The CBD industry is growing and expanding at an incomparable rate, this is currently one of the fastest growing markets in the world. Forbes has predicted a market value of $20 billion by 2024. Why is this? Cannabis has moved into the mainstream, this plant is no longer surrounded by its associations to underground ‘stoner culture’. Instead, people are tapping into the new found health and wellness benefits which can be found in cannabis. This movement is not only seen at the grassroots level, but governments are paying attention to the potential in cannabis, particularly CBD. In late 2018 the farm bill was passed, legalising hemp across all 50 US states. CBD products are also legal across the European Union.
The health industry has been growing from strength to strength over the past decade. Now more than ever, people are making health and wellness their priority. The number of gyms is on the rise, whilst Europe is the world’s number one fitness market. But exercise is only half of the story. The fitness market extends far and wide, from clothing to food and supplements. Clean eating has been an unavoidable phrase over the past few years, but people want to do more than avoid bad products, they want to find the best natural ingredients with maximum health benefits.
Moreover, not only is the wellness industry a crucial player in the CBD industry, but also the potential health properties. The farm bill was passed in the US after it was discovered that CBD could be used to treat a rare form of epilepsy. Since then, scientific and medical research on CBD has increased considerably. Currently, links have been drawn between CBD and the treatment of anxiety, depression, insomnia, and chronic pain.
Joining the CBD market now makes perfect sense. The industry is booming, and above all, everybody is a potential customer. But whilst this sounds like the perfect business venture, there are some drawbacks to be aware of when launching into this new space.
The boom of this market is relatively recent, meaning that it is the perfect point to hop in, however – this is a double edged sword. The recent growth of the market means that there are currently boundless opportunities to tap into, but it also means that the market is unregulated, and there are lower grade operations who are trying to exploit CBD.
To avoid falling into the trap of being associated with a low quality CBD operation it is important to gather all the necessary education on preparing for a CBD business. This involves sourcing high quality CBD oil, having a well planned out business model, and being up-to-date on the changing rules and legislations of the industry.
Preparing yourself for this business venture and the explosive growth of the CBD industry can be made significantly easier by partnering with an already trusted manufacturer. In doing this you can first and foremost ensure that you are supplied with high quality CBD oil, this will cut out much of the logistical headache that comes with extracting CBD, and cuts the costs. Additionally, when partnering with an established brand, a proposed business or wholesale plan will ensure that your operations are consistent and trustworthy – helping you manage the explosive growth in the best way possible.
Reakiro offers a wide range of CBD wholesale propositions, from the white label and private label to a newly launched dropshipping program. Explore the site for more information and get in touch with any questions.