Cannabis is a plant that holds so much excitement and promise – it’s no surprise that so many budding entrepreneurs have jumped at the chance to get in on this multi-billion dollar industry. On the other hand, many individuals complain that the market is crowded and the industry can be riddled with uncertainty. Despite the rising doubt over stiff competition and an uncertain marketplace, CBD is still a multi-billion-dollar business that continues to soar. Here we’ll discuss why success is still ripe for the taking and it’s not too late to start a CBD company.
Greater CBD Consumer Diversity & New Markets
The tides are changing for the cannabis plant, bringing along a new demographic of customers. Developments in research are slowly removing the stigma attached to cannabis, and as a result, it’s becoming more associated with health and wellness and less with stoner culture. Cannabis-derived products are now a staple among people of different ages, sexes and socioeconomic backgrounds. Even pets are jumping on the bandwagon, with new findings that animals can safely enjoy CBD and receive similar benefits to humans. With changing regulations and a growing body of research, there are still so many demographics that can be welcomed into the world of CBD.
New Business Ideas
From CBD edibles to CBD inhalers, new innovations are common in the world of CBD. That’s because CBD is so versatile that you can use your creativity to develop your own new CBD product type and formula. Brands use different terpene formulas directed to their target customer, such as sportspeople, those who struggle to sleep or have difficulty focusing at work. By taking a deep dive into the wants and needs of your ideal client, you can formulate a new, exciting product or business idea that helps you stand out from the rest.
The Boom of the Cosmetic Industry
If there’s one area booming right now, it’s the CBD cosmetic industry. CBD massage using a CBD balm or lotion is a common option on spa menus and you can find hemp shampoos and conditioners lining the shelves of most high street drug stores. These developments highlight the popularity of natural products (for the skin as well as the diet) and show just how viable and versatile CBD is across many markets.
What makes the cosmetics industry so exciting is the wide array of cosmetics that CBD can be infused into, such as CBD creams, soaps, lotions, bath bombs, face masks, and lip balms. Consumers are becoming more conscious of the ingredients not only in their food but also in their skincare.
CBD consumers are conscientious and want to know exactly where their CBD comes from, how it works and if it’s effective. Consumers want to feel confident and safe, so properly regulated products are becoming essential. That’s why so many trustworthy brands not only provide Certificates of Analysis (COA) to their customers but are now highly education-focused and are reaping the rewards of their efforts.
On the other hand, cowboy brands and those offering minimal information will be forced to improve their quality and certifications to survive. If you’re passionate about bringing quality CBD to your customers, the market is favouring top-quality brands that are hot on education and regulation. Distinguishing your premium quality CBD products from the sup-par is a great way to set yourself apart from the rest.
The Move To Natural, Organic Products
That leads us naturally to our next point. With the rising awareness of the effects of artificial ingredients on our minds and bodies, more and more people are exploring organic and natural products. Whether it’s CBD balms, oils, patches, or face creams, with more people waking up to this, there’s an excellent opportunity to bring safe, effective, and natural alternatives to the traditional market.
Learn From Others Mistakes & Successes
Coming into the market at this stage means there’s a great opportunity to learn from both the success stories and failures of other CBD brands. While very few entrepreneurs make it big without first experiencing some serious failures, to get a head start in your business, take a look at what works for a successful business and what might have led to the demise of others.
Better Late Than Never
If you’ve been dreaming of helping people with your very own CBD brand, what are you waiting for? There will always be naysayers and those consumed with doubt. But at the end of the day, you often regret the things you didn’t do. The world of CBD is still exciting and dynamic. If you have zeal, passion and know-how, you have every chance of succeeding in this competitive but fulfilling space. There is a thriving market for safe, well-researched, natural and innovative products. And as more people realise that CBD is safe and as rules and regulations slowly change, you’ll be there when they come looking.
The CBD boom didn’t end with the new-age movement. There are still so many new markets and customers that are yet to enter the wonderful world of CBD. If there’s one particular thing to take away from this article, let it be this: despite today’s crowded CBD market, there’s still so much opportunity if you have the right intentions and mindset.
While competition is fierce, the stats still forecast a future of green and healthy growth for the CBD industry. Success is still ripe for brands that are willing to build consumer trust and loyalty through authenticity, transparency, and innovation. Staying up-to-date with the latest regulations, research and trends in consumer behaviour will keep you on top of the game and help you navigate the exciting world of cannabis-derived products.