBD market, there are paying customers who want what you have to offer. 

The Market is Learning More About CBD and Warming Up to It

Not only are more people spending money on CBD, but the market is also more knowledgeable about it than ever. Blogs, news pieces, and documentaries about CBD have been produced over the years, so expect a savvy customer. 

People today understand how CBD can help with everything from insomnia and migraines to muscle aches and depression. In fact, more people than ever are calling up their professionals to see if they offer CBD because they’d much rather take natural products than hard pills and other sorts of products.  

The market is ripe for people looking to heal themselves naturally, so filling that void can reap huge dividends. 

Find Your Niche and the Many Investment Ventures You Can Explore

The way to win with CBD is to have a niche. Several people get in haphazardly and follow trends, without thinking about what purpose they can serve. 

Figure out where your passion lies or what part of the CBD industry you appreciate the most. This way, you can set up a niche that will help you create your own lane and brand equity. Some people might specialize in edibles, while others may appreciate vape pens. 

Specialization is a huge part of any business, so find out where you can win in the beginning. 

Get to Know the Hot States When You’re Researching CBD Business Opportunities

Cannabis and CBD are still mostly a state-by-state industry. The reason for this is that legal parameters are different depending on where you’re located. 

Because of this, some states have taken off more than others when it comes to the CBD market. Of course, California is the mecca of all things cannabis, so the CBD business is booming out west. Some other west coast states that are booming with CBD include Colorado, Arizona, Nevada, and Oregon. 

There are several untapped markets all over the United States. By taking the time to research the various markets all over the country, you can find your lane and execute. 

Learn About the Various Products on the Market

Give yourself the opportunity to test out different products that you’d like to sell. One of the best ways to research is to see what other successful brands specialize in. 

For instance, companies like Magical Brands offer edibles, topicals, tinctures, soft gels, and more. Research what the customers want and find out which products are best. Only deal with quality products that are tested in a third-party laboratory and proven to work. 

Look into the various extraction processes so that you’re able to give your clients products that are clean and without pesticides. 

Understand the Ailments People Treat and Reasons They Use CBD

People today are using CBD to treat a variety of ailments. 

Some of the most proven ways that CBD helps people is by preventing seizures, helping people that are struggling with anxiety, helping with post-traumatic stress disorder (PTSD), and assisting with things like arthritis. 

When you know why people take CBD you’re better able to give the customer what they need. When you double down and provide an impeccable customer service experience they’ll rely on you for all of their purchases. 

Expect to See More Movement in Blending CBD With THC

Pay attention to the entourage effect and how it helps CBD. This phenomenon refers to the way that CBD interacts with Tetrahydrocannabinol (THC) to bring out the best in both. 

THC is the chemical found in cannabis that gets people high, and also provides a variety of other health benefits. Studies show that CBD and THC are more powerful when combined than when apart. 

As such, always stay up to date with legal parameters where you live to find out whether you can sell products that include varying amounts of THC. Do your research into the many different compounds and terpenes that the cannabis plant has, so you can become increasingly knowledgable about how you help your customers. 

 

Take the CBD Industry By Storm With the Right Information

The more you learn about the CBD industry, the easier it is to put some serious money and effort into it. You’ll be able to grow your net worth when you have various streams of income. 

There’s no time like the present to get into CBD, so consider the points above. Come back to our site to learn more about hemp, cannabis, real estate, travel and so much more.