With tens of thousands of brands, the CBD products craze is bringing in entrepreneurs of varying persuasions. Here are some things to think about.
PORTLAND, Maine, May 7, 2019 /PRNewswire/ — The current widespread proliferation of CBD-based products has further highlighted the rapid expansion of the industry with more retailers and medical institutes continuing to sell CBD products. Brightfield Group's research projecting the U.S. hemp CBD market to reach USD 22 Billion by 2022. CBD products are required to have virtually no trace of THC (.3% or less), meaning consumers experience no psychoactive effects often associated with cannabis. Some studies suggest that only 5-10% of the population know what CBD is and its functionality, leaving a huge potential future market share.
One barrier of success for new businesses today is marketing, You can't do much paid search (SEM) on Google, Yahoo or Bing. Just about all online presence needs to be with SEO (organic search engine rankings) or social media platforms.CBD product e commerce websites are shut down all of the time. It's extremely hard to stay up on CBD/Hemp laws, product innovation, education, customer service, sales and manage a digital marketing campaign.
Banking is extremely difficult for CBD and hemp. Some local credit unions that tailor to medical cannabis caregivers and allow for hemp and CBD products seem to be the only options for everyday traditional banking. There are private banks domestically that anyone in any State can use, you just need to find them. The fees are very high and there are many limitations on what you can do. Wire transfers are prohibited in most banks that allow CBD products. PayPal will shut you down if they think you're selling CBD products.
CBD has been integrated into our pharmaceutical market causing concern for smaller companies. Last year, the U.S Food and Drug Administration approved an isolate based treatment, Epidiolex, to treat childhood epilepsy. CBD isolate is a powdered form of pure 99%+ cannabidiol. It does not offer the “entourage effect” of treatment, which is other ancillary cannabinoids (CBG, CBN, CBC) and plant compounds, the fats, proteins, lipids, terpnes, flavinoids working together to feed the endocannabinoid system. Many people argue that this full spectrum entourage effect offers a superior level of effectiveness. Along with the approval of Epidiolex, the FDA had approved several other synthetic cannabis drugs like Marinol.
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